Business News
Nigerian Breweries in trouble over inscription on product
Nigerian Breweries Plc dragged to court
Nigerian Breweries Plc has been dragged to court over a wrongful inscription of low sugar on one of its product.
Ernest Izevbigie, a professor of Biochemistry alleged that the company inscribed misleading information, ‘low sugar’, on the can of one of its non-alcoholic drinks, Amstel Malt.
The claimant sued Nigerian Breweries through his lawyer, Okonkwo Emmanuel of Henry Idahagbon and Co. (Trinity Chambers).
Izevbigie, the former Vice-Chancellor of Benson Idahosa University, Benin, said that a laboratory investigation revealed that the product contained more sugar than the company put on the brand.
He urged the court to order the company to tender a written apology to him as he had been injured by the deception.
Izevbigie also prayed the court to pronounce that the inscription on the product was misleading to the public.
Delivering judgement, Justice Esohe Ikpomwen of Edo High Court ordered the Nigerian Breweries Plc, to apologise for the wrongful inscription of low sugar’ on its product.
The judge held that evidence before the court showed that the sugar content of Amstel Malt was between the approved 10 per cent and 15 per cent of sugar by the regulatory body.
She said Nigerian Breweries should have indicated that the sugar content contained in the product was lower than other beverage non-alcoholic drinks rather than the ‘low sugar’ inscription.
Ikponmwen held that while she might not grant the request suggesting that the information was deceitful, she held that it was a trade trick competition taken too far by the firm.
She held that the claimant’s request urging the court to hold that Amstel malt was a normal non-alcoholic drink and not “low sugar’’ succeeded.
“The defendant is ordered to apologise to the claimant and other public consumers in Nigeria for making them to erroneously believe that Amstel malt is low in sugar within 30 days from the date of this judgment,’’ she held.
About the company
Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. It serves the Nigerian market and exports to other parts of West Africa.
Nigerian Breweries Plc had released its Q3 2018 interim financial results for the period ended 30th September 2018.
Revenue for the company dropped from ₦270 billion in 2017 to ₦254 billion in the year under review. This represents a 5.62% decrease year on year.
Profit Before Tax also dropped from ₦34 billion in 2017 to ₦22 billion. This represents a 34.7% decrease year on year.
Profit After Tax likewise dropped from ₦24 billion in 2017 to ₦14 billion. This represents a 38.4% decrease year on year.
The Earnings Per Share also dropped from ₦300 in 2017 to ₦185 in 2018. This represents a 38.3% decrease year on year.
Nigerian Breweries Plc closed at ₦76:00 on Wednesday’s trading session on the floor of the Nigerian Stock Exchange (NSE).
Coronavirus
COVID-19 Update in Nigeria
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,506 confirmed cases.
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.
To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.54 million tests have been carried out as of March 7th, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 7th March 2021,
- Total Number of Cases – 158,506
- Total Number Discharged – 137,890
- Total Deaths – 1,969
- Total Tests Carried out – 1,544,008
According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658), Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).
Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.
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Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Tech News
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