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Beta Glass appoints Wuruola Abiola as Independent Director



In a notice to the Nigerian Stock Exchange (NSE), Beta Glass announced the appointment of Dr. Zulikat Wuraola Abiola as Independent Director.

Dr. Z. Wuraola Abiola, is the Managing Director of Management Transformation Limited (MT),
a management consultant firm. In this capacity, she has served clients at Nigeria and
throughout Arica in strategy, business development, leadership} governance} organizational
development} risk management and public sector policy consulting since 1999. She leads
complex financial management, strategy and organizational development projects in finance,
energy and natural resources sectors. Her impact on client engagements is a result of a
compelling blend of extensive knowledge of the African business environment and
international strategic management consulting exper,ience.

She was a management consultant at McKinsey & Co (New York and then in London). She
worked primarily in the areas of Strategy and Organization. She is also a Senior Lecturer (Adjunct) – Organizational Development at the University of Lagos, Department of Business Administration and serves as the lead MT facilitator on strategy, leadership and management training courses. Committed to the development of the Nigerian financial sector, she has been instrumental in
Policy and organizational development initiatives in many financial institutions and regulators
in the banking and capital market spaces.

Wura served on the Nigerian Financial Sector Strategy (FSS)2020 Subcommittee on Human
Capital Development Strategy. She is a member of the Nigerian Chartered Institute of Bankers
(CIBN) Research} Strategy and Advocacy Committee and Chairman of the FMDQ Financial
Market Support for Economic Development Work Group.

She holds B.Sc. in Business Administration from McLaren School of Business} USF San
Francisco, S.A, MBA from London University and Ph.D. – Organizational Behaviour from
London University, Imperial College, London, England.

She was in October 2014, conferred with an Honorary Senior Membership (HClB) by the CIBN.
Wura is a non-executive Director on the Board of Boulos Foods & Beverages Ltd. (BFB), an
investee company of International Finance Corporation (IFC) & ARM Private Equity.

Here is a copy of the notice.


Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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    COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

    NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.



    Heineken scoops more Nigerian Breweries shares in insider disclosure

    The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.

    This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.

    He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.

    READ: Alcoholic beverage makers on NSE lose a total N27.7 billion in a single day

    The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.

    He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.

    To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.

    READ: Brewery sector: A quarter to forget


    The company’s profitability in question?

    An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.

    Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.

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    There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.

    READ: Nigeria’s triangular beer war on the rise with the arrival of Budweiser

    What you should know

    • Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
    • From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
    • While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.

    Stanbic 728 x 90
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    Business News

    Highest paid Nigerian bank MD/CEOs of 2020

    Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.



    The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.

    Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.

    Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.

    READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

    In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.

    The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.


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