Nigerian Breweries’ Corporate Affairs Director Kufre Ekanem resigns

NIGERIA – Corporate Affairs Director and member of the Executive Committee of Nigerian Breweries Plc, Kufre Ekanem has resigned from his duties effective 1st October, 2018. According to BeverageIndustryNews, Kufre is leaving to start a career at a culture, marketing and public relations consultancy firm, Philosoville Limited. A graduate of the University of Calabar, Calabar, Nigeria, he has worked with diverse multinational companies including Heineken, Kraft Foods, Mondelez International, Cadbury West Africa and SO&U SAATCHI & SAATCHI. Kufre Ekanem is the Chairman of Rosemary’s Group of companies and he sits…

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Nigeria Breweries launches empowerment scheme to support artisans and small businesses

NIGERIA – Nigeria Breweries (NB), producer of Life Continental Lager Beer brand has launched the 2018 Life Beer empowerment scheme alongside US$82,834.02 with an aim to empower 100 artisans and small businesses, reports NAN. Deemed “Life Progress Booster 2018’’, the initiative aims to boost small ventures to the next level and make progress in seven states of the country. According to Mr Emma Agu, the Portfolio Manager in-charge of Mainstream Lager and Stout of NB, the company was targeting Ndi-Igbo as the beverage brand, Life Beer, was being sold massively in…

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Nigerian Breweries announces resignations and new appointments to its Board

NIGERIA – Nigerian Breweries Plc, a subsidiary of the Dutch brewing company Heineken N.V has announced three resignations and appointment of two new directors to its board. Resignations from the board include those of Mark Rutten, the company’s Finance Director; Hendrik A. Wymenga, Supply Chain Director effective date 27 July 2018; and Franco Maria Maggi who will be stepping down from the board effective the close of business on the 31 August 2018. According to the company, the resignations come on the dates when the individuals were expected to have…

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Nigerian Breweries profits fall 22% on new duty and tax revisions in the quarter

NIGERIA – Heineken’s Nigerian Breweries has reported 22% decline in Profit After Tax (PAT) to US$49.78 million impacted by new exercise duty and higher tax rates on beer in the first quarter of this financial year. The federal government announced new excise duty rates on alcoholic drinks and tobacco, spread over a three-year period targeting wine, beer and spirits, something that the company said impacted on profitability in the period under review. The upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit…

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Nigerian Breweries establishes new US$275.2m ‘Commercial Paper’ programme

NIGERIA – Nigerian Breweries Plc, a subsidiary of Heineken N.V. Group has set up a US$275.2 million Commercial Paper (CP) programme to complement other sources of working capital, while diversifying its funding sources to include non-bank investors, the Guardian has reported. The programme would be issued in tranches or series with specified amounts, dates, discounted values, coupon, interest rates, within specific maturity periods as will be determined by the company. According to the company, the programme aims to improve the company’s ability to periodically access funding at rates mirroring the…

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