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Companies

Nigerian Breweries supports fight against COVID-19 with N600 million

Nigerian Breweries Plc has donated N600 million to the Federal and some state governments, to support the fight against COVID -19 in Nigeria.

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Jordi Borrut Bel, Nigerian Breweries Plc

Nigerian Breweries Plc has donated N600 million to the Federal and some state governments, to support the fight against COVID -19 in Nigeria. This was disclosed in a letter issued by the company to the Secretary to the Federal Government, and Chiarman, Presidential Task Force on COVID-19, Boss Mustapha.

Managing Director, Nigerian Breweries, Jordi Borrut Bel explained that the N600 million donation comprises of the aN250 million cash donation to the government through the Coalition Against COVID-19 (CA-COVID), the private sector led special intervention fund managed by the Central Bank of Nigeria (CBN); N250 million cash donation to 7 State Governments’ Task Force Against COVID-19.

According to him, Lagos and Ogun States will receive the sum of N100 million naira and N50 million Naira respectively being COVID-19 frontline states while five other states of Kaduna, Oyo, Enugu, Abia and Imo will get N20M each.

Also, N100 million worth of relief materials will be spent to provide 5 double-cabin vehicles for use by the National Centre for Disease Control (NCDC) in Abuja, Lagos, Ogun and Kaduna States.

He said, “This is to help meet their critical operational needs, especially contact tracing and movement of materials/personnel to isolation and treatment centres. The cost of fuel, maintenance and driver’s salaries will also be covered by Nigerian Breweries.

“Personal Protective Equipment such as face masks, 500 gowns and 141,000 units of hand sanitizers for nationwide distribution to our key states. Supply of malt, energy and soft drinks to the various Covid-19 NCDC centres nationwide. This will be done over a period to ensure steady support and to meet the nourishment needs of the Centres during the crisis.”

Jordi Bel stressed that the company has already taken various steps to ensure that it continues to protect the jobs of its 3000 employees, while supporting its vendors/suppliers during this difficult period. He added that these contributions are in line with the company’s belief that public-private partnership is essential to overcome the threat of the COVID-19 virus.

Cheque presentations have already been made to the Ogun and Lagos State governments with other states to receive their donations in the coming days.
The parent company of Nigerian Breweries, the HEINEKEN Company had previously donated 15 Million Euros to the International Red Cross and Red Crescent Society to support their relief efforts towards the most vulnerable people and communities affected by COVID -19 especially those in Africa, Asia and Latin America.

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Also, Heineken Africa Foundation has decided to replace its regular grants and projects this year with a plan to spend up to 5 million euros in partnership with various NGOs in Africa to significantly upscale and accelerate its WASH program, which focuses on providing access to safe water, sanitation and hygiene (WASH).

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Appointments

Airtel Nigeria announces appointment of Surendran as new Chief Executive Officer

Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new MD/CEO with effect from August 1, 2021.

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Like MTN, is Airtel Nigeria considering listing?

Telecommunications giant, Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new Managing Director and Chief Executive Officer with effect from August 1, 2021.

Surendran would be replacing the outgoing Managing Director and Chief Executive of Airtel Nigeria, Olusegun Ogunsanya, who has been elevated to the position of Chief Executive Officer of Airtel Africa Plc with effect from October 1, 2021.

According to a report from the News Agency of Nigeria, this disclosure is contained in a statement issued by Airtel on Wednesday, May 5, 2021, in Lagos.

READ: Airtel Africa signs new $500 million loan with Bank of America, HSBC, others

The statement says that Surendran would also be appointed to the Executive Committee (ExCo) as Regional Operating Director, reporting to the CEO of Airtel Africa plc, and onto the Board of Airtel Networks (Nigeria) Limited.

Airtel in its statement said, “Surendran has been with Bharti Airtel since 2003 and has contributed immensely in various roles across customer experience, sales and business operations.

He was the Chief Executive Officer of Karnataka, which is the largest circle in Airtel India, with over one billion dollars in revenue.

Surendran delivered an exceptional performance with significant movement in Revenue Market Share (RMS) over the last few years, currently at 54 percent. He has over 30 years of business experience, including 15 years at Xerox.’’

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Airtel said that Surendran would transition into his new role from June 1, 2021, and spend the time onboarding into the business until July 31, 2021.

READ: Meet the latest billionaires on the Nigerian Stock Exchange

In case you missed it

It can be recalled that a few days ago, Airtel Africa Plc, a leading provider of telecommunications and mobile money services in Nigeria and 13 other countries, announced the appointment of Mr Olusegun Ogunsanya as the new Chief Executive Officer, following the notice of retirement given by the current Managing Director/Chief Executive Officer, Raghunath Mandava, to the Board.

In the notification sent by Airtel Africa to the Nigerian Exchange, Ogunsanya is expected to join the board of Airtel Africa with effect from October 1, 2021.

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Companies

Our First Bank loan is being serviced, reduced by 30% in 2 years – Honeywell Group

The credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.

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Billionaire watch: Oba Otudeko’s stakes in Firstbank and Honeywell are worth N10.3 billion

The Honeywell Group has said that its loan with First Bank is being serviced as the conglomerate had reduced the facility by 30% in the last two and half years.

This was disclosed by the Group via a statement issued on Sunday and seen by Nairametrics.

According to the statement, the company and the bank have had a professional business relationship since 1975, which preceded the group’s investment in the bank over a decade later.

According to the Honeywell Group, the credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.

The Group further explained that following agreed terms, its facilities are adequately secured with First Bank with collaterals in place at over 170% of forced sales value and 230% at open market value.

It stated, “In 2015, First Bank under the directive of the Central Bank of Nigeria, drew our attention to a 2004 circular (BSD/9/2004) which requires that insider related facilities must not exceed 10% of paid-up share capital.

Based on this directive we subsequently entered negotiations with the bank to agree on an appropriate repayment structure and the final negotiated position was duly approved by the CBN.

In addition to the above, First Bank, on the directive of CBN, requested additional security in the form of FBN Holdings Plc shares held by the Chairman of Honeywell Group, Dr Oba Otudeko citing a 2001 circular. This was duly provided through an authorisation to place a lien on the shares.”

Honeywell Group has continued to meet all its obligations on its facilities with the bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rate and the bank continues to earn significant interest therefrom.”

What you should know

  • Nairametrics had reported when the Central Bank of Nigeria directed Honeywell to fully repay its obligations to First Bank within 48 hours, warning that failure to do so would cause the CBN to take regulatory measures against the insider borrower and the bank.
  • The Chairman of Honeywell Group, Oba Otudeko, also served as Chairman of FBN Holdings Plc until he was asked by the apex bank to go along with other directors on Thursday.
  • The apex bank had noted in a letter last Wednesday that First Bank had yet to comply with regulatory directives on divesting its interest in Honeywell despite several reminders.
  • Also, the CBN asked First Bank to forward evidence involving the divestment of interest in Honeywell Flour Mills and Bharti Airtel Nigeria Ltd within 90 days.

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