Business News
SABMiller,19 other companies to lead $10billion investment drive in Ogun
SABMiller has announced a fresh investments worth over $10 billion expected to be completed in Ogun state this year.
This will see the brewing company lead other 19 companies to invest in the state. The investment which cut across key sectors of economy, including agriculture, mining and quarrying, production of fast moving consumer goods, banking and services.
These companies are expected to individually invest between $100 million and $2 billion in the state in the long run.
It would be recalled that Governor Ibikunle Amosun said during the presentation of 2018 Budget before the Ogun State House of Assembly, that the state currently has 140 established companies and have invested between a minimum of $200 million and in excess of $2 billion in some instances in the state.
While assuring investors of conducive environment, Amosun also declared that government has created a One-Stop-Shop that addresses investments related bottlenecks which hitherto were impeding quick access to industrial lands and land title documents as well as other documentation.
The State Government has also streamlined all efforts towards the provision of critical infrastructure as well as effective security mechanisms that protect investments, lives and property within and outside designated industrial estates.
Bimbo Ashiru, Ogun- State Commissioner for Commerce and Industry, while reacting to the move by SabMiller said
“SABMiller are the largest brewery in the world, they have been able to see that Ogun state as home for them. We are central enough, we are Getaway to West African markets and we are Gateway to other Nigerian states in the country and if you are focused, you will get more investments.” He noted.
“When we came in, we did enumeration and we found out that enterprises that were in Ogun state were 4,000 and when we later conducted the enumeration, the number had increased to 25,000 because through the business premises permits, we could see how industries are registering, how small businesses are registering. So, we have been able to do that and now, we are now generating between N6 and N7 billion and the target is N10 billion or more.” He added.
According to Nigeria Bureau of Statistics, NBS, states Internally Generated Revenue report for Q1-Q3 2017 Ogun-State generated N39.85billion which is the second highest in the country.
SABMiller, is adjudged the largest brewery in the world which was acquired by Anheuser-Busch InBev (AB InBev) a Brazilian-Belgian Group headquartered in Leuven, Belgium.
Before the entry of SABMiller into the Nigerian market, Nigerian Breweries and Guinness Nigeria were the two giants in the market. Since its entry, the two brands have had to tighten their belts, re-strategize, and launch series of campaigns to stay at the top of the market chain.
SABMiller brands include Hero Lager, Trophy Lager, Grand Lager, Castle Milk Stout, Castle Lager, Eagle, Redds and non-alcoholic malt beverages Grand Malt, Beta Malt.
Appointments
Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer
The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.
Leading Integrated Food and Agribusiness giant, Flour Mills of Nigeria Plc, has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm.
The appointment of Olusanya, who recently joined Flour Mills as the Group Chief Operating Officer, took effect from July 29, 2020.
This disclosure was made in a notification which was sent to the Nigerian Stock Exchange (NSE) for the investing public and signed by the company’s Company Secretary/Director, Legal Services, Joseph Umolu.
The notification from the company reads, “Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and Agro-allied group, owners of the iconic brand, Golden Penny, today announced the appointment of Mr Omoboyede Oyebolanle Olusanya, to the board of Directors effective 29 July 2020.’’
The statement notes that Mr Olusanya, who holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos and two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively had recently joined Flour Mills as the Group Chief Operating Officer in January 2020.
Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.
In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of feeding the nation, every day.”
The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.
Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.
The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.
This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.
The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.
The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.
Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.
Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.
The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.
Companies
Heineken scoops more Nigerian Breweries shares in insider disclosure
The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.
Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.
In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.
Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.
Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.
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