Business

Guinness Nigeria begins local manufacturing of spirits

Published

8 years ago

November 29, 2016

Picture 1 L-R Non Executive Director, Mr. Bismark Rewane; Vice-Chairman, Mr John O'Keffe; Company Secretary, Mr. Rotimi Odusola; Chairman, Mr. Babatunde Savage, and Managing Director/CEO, Mr. Peter Ndegwa all of Guinness Nigeria Plc at the 66th Annual General Meeting of the company which held at the Flamingo Hall of the Best Western Hotel, Benin, Edo state.

L-R Non Executive Director, Mr. Bismark Rewane; Vice-Chairman, Mr John O’Keffe; Company Secretary, Mr. Rotimi Odusola; Chairman, Mr. Babatunde Savage, and Managing Director/CEO, Mr. Peter Ndegwa all of Guinness Nigeria Plc at the 66th Annual General Meeting of the company which held at the Flamingo Hall of the Best Western Hotel, Benin, Edo state.

L-R Chairman, Guinness Nigeria Plc, Mr. Babatunde Abayomi Savage; Managing Director, Guinness Nigeria Plc, Mr. Peter Ndegwa;Governor, Edo State, Mr Godwin Obaseki; and Guinness Benin Brewery Plant Manager, Mr. Kingsley Imade at the commissioning ceremony of the new Guinness Spirits Production Line at the Guinness Benin Brewery, Ikpoba Hill, Benin.

In a move aimed at reducing the import dependent profile of the Nigerian economy, creating more jobs and boosting the local sourcing of raw materials, leading manufacturer and Nigeria’s only total alcohol beverage company, Guinness Nigeria Plc, has commissioned a new production line that will support the local manufacturing of some of its spirits brands in Nigeria. Some of the brands to be manufactured locally include Smirnoff X1 intense chocolate vodka, Smirnoff Extra Smooth Vodka, Gordon’s Dry Gin, Moringa Citrus Blend, McDowell’s No. 1 Reserved Whisky, McDowell’s VSOP and Royal Challenge Finest Premium Whisky.

The production line, with a design capacity of 1.2 million cases, is located within the Guinness Brewery, Ikpoba Hill, Benin city. It was commissioned by the Executive Governor of Edo state, Mr. Godwin Obaseki at amidst pomp, fanfare and commendation for this landmark stride by Guinness Nigeria. Governor Obaseki, who nostalgically recalled his long personal relationship with the brand as a stockbroker, commended the board and management of Guinness Nigeria for this feat, and urged other companies to see the current economic recession as an opportunity for backward integration and expansion of their business horizons.

“This is a company I am very close to and very fond of, and so, I am quite excited that one of my first official corporate functions as Governor is to commission the new spirits line for the company. We are very pleased that Guinness is part of the landscape of Benin and Edo State, and has been so since 1974. And so, for us, you are a partner, and as a state, we will take our partnership very seriously. Even though the economic environment in Nigeria today is quite challenging and difficult, for us in Edo State, we see opportunities embedded in those challenges,” Obaseki said.

Governor Obaseki also used the occasion to announce that the Edo state government would like to partner with Guinness Nigeria to create a minimum of two hundred thousand jobs over the next four years in line with his administration’s agenda.

In his remarks, Chairman, Guinness Nigeria, Mr Babatunde Savage described the commissioning as part of the company’s rich and prestigious legacy and a testament to its long term commitment to Nigeria.

“Guinness Nigeria has a strong heritage in Nigeria and in Benin since we built our brewery here in 1974 with a robust portfolio of global brands like Guinness and Johnnie Walker to boot. Today, we add to that strong heritage with the commissioning of our spirits production line in Nigeria – a first for Guinness Nigeria. With this line, we are now able to produce previously imported spirits locally and we are able to offer a wider variety of products to our consumers at a more affordable price point,” Savage enthused.

Mr. Savage also reiterated the company’s commitment to making a marked and positive difference in the lives of Nigerians via strategic social interventions.

“As a responsible corporate citizen, Guinness Nigeria is interested in more than running a profitable business, we are also enriching our communities with investments in the areas of provision of water, health facilities and education scholarships to mention a few. As an example, in the water sector to date, we have impacted over 1.5million people in Nigeria through the provision of potable water to 25 communities in 14 States across Nigeria,” Savage said.

President, Diageo Africa, Mr. John O’Keffe, noted that the commissioning reinforces Guinness Nigeria’s position as the first and only Total Beverage Alcohol (TBA) Company in Nigeria.

“Guinness Nigeria is now able to offer a truly broad portfolio of beer, spirits and non-alcoholic drinks to consumers at every category and price point. Innovation is a competitive advantage for us in this market and we have a strong innovation pipeline with plans to introduce some exciting new products for our consumers to enjoy.

Also our commitment to local sourcing is further strengthened by the commissioning of this plant that will produce preciously imported spirits, using locally supplied raw materials. As part of our broader local raw materials (LRM) sourcing, we are looking to increase our locally sourced production inputs to 70% in the coming years,” O’Keffe mentioned.

Some dignitaries present at the occasion include Managing Director, Guinness Nigeria Plc, Mr. Peter Ndegwa, British High Commissioner to Nigeria, Mr. Paul Arkwright, Edo State Deputy Governor, Hon. Philip Shaibu, Secretary to the State Government, Barr. Osarodion Ogie, Edo State Head of Service, Mrs. Gladys Idahor, the Chief of Staff, Edo State Government, Mr. Taiwo Akerele.

Business

ATMs empty as banks ration withdrawals

Published

18 hours ago

November 14, 2024

Sahara Weekly

ATMs empty as banks ration withdrawals

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

Business

NNPCL Makes New Leadership Appointments

Published

18 hours ago

November 14, 2024

Sahara Weekly

NNPCL Makes New Leadership Appointments

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

Business

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

Published

1 day ago

November 13, 2024

Sahara Weekly

How Prophet Kingsley Predicted The Rumble In Pastor Adeboye Led RCCG

Oil Cabals crippled Govt Refineries, now working against Dangote Refinery – Pastor Adeboye

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).