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Nigerian Breweries To Increase Prices Of Products As Rising Input Cost Threatens Operations

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Nigerian Breweries (NB) Plc has announced an increase in the prices of some of its stock-keeping units (SKUs) to “mitigate the impact of rising input costs.”

In a note to consumers, the business stated that the price changes would take effect on August 10, 2023.

SKU is a unique identifier that is used to track inventories inside a company. Nigerian Breweries manufactures significant alcoholic beverages such as Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler, among others.

Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta Gold are some of the company’s alcohol-free drinks.

The brewer did not specify which of its brands will be affected by the price rise in the message.

“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 00.00hr on Thursday 10th August, 2023,” the document reads.

“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales and distribution efforts as always.”

With Nigeria’s inflation at 22.7 percent, coupled with the decision of the federal government to raise the excise duty rate on beer and stout by 87.50 percent, the price hike by the Nigerian Breweries would further put pressure on the pockets of consumers.

Speaking with TheCable, Sade Morgan, the corporate affairs director of Nigerian Breweries, said the price adjustment aims to sustain standard business practices with its trade partners.

“We would like to use this opportunity, to clarify, that this is a moderate price adjustment planned on some of the SKUs of our brands, due to continued rise in input cost,” Morgan said.

“Nigerian Breweries would like to assure all stakeholders of our unwavering commitment to excellent customer service delivery and consumer satisfaction.”

The board of directors of the company recently posted a revenue of N277 billion for the half-year (six months) ended June 30, 2023.

The half-year result marks a journey to recovery from the poor performance recorded in the first quarter (Q1) of 2023, when it made a loss of N10.7 billion, while revenue declined by 10.5 percent from N137.7 billion recorded in Q1 2022, to N123.3 billion in the first three months of 2023.

However, Nigeria Breweries is not the only brewer feeling the pinch of the country’s harsh economic environment.

Earlier in May, Guinness Nigeria, a major beer producer, implemented a price increase on all its products.

In a statement seen by TheCable, the company’s management said the decision followed “the recent industry developments and the prevailing economic realities which have impacted significantly on our current cost of doing business”.

“Kindly take this as a formal notification that we plan to take a price increase across all our portfolio,” Guinness Nigeria had said.

“This imminent price increases will be implemented in May/June 2023 and further details including the go–live date and actual increments will be communicated shortly.

BIG STORY

Ikorodu Teacher Arrested For Physically Abusing 3-Yr-Old Boy In Viral Video [SEE VIDEO]

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The Lagos State Domestic and Sexual Violence Agency has confirmed the arrest of a teacher following a viral video showing the suspect allegedly physically abusing a three-year-old boy at a school in Ikorodu.

The announcement was made in a statement shared on X (formerly Twitter) on Wednesday.

The video, shared by Oyindamola, who identifies as #dammiedammie35, captured a female teacher slapping the child’s face.

The video was captioned, “Footage from Christ-Mitots School in Ikorodu, a teacher named Stella Nwadigo was witnessed mistreating and physically abusing a three-year-old boy, Abayomi Micheal.”

The footage has raised serious concerns about the safety and well-being of our little ones in school.”

Reacting to the incident, the Lagos DSVA issued a statement expressing gratitude to those who brought the video to their attention

The statement reads, “We appreciate everyone who brought the disturbing incident of a teacher who was recorded physically abusing a 3-year-old boy to our attention.

We are pleased to inform the public that the teacher in question has been arrested by Owutu FSU, and an investigation has commenced in earnest.

The agency reiterated the state government’s commitment to protecting children, emphasizing that schools must be safe and nurturing spaces.

The statement added, “Indeed, institutions of learning should be safe, warm, and protective environments for all children in their care.

The State Government remains committed to ensuring the safety and well-being of every child by enforcing strict regulations, holding offenders accountable, and working with stakeholders to promote a zero-tolerance policy for abuse in any form.”

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BIG STORY

China Development Bank Approves $254m Loan For Kano-Kaduna Railway Project

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The China Development Bank (CDB) has provided a loan of $254.76 million for the construction of the Kano-Kaduna railway project in Nigeria.

In a statement on Tuesday, the bank stated that the funding aims to support the smooth advancement of the infrastructure project.

The CDB highlighted that the construction is being undertaken by China Civil Engineering Construction Corporation (CCECC), with financial support from the bank.

“The Kano-Kaduna railway, with a total length of 203 kilometers, is a standard-gauge railway,” the statement reads.

“Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country’s capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation.”

In addition to enhancing mobility, the bank mentioned that the project is expected to stimulate economic growth along the railway corridor, generating job opportunities and promoting related industries.

“The Kano-Kaduna railway project has been included in the list of practical cooperation projects for the Third Belt and Road Forum for International Cooperation,” the CDB added.

The bank stated that the construction is progressing smoothly and reiterated its commitment to collaborating closely with the Nigerian government to ensure the disbursement of funds and effective management of the next phases of the project.

On July 15, 2021, President Muhammadu Buhari launched the construction of the Kano-Kaduna railway project.

The rail project is the third phase of the Lagos-Kano standard gauge railway modernization project.

The first phase (Abuja-Kaduna) and the second phase (Lagos-Ibadan) were inaugurated for commercial operations in July 2016 and June 2021, respectively.

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BIG STORY

ICPC Files Money Laundering Charge Against El-Rufai’s Former Commissioner

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has charged Muhammad Sa’idu, a former commissioner during the administration of Nasir el-Rufai, ex-governor of Kaduna, to court over alleged “money laundering.”

The Kaduna police command arrested Sa’idu over a petition for alleged diversion of public funds.

Osuobeni Akponimisingha, the ICPC’s assistant legal officer, filed the case against the former commissioner on Tuesday at the federal high court in Kaduna.

Sa’idu served as the commissioner of local government affairs, chief of staff, and commissioner of finance during the administration of el-Rufai.

The ICPC dismissed an earlier claim that Sa’idu had been exonerated of all charges after 10 months of investigation.

The former commissioner is charged alongside Ibrahim Muktar, a staff in the ministry of finance.

According to the suit No. FHC/KD/IC/2025, the defendants are charged on a two-count charge of “money laundering.”

“Sometime in March 2022 or thereabouts, Alhaji Muhammad Bashir Sa’idu, who at that time commissioner of finance, did accept cash payment of the sum of N155m from one Ibrahim Muktar exceeding the amount authorised by law, which sum you received in cash through proxy to wit: Muazu Abdu, your Special Assistant and you thereby committed an offence contrary to Section2(a) and punishable under the Section 19(d) of the “Money Laundering(Prevention and Prohibition) Act, 2022,” the charge sheet reads.

The ICPC also alleged that within the same period, Sa’idu “indirectly took control of the sum of N155m received in cash for and on behalf of you by one Muazu Abdul from Ibrahim Muktar, which he reasonably ought to have known, formed part of the proceeds of an unlawful activity to wit: corruption and you hereby committed an offence contrary to section 18(2)(d) and punishable under Section 18(3) of the “Money Laundering(Prevention and Prohibition) Act, 2022.”

The anti-graft agency noted that section 18(3) of the “Money Laundering (Prevention and Prohibition) Act, 2022” states that “any person who contravenes the provisions of subsection(2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both.”

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