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Nigerian Breweries Plc completes acquisition of Distell Nigeria

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Nigerian Breweries Plc completes acquisition of Distell Nigeria

Nigerian Breweries Plc completes acquisition of Distell Nigeria

 

 

 

Nigeria’s foremost brewing company, Nigerian Breweries Plc, has officially completed the acquisition of a majority stake (80%) in Distell Wines and Spirits Nigeria Limited (Distell Nigeria).
The completion of the transaction follows the approval of the South Africa Reserve Bank (SARB) for the acquisition by Nigerian Breweries Plc, of the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria, as well as the import business of Distell International Limited in Nigeria.

 

 

Nigerian Breweries Plc completes acquisition of Distell Nigeria

According to the Managing Director, Nigerian Breweries Plc, Hans Essaadi, the acquisition and subsequent commencement of business operations align with the strategic objective of the brewery company to expand its current product offerings beyond beer to include wines, spirits, and flavored alcoholic beverages.

 

 

 

Essaadi, noting that the company remains unwavering in its commitment to cater to the diverse needs of consumers, said “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business”.
In his remarks, the Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, stated that the acquisition is an exciting new chapter for the company as it would help increase the capacity necessary to achieve improved business performance.

 

 

 

 

“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders,” he said.
Distell Nigeria is involved in the local production of wines and ciders under license from Heineken Beverages. With the acquisition, Nigerian Breweries will have access to both the local production and the importation of wines, spirits, and flavoured alcoholic beverages brands from South Africa, including Amarula Crèam Liquor, Nederburg, Drostdy-Hof, 4th Street, Bain’s Whiskey, Knight Whiskey, Scottish Leader Whiskey, Chamdor wine ranges, Hunters, and Savanna.

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Court orders popular cleric Daddy Hezekiah to pay bank manager N10m for human rights abuse

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Court orders popular cleric Daddy Hezekiah to pay bank manager N10m for human rights abuse

 

 

A Federal High Court in Abuja has ordered popular Anambra cleric and founder of Living Christ Mission, Rev. Onokogu Hezekiah (also known as Daddy Hezekiah), to pay N10 million to Polaris Bank manager, Hezekiah Duru, for violating his fundamental human rights.

The cleric had filed a petition against Duru, accusing him of financial misappropriation and breach of trust, which led to Duru’s arrest and detention by the police.

However, Justice D. Okorowo ruled against Daddy Hezekiah and the Nigeria Police Force, stating that the arrest and detention of Duru was a violation of his fundamental human rights, especially since the allegation was already under investigation by the Economic and Financial Crimes Commission (EFCC).

In the suit: FHC/ABJ/CS/3/2024, Justice D. Okorowo also faulted the warrant order obtained from the Nasarawa State Magistrate Court.

The Court judgment by Justice Okorowo in favour of the Applicant, Duru, reads:

“A declaration is made that the arrest, detention and purported investigation of the Applicant from the 11th day of December 2023 till 29th day of December 2023 by the Respondents on the petition of the 1st Respondent on an allegation of financial misappropriation/embezzlement/cheating/breach of trust already being investigated is an infringement of the Applicant’s right to personal liberty, fair hearing, right to dignity of his person as enshrined in the Constitution of Nigeria 1999 and African Charter on Human and Peoples’ Rights.

“A declaration is made that the order/warrant for the detention of the Applicant obtained by the Respondents from the Nasarawa State Magistrate Courts is unlawful, an abuse of powers, an abuse of judicial process and an infringement of the Applicant’s right to fair hearing, and personal liberty.

“An Order is made directing the release of the Applicant, Amb. Dr Hezekiah Chinenye Duru forthwith from Police custody.

“An Order of injunction is made restraining the Nigerian police and its officers from arresting, detaining or further violating or doing anything capable of undermining, threatening or interfering with the fundamental rights of the Applicant, His Excellency Amb. Dr. Hezekiah Chinenye Duru.

“An award of 10 Million Naira damages jointly and severally against Rev Onukogu and the Nigerian police, the Inspector General of the Nigerian Police and ACP Asuqou (the officer in Charge of the Special Investigation Unit of the IGP office).” (The Nation: Text, Excluding Headline)

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At the 51st AGM of FrieslandCampina WAMCO (Photo News) 

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At the 51st AGM of FrieslandCampina WAMCO (Photo News) 

 

 

From left, Non-Executive Director, FrieslandCampina WAMCO, Audrey Joe-Ezigbo; Non-Executive Director, Engr. Mustapha Bello; Chairman, Board of Directors, Moyo Ajekigbe; Managing Director, Roger Adou and Non-Executive Director, Oyinkan Ade-Ajayi during the 51st Annual General Meeting of FrieslandCampina WAMCO Nigeria PLC held in Lagos recently. See below other images of Board members

 

At the 51st AGM of FrieslandCampina WAMCO (Photo News) 

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Development Bank of Nigeria Announced as Partner for the Africa Social Impact Summit 2024

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Development Bank of Nigeria Announced as Partner for the Africa Social Impact Summit 2024

Sterling One Foundation, co-conveners of the Africa Social Impact Summit are pleased to announce the Development Bank of Nigeria (DBN) as one of its partners for the third edition of the Africa Social Impact Summit to be held from July 25 – 26, 2024 in Lagos, Nigeria.

 

 

With this partnership, DBN joins an impressive list of partners, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.

Established in 2014, the Development Bank of Nigeria is a wholesale finance institution that focuses on addressing the financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries.

Now in its sixth year of operation, DBN has disbursed loans to millions of MSMEs and supported many others through initiatives such as the Entrepreneurship World Cup, Eco Innovation Challenge, DBN capacity building initiative and many more. By end of 2023, the institution lent ₦ N787.47 billion to over 494,819 MSMEs, 356,451 of which were women-owned.

Speaking on what necessitated this, Managing Director and CEO of DBN, Dr. Tony Okpanachi explained that the DBN has been a part of the Africa Social Impact Summit right from inception, with its Chief Economist as one of its panellists, because it sees value in the Summit’s drive for increased impact investments to scale sustainable solutions.

“We are constantly looking to reach more enterprises building impactful solutions that address Nigeria’s challenges and this Summit presents a good opportunity to engage them and offer them ways to scale and grow,” he said.

Providing further insight into the partnership, Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation expressed delight at having the Development Bank of Nigeria onboard, stating that the impact of their work and the insights they have from serving Nigeria’s vibrant MSME space is worth learning from. She also hinted at the opportunity this partnership offers to Summit attendees looking to access credit for the impact-focused solutions they are building.

The Africa Social Impact Summit now in its third year is expected to be held from July 25 to 26, 2024 at the Eko Convention Centre, Lagos, Nigeria. Registration for in-person attendance is ongoing at www.theimpactsummit.org

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