Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

Senate invites Bigi and Pepsi manufacturers, as stiff competition continues  

Makers of Pepsi and makers of Bigi drinks were recently invited by the Nigerian Senate to resolve the issue of competition between them.

Published

on

Stamp duty, Senate to probe PPPRA over non-remittance, blame systemic corruption for bad roads, Senate invites Bigi and Pepsi manufacturers, as stiff competition continues , Senate orders investigation of banks over withholding tax remittances

Popular soft drinks manufacturers, Messrs 7-Up Bottling Company, makers of Pepsi, and Rites Foods Limited, makers of Bigi drinks were recently invited by the Nigerian Senate to resolve the issue of competition between them.

The Senate Committee on Ethics, Privileges and Public Petitions invited the companies to a closed-door meeting following a petition by the lawyers of Rites Foods Limited against the 7-Up Bottling Company.

The manufacturers of Bigi located at Ososa, Ogun State had petitioned the Senate over alleged threat to its security and existence by 7-Up Plc,.

Although the companies were supposed to appear before a public hearing initially, the Chairman of the committee, Senator Patrick Akinyelure decided to mediate between the parties behind closed doors to ensure amicable resolutions.

[READ MORE: Netflix stands tall against competition, adds 8.8million subscribers to its base)

According to Akinyelure, the parties involved in the dispute are strong players in the industry with high engagement of staff in terms of employment which is more reason the dispute must be settled so that they can continue to add value to the society.

The chairman’s words:There are three dominant players in the soft drink industry. We have the Coca-Cola, Seven-Up and Rites Foods Nigeria Limited, makers of Bigi soft drink. We appreciate as senior citizens of this country that Rites Foods Limited is a wholly-owned indigenous company that should be encouraged in all ramifications.

“They have only one plant and they have been able to do the magic through the dedicated team of management staff. Within four years, they were able to compete favourably with Coca-Cola and Seven-Up and by market rating they have the market rating.

Deal book 300 x 250

“When we heard from the Seven UP management, they appreciated the competitiveness of Rites Foods Nigeria Limited the makers of Bigi drinks and also they are developing strategies on how to compete favourably in the market.

“We have been able to sit the two management together because we believe it is an issue that can be resolved through Alternative Dispute Resolution mechanism that will bring more result to this country than damaging a wholly-owned indigenous company that is competing favourably and we encouraged them to ensure that the issue is resolved amicably.

“We told them that we don’t want this issue to cause any harm because if a company that is engaging over 2000 Nigerians at a time and the other one about 5000 Nigerians, it is our wish in the Senate to see them progressing and adding more value to this country than for issues to destroy them.”

Akinyelure ended by saying the committee had given both companies, two weeks to solve the matter and come back with resolutions that could be adopted so as to end the rift once and for all.

bitcoin train

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

1 Comment

1 Comment

  1. Waheed Lawal

    February 19, 2020 at 4:19 pm

    Oga writer what is problem between these two companies? How does it affect the security of the company? What is the result of the competition between them? Loss of skilled workers or revenue? Please give us the details and what led to the intervention by the Senate.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Appointments

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

Published

on

Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.

This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.

As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.

About Bayo Rotimi

Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.

What they are saying

Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

What you should know

  • Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
  • Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.

Continue Reading

Sports

Police raid FC Barcelona’s Camp Nou, ex-President, three others arrested

Spanish police raided the headquarters of F.C. Barcelona, seizing evidence and detaining four people.

Published

on

Mossos d’Esquadra, Catalonia’s regional police force has carried out a search on Monday morning on all the offices of the Spanish giants, FC Barcelona and reportedly arrested four people in the process.

The raid carried out by the Police was in search of evidence in relation to the “Barcagate” social media scandal that happened in February, where the Catalan giants allegedly paid third party companies to produce disparaging contents about some people including former players that are opposed and critical of former president, Bartomeu’s administration. A similar raid was also carried out in the club last year June.

The companies allegedly hired by the Spanish giants include I3 Ventures SL, NSG Social Science Ventures SL, Tantra Soft SA, Digital Side SA, Big Data Solutions SA and Futuric SA. There were allegations made that I3 Ventures SL were behind fake social media accounts despising as Barcelona fans that produced disparaging contents about the likes of Victor Font, the club’s presidential candidate. It also attacked high profile players like Lionel Messi and Gerard Pique and also former players like Xavi, Guardiola, etc.

According to reports, those arrested were former Barcelona president, Josep Bartomeu; the club’s chief executive, Oscar Grau; Roman Gomez Ponti, the head of legal services and Jaume Masferrer, an adviser to Bartomeu. The decision to arrest them was not the court’s decision. The arrests were made by the exclusive decision of the Mossos d’Esquadra. The Instructing Court number 13 in Barcelona which is in charge of the case only ordered for a search.

The Catalan giants have been mired in political turmoil and debt prompted by the coronavirus pandemic and this further stains the club’s image.

The raid comes less than a week before the club’s presidential elections are to be held which is coming up on March 7. Three candidates – Victor Font, Joan Laporta and Toni Freia – are on the final ballot for the crucial vote.

In a statement, Barcelona has offered to give their full collaboration regarding the ongoing investigations.

The club stated: “Regarding the entry and search by the Catalan Police force this morning at the Camp Nou offices by order of the Instructing Court number 13 in Barcelona, which is in charge of the case relating to the contacting of monitoring services on social networks, FC Barcelona have offered up their full collaboration to the legal and police authorities to help make clear facts which are subject to investigation.

“The information and documentation requested by the judicial police force relate strictly to the facts relative to this case.

“FC Barcelona express its utmost respect for the judicial process in place and for the principle of presumed innocence for the people affected within the remit of this investigation.”

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings