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Business News

Alleged Wrong Inscription: Nigerian Breweries Plc oppose court judgement

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Nigerian Breweries Plc has disclosed its intention to appeal an Edo State High Court judgement in a suit filed by one Professor Ernest Izevbigie.

Ernest Izevbigie, a professor of Biochemistry had 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.

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.

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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.

In a notification to the Nigerian Stock Exchange (NSE), Nigerian Breweries has stated its intention to appeal against the judgement. The company declared that the inscription on the label of the company’s product, Amstel Malta was not a trade trick.

According to the company, it sought and obtained neccessary regulatory approvals prior to the deployment of the said label on the Amstel Malta brand.

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.

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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.

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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.

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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 is currently trading at ₦76:40 in today’s trading session on the floor of the NSE.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Coronavirus

COVID-19 Update in Nigeria

On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria

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Covid 19 update symptops

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 153,842 confirmed cases.

On the 24th of February 2021, 655 new confirmed cases and 11 deaths were recorded in Nigeria.

To date, 153,842 cases have been confirmed, 130,818 cases have been discharged and 1,885 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.49 million tests have been carried out as of February 24th, 2021 compared to 1.44 million tests a day earlier.

COVID-19 Case Updates- 24th February 2021,

  • Total Number of Cases – 153,842
  • Total Number Discharged – 130,818
  • Total Deaths – 1,885
  • Total Tests Carried out – 1,489,103

According to the NCDC, the 655 new cases are reported from 21 states- Lagos (240), Ogun (88), Rivers (56), FCT (51), Kaduna (43), Kano (25), Plateau (21), Taraba (19), Edo (17), Abia (15), Delta (13), Nasarawa (11), Akwa Ibom (10), Kwara (10), Oyo (10), Kebbi (9), Borno (5), Bayelsa (4), Gombe (4), Ekiti (2), and Osun (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 55,122, followed by Abuja (19,115), Plateau (8,854), Kaduna (8,422),  Oyo (6,708), Rivers (6,398), Edo (4,491), Ogun (4,277), Kano (3,716), Ondo (2,944), Kwara (2,875), Delta (2,539), Osun (2,326), Nasarawa (2,208), Gombe (2,031), Katsina (2,029), Enugu (1,998), Ebonyi (1,839), Anambra (1,615), and Abia (1,487).

Imo State has recorded 1,440 cases, Akwa Ibom (1,439), Borno (1,247), Bauchi (1,221), Benue (1,188), Niger (912), Ekiti (797), Sokoto (768), Bayelsa (767), Adamawa (762), Taraba (712), Jigawa (496), Kebbi (358), Yobe (268), Cross River (267), Zamfara (219), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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.

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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.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Appointments

Cornerstone Insurance Plc appoints Ogechi Adeola as Director

Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.

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Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.

This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.

Dr. Adeola’s profile

Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.

On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.

Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.

What you should know:

Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.

It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.

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