News
Beer consumers to pay more as Nigerian Breweries increases prices
By Kayode Sanni-Arewa
Nigerian Breweries Plc has once again announced a hike in the prices of its products that would take effect from April 9, 2024, after it had made similar announcements in February and March 2024.
A price review notification the Nigerian Breweries issued on April 5 to all direct customers in its west zone notified them “of the price review for some of our SKU’s, which takes effect from Tuesday, April 9, 2024.”
The notification, which was signed by its Zonal Business Manager-West, also said that “all open orders in our system at 00.00 hours on April 9, 2024, will be invoiced at the new prices.
“For further clarification, please do not hesitate to contact your regional business manager.”
The latest price review would affect 45 products that are manufactured by the company and also cut across its alcoholic and nonalcoholic products such as beer, malted, and other drinks.
The affected brands included Export, Goldberg, Gulder, Heineken, Life, More Lager, Star, Star Lite, Star Radler, and Tiger beers. Others are Amstel Malta, Maltina, Hi Malt Fayrouz products, etc.
The Nigerian Breweries had notified its distributor that it would increase the prices of its products on March 15, 2024, after a similar exercise on February 19, 2024.
The company had attributed the review of its prices in March to the continued rising input cost and the need to mitigate the impact.
It stated: “As earlier informed, we will review the prices of some of our SKUs effective Friday, March 15, 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.
“All open orders in our system at 00.00hrs on Friday, March 15, 2024, will be invoiced at the new prices.”
The notification added that “while thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always
“For further clarification, please do not hesitate to contact your regional business manager. Happy selling!”
The brewery issued a similar “Price Review Notification” to all its direct customers in the west zone on February 12, 2024, for another price adjustment that commenced on February 19, 2024.
The notification said: “Please accept our best compliments! This is to inform you that we are constrained to review the prices of some of our SKUs with effect from Monday, February 19, 2024. This review has become necessary because of continued rising input costs and the need to mitigate the impact.
“In appreciation of our great partnership and your commitment, we will deliver at current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday 19th February 2024.”
It, however, explained that orders exceeding the communicated quantity window will be subject to the revised pricing.
“The exact quantity of orders that will be allowed will be communicated to you by your regional business manager (RBM). Any order over this quantity will be re-invoiced at the new price on February 19, 2024,” the statement added.
Earlier in August 2023, the Nigerian Breweries also carried out a price hike on its selected products, which took effect from August 10, 2023.
It would be recalled that the company booked a net loss of N106 billion in its audited result for 2023 due to the steep depreciation of the Naira.
It, however, recorded an operating profit of N44.5 billion.
Highlights of its 2023 report included an increase in revenue by 9.0 per cent while its cost of sales increased by 15 per cent.
(THISDAY)
News
Access Bank Becomes First to Meet CBN’s Minimum Capital Requirement with N351bn Rights Issue
By Gloria Ikibah
Access Holdings Plc has announced the successful completion of its Rights Issue, raising N351,009,103,017.25 through the issuance of 17,772,612,811 ordinary shares at N19.75 per share.
This achievement follows full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, is the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline. The bank’s share capital now stands at N600 billion, exceeding the regulatory threshold by N100 billion.
This marks a significant achievement as Access Holdings is the first CBN-licensed financial holding company to execute a fully digital Rights Issue. The process utilised the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience, enhancing accessibility and participation.
Speaker on the development, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, highlighted the innovation and leadership demonstrated by the institution. Further details from the statement emphasize the bank’s commitment to leveraging technology to drive growth and improve shareholder value.
News
I’m optimistic about Nigeria’s future, says Shettima
Vice President Kashim Shettima has expressed optimism about Nigeria’s future, reaffirming the commitment of the Federal Government to national security, economic transformation, and the well-being of all citizens.
In a Christmas message on Wednesday, Shettima assured Nigerians that the administration of President Bola Tinubu is resolute in its efforts to tackle critical issues such as security and economic challenges, as the country prepares for the coming year.
“As we approach a new year, I want to reassure you that President Tinubu’s administration remains fully dedicated to improving the lives of all Nigerians. We are committed to tackling economic transformation and enhancing the welfare of every citizen,” Shettima said.
Highlighting Nigeria’s diversity as a strength, the Vice President called on Nigerians to use the festive period to strengthen unity across all regions and faiths, fostering a spirit of togetherness.
“Our nation’s greatest strength lies in its diversity. This holiday season offers us the perfect opportunity to strengthen the bonds of brotherhood that unite us,” he stated.
Shettima also assured Nigerians of the continued vigilance of the nation’s security forces, emphasising that security personnel would remain on high alert during the holiday period to ensure safety.
“Our brave security personnel will continue to work tirelessly to protect us. Enhanced security measures are in place to safeguard citizens during the festive season,” he said, urging travelers to stay vigilant.
Looking to the future, Shettima expressed hope and confidence in the country’s trajectory.
“I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation,” he said.
Addressing the nation’s youth, Shettima emphasised their crucial role in Nigeria’s development and outlined the government’s initiatives aimed at creating opportunities for them.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is rolling out various initiatives to empower you, enabling you to thrive and contribute to Nigeria’s growth,” Shettima said.
News
Address unemployment, extremism to end insecurity – Kukah
The Bishop of Sokoto Diocese, Matthew Kukah, has said Nigeria’s protracted insecurity cannot be resolved without addressing unemployment and violent religious extremism, which he described as breeding grounds for violence.
Delivering his Christmas message at the Holy Family Cathedral Catholic Church, Sokoto Diocese, Kukah lamented the nation’s lack of measurable progress, which he attributed to a preference for “darkness rather than light.”
“Nigeria’s lack of visible and measurable progress is tied to the fact that we have chosen darkness rather than light,” he said. “Imagine if we let the light shine on our public service, on our politics, on our individual, community, and national life, and on our public institutions. Imagine what Nigeria would be like if we chose light instead of darkness.”
The cleric stressed that meaningful change requires embracing transparency, accountability, and integrity in both public and private life. He urged Nigerians to embody the Christian hymn “They will know we are Christians by our love” and to reject the divisive forces of ethnicity, nepotism, and greed.
“We are still unable to embrace the ideals of our national anthem that says: ‘Though tribe and tongue may differ, in brotherhood we stand.’ Diversity is a gift from God. Let us use it effectively as a tool for national mobilisation and cohesion,” he said.
Kukah identified unemployment and religious extremism as major drivers of insecurity, adding that tackling these issues is essential for stability.
“Insecurity cannot be overcome without addressing unemployment and violent religious extremism, which breed conditions for violence,” he said. He further called for the strict enforcement of laws to prosecute extremists, describing them as “criminals and murderers.”
The Bishop commended the passage of the Not Too Young to Run Bill and the enactment of the Student Loan Act 2024, noting their potential to expand opportunities for young Nigerians.
“It is significant that the act does not limit access to university students alone. We hope this project will be free of bureaucratic bottlenecks and favouritism, ensuring that poverty does not exclude anyone from receiving a good education,” Kukah stated.
He urged the youth to seize these opportunities but noted ongoing barriers such as high political participation costs and weak internal democracy.
Speaking on the recent tragedies in Okija, Ibadan, and Abuja, where stampedes during food distributions led to loss of lives, Kukah described these incidents as “metaphors for the desperation Nigerians face daily.”
“These tragedies were avoidable. The government must collaborate more effectively with institutions that promote the common good to prevent such loss of life,” he said.
Kukah praised the Catholic Church’s efforts to support vulnerable communities through organisations like St. Vincent de Paul and called on the government to do more in safeguarding citizens’ dignity.
Bishop Kukah also encouraged Christians to stay committed to their faith and moral responsibilities, regardless of the nation’s systemic failures.
“We are the light of the world, a city on a hill that cannot be hidden. We must not allow the weaknesses and failures of the Nigerian state to become an excuse for doing wrong,” he said.
He urged Christians to prioritise divine law over human systems, noting, “The Constitution has its flaws, but the Word of God is a divine command, inerrant, and written in the hearts of good Christians.”
As the nation continues to grapple with insecurity, poverty, and corruption, Kukah called on all Nigerians to choose the path of unity, love, and accountability for a brighter future.
“As we celebrate Christmas, let us open our hearts and commit to living the ideals Jesus taught us. May this season bring joy, and the new year bring blessings,” Kukah said.
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