Bismarck Rewane resigns from Board of Guinness Nigeria Plc

NIGERIA – The Board of Guinness Nigeria Plc has announced the resignation of Mr Bismarck Jemide Rewane as a Non-Executive Director of the company which became effective on 31st December 2020.

Mr. Rewane was appointed to the Board of Guinness Nigeria Plc as a Non-Executive Director in 2008 where he served as the Chairman of the Finance, Audit and Risk Committee of the Board.

According to the subsidiary of Diageo, as of 30th June 2020, Mr Rewane owned 36,384 ordinary shares of the company worth N691,296.

“The Board of Guinness Nigeria would like to express its appreciation to Mr. Bismarck Jemide Rewane for his leadership, focus and commitment to the success of the company and wish him the best in his future endeavours,” indicated Guinness Nigeria.

No reason was given for Mr Rewane’s resignation.

Mr. Rewane has worked at several blue-chip financial institutions within Nigeria and abroad, and has held various senior management positions.

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Between 1981 and 1989, he was with International Merchant Bank Nigeria Limited and held positions as General Manager, Assistant General Manager, Head of Development Finance Manager, and Divisional and Credit Manager.

He has also worked with the First National Bank of Chicago, Barclays Bank of Nigeria, and Barclays Bank International Plc, United Kingdom.

An Associate of the Institute of Bankers, England, and Wales, Mr. Rewane has served on the Board of several organizations, including Navgas (a Vitol Group subsidiary), NLNG Prize Award Foundation, UNIC Insurance Plc, Nigeria; Economic Summit Group, UBA Custodian Limited, Virgin Nigeria Airways Limited, Fidelity Bank Plc, First City Monument Bank Plc and Top Feeds Nigeria Limited.

Meanwhile, the beer producer announced a 329% decline in profit after tax at N12.57bn (US$32.6m) for the full year period ended 30 June 2020, resulting from the significant impact of COVID-19 lockdowns and ongoing economic challenges.

The audited results which were released to the Nigerian Stock Exchange (NSE) indicated that revenue decreased 21% to N104.376bn (US$270.97m) versus N131.49bn (US$341.37m) registered the prior period of 2019.

Profit was impacted by a number of one-off accounting adjustments totalling N17.2bn (US$44.65m), as well as volume declines due to the prevailing economic and COVID-19 impacted conditions.

Closures of on-trade premises i.e., bars, lounges, clubs and dine-in restaurants which represent the major part of the consumption occasion for the company’s products; and bans on celebratory occasions is said to have impacted sales.

Demand of its products was also impacted by reduced consumer income, unemployment concerns due to the shutdown of a large number of businesses, and increases of VAT and excise throughout the year.

This led to a net loss after tax of N12.6bn (US$32.7m) compared to a profit of N5.48bn (US$14.22m) in 2019.

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