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Coca Cola finalizes take over of CHI Limited

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Coca Cola

Coca Cola company has completed its acquisition of Chi Limited. The company announced this in a notice posted on its website.

In 2016, Coca Cola Company and Tropical General Investments Group (TGI Group) – the holding company of Chi Limited – had announced a binding agreement which saw Coca-Cola Company acquire an initial minority equity shareholding in Chi Limited with plans to increase ownership to 100 percent within three years, subject to regulatory approvals.

President of its West African unit Peter Njojo had in September last year, stated that the acquisition would be completed in the first quarter of 2019.

Pan African expansion 

Coca Cola may be considering plans to expand sales of the CHI brand, across Africa, going by a statement made by the President of its West African Unit Peter Njojo

“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa. We will support the Chi management team in building on the company’s remarkable heritage and achievements while using the scale of the Coca-Cola system to replicate their success in more markets across Africa.”

The Coca-Cola Company headquartered in Atlanta, Georgia, but incorporated in Wilmington Delaware, is an American multinational beverage corporation, manufacturer, retailer, and marketer of non-alcoholic beverage concentrates and syrups.

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The company is best known for its flagship product Coca Cola (or Coke in some markets) invented in 1886 by pharmacist John Pemberton.

CHI Limited was founded in 1980, and was part of the Tropical General Investment (TGI) conglomerate, with diverse business interests in food, healthcare, agriculture, engineering, and other industries. The company is into the production of fruit drinks, fruit juices, dairy products and snacks. Popular brands include Chivita fruit juice and Hollandia yogurt.

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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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Appointments

Dangote Sugar appoints Ravindra Singhvi as GMD/Chief Executive Officer

Mr. Ravindra Singhvi has been appointed as the substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc.

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The Board of Directors of Dangote Sugar has appointed Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, effective October 30, 2020.

This disclosure was made by the company in a notification of the resolution of its board meeting, to the Nigerian Stock Exchange.

The statement partly reads:

“Dangote Sugar Refinery Plc. wishes to notify the Exchange and the investing public that at the Board of Directors Meeting of the Company held today, Friday October 30, 2020, the Board approved (a) the Unaudited Financial Statement for the Quarter Ended September 30, 2020, and (b) the appointment of the current Ag. Managing Director, Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc. effective October 30, 2020.”

What you should know

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Prior to his new appointment, Mr Singhvi had been the ag. Managing Director of Dangote Sugar Refinery Plc since 18th June, 2019, after serving as the company’s Chief Operating Officer.

The Board’s stance on the appointment

The Board has stated that it is “confident that he is a great asset to the Company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects (BIP) to position itself for further job creation in local plantations and factories, import substitution and deeper contribution to national economic development.”

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Mr. Singhvi is wished the very best in his endeavors.

About Mr. Ravindra Singhvi

He has over 39 years of proven experience in leadership positions in Manufacturing and Processes in Sugar, Petrochemicals, Cement, and Textiles products industries in India.

He is a Chartered Accountant with background in Company Secretarial Practice, Corporate Governance and Management, and holds a Bachelor’s Degree in B.Com (Hons) and Law(I) from the University of Jodhpur, India.

Prior to joining Dangote Sugar Refinery Plc, Mr. Singhvi had served as the Managing Director & CEO of NSL Sugar Limited, Hyderabad, India, and Managing Director, EID Parry (1) Limited, Chennai, India, one of top three sugar producing companies in India.

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ENDSARS

IGP says protesters attacked 205 public, private facilities

Data collated when the #End SARS peaceful protest started indicated that 14 states recorded major violence.

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IGP says protesters attacked 205 public, private facilities, IGP orders immediate withdrawal of police officers attached to VIPs

The Nigerian Police Force has stated that about 205 critical national security assets, corporate facilities and private properties were razed down and vandalized during the EndSARS protest, which was hijacked by hoodlums and arsonists.

This was disclosed by Mr Mohammed Adamu, the Inspector-General of Police, during a virtual conference of Senior Police Officers in Abuja, according to a news report by NAN.

READ: Buhari approves free business name registration for 250,000 SMEs

READ: #EndSARS: Our police reform agenda is a game changer to end impunity – Osinbajo

Adamu disclosed that data collated between Oct. 11, when the #End SARS peaceful protest started as a demonstration, and Oct. 27, after it was hijacked by the vandals, indicated that 14 states recorded major violence.

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He said that some of the states severely affected by this civil unrest are Lagos, Edo, Delta, Oyo, Kano, Plateau, Osun, Ondo, Ogun, Rivers, Abia, Imo, Ekiti, and the Federal Capital Territory (FCT).

READ: #EndSARS: Joe Biden issues press release on violent crackdown of Protesters in Nigeria

The violence had resulted in attacks on critical national security infrastructure, other corporate and private properties, as well as injuries or fatalities to civilians, the police, and other security agents.

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READ: #EndSARS: IMF Links protests to economic difficulties

What you should know

  • 71 public warehouses and 248 privately owned stores were looted in the course of the protests nationwide.
  • 51 civilian fatalities with 37 injured, and 22 policemen gruesomely murdered with 26 others injured were recorded during the protest.
  • 10 firearms, including 8 AK 47 rifles, were carted away during the attack on police stations, and a locally made pistol had been recovered from elements operating under the guise of the EndSARS protest.
  • 1,596 suspects have so far been arrested in connection with the violence and widespread looting across the country.

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Macro-Economic News

Nigeria’s food Inflation rises by 110.5% in five years

Nigeria’s Food Inflation has risen by 110.5% between September 2015 and September 2020.

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Despite billions on agriculture, food inflation up by 108% since 2015.

Nigeria’s food inflation has risen by 110.5% in 5 years, between September 2015 and September 2020.

A comparison of the Composite Food Index within the period under review indicated that food inflation rose from 181.8 index points to 382.7 index points.

This means that the price of food items has not only increased, but more than doubled in the last five years of President Muhammadu Buhari’s administration.

READ: UPDATED: Inflation rate jumps to 12.40%, highest in over 2 years

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Similarly, the All Items Index rose by 92.4% during the same period.

Food items that have witnessed significant increases

Data obtained from Nairalytics, the research arm of Nairametrics, revealed that:

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  • Foreign rice (Caprice) which sold for an average of N14,500 as of May 2019 is now sold for an average of N30,000.
  • A 50kg bag of Ijebu garri that sold for N7,200 in May 2019, now costs N13,700.
  • A 25-litre keg of vegetable oil sold for N9,750 in May 2019, now sells for N14,625.
  • A piece of frozen fish which cost N417 in May 2019, now sells for N625.

READ: Buhari’s CBN policies may drag Nigerian economy into crisis – Fitch

READ: Debt servicing gulps N7.04 trillion under President Buhari’s administration

Why are the figures going up?

The hike in the cost of staple food items could be attributed to the border closure directive of the federal government that was announced in August 2019.

It is projected to hit 20% by the first quarter of 2021, when the effects of the increase in petrol and electricity prices are accounted for.

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Also, yield per hectare for most farming is well below global standards, driving up the cost of whatever is left to be sold to Nigerians.

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Farmers also face insecurity, flooding, and sometimes famine affecting their ability to plant and harvest. Even after harvesting, supply chain challenges still persist, leaving farmers to contend with middlemen, transportation, and storage. The result is far less farm produce reaching the final consumer.

READ: Sanusi declares Nigeria under Buhari a Bankrupt Nation

READ: Nigeria must keep inflation down to maximise full potential – IMF

What they are saying

Prof. Steve Hanke, an American Applied Economist at the Johns Hopkins University in Baltimore, Maryland, USA, expressed his dissatisfaction over the performance of Buhari’s administration.

According to him, the Federal Government could do more than what it is doing; he described the administration as a failure over security of its citizens, unemployment, and inflation.

He tweeted, “President Muhammadu Buhari has failed. Nigeria is in the grip of chaos. Bandits control major highways.

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“The government can’t protect its own citizens from Boko Haram or the corrupt Police. Unemployment stands at 27.1%, and Inflation, which I accurately measure every day and that soars at 30.37%/yr.”

READ: Nigeria’s inflation rate rises to 12.56% in June, as food prices surge

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READ: More agriculture loans but longstanding bottlenecks remain

READ: Northern States worst hit as Nigeria’s inflation jumps to 11.85% in November 

What you should know

  • On October 15, 2020, Nairametrics reported that Nigeria’s inflation rate rose to 13.71% (year-on-year) in September 2020, indicating 0.49% point higher than 13.22% recorded in August 2020. This was contained in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS) about two weeks ago.
  • According to the report, Nigeria has endured persistent increase in inflationary rate —growing from 12.13% in January to 13.71% in September—the highest recorded in 30 months.
  • A closely watched component of the food inflation index rose by 16.66% in September 2020 — a 0.66% increase compared to 16% recorded in the previous month.
  • On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.
  • Meanwhile, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, and oils and fats.

READ: Nigeria’s inflation rate rose to 11.40% in May 2019

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