Nigerian Breweries Plc has announced two changes to its board of directors.
The Board has appointed Mrs. Olufunmilayo A. Akande as an Independent Non-Executive Director, effective February 20, 2025, to fill the vacancy on the Board.
In a statement signed by Company Secretary Uaboi G. Agbebaku, it was also revealed that Mrs. Ifueko M. Omoigui Okauru will be completing her tenure as a Non-Executive Director on February 19, 2025, and will subsequently step down from the board.
“Nigerian Breweries Plc (‘the Company’) hereby announces the following changes in its Board of Directors (‘the Board’) arising from the Board Meeting of February 12, 2025.
“Mrs. Ifueko M. Omoigui Okauru, MFR, notified the Board that following the completion of her tenure as a Non-Executive Director on February 19, 2025, she will step down from the Board effective the close of business on that date,” the statement read.
New appointee
Mrs. Akande brings over thirty years of experience in auditing, finance, accounting, consulting, corporate governance, and business management across various sectors, including consulting, manufacturing, and oil and gas.
She currently serves as the Finance Director for Siemens Energy Limited Nigeria and the Vice President of Finance for the North, West, and Central Africa sub-regions for Siemens Energy.
According to the statement, the company expressed its pleasure in having someone with her expertise join its Board.
What you should know
- In October, Nigerian Breweries posted its financial statement for the first nine months of the year, recording a 159.7% increase in pre-tax losses compared to the same period in 2023.
- The company’s pre-tax losses rose from N78.16 billion between January and September 2023 to N202.99 billion in the first nine months of 2024.
- However, during this period, the company saw its revenue rise to N710.87 billion from N401.87 billion in the corresponding period of 2023.
In December, Nigerian Breweries notified its esteemed shareholders and the Nigerian Exchange Limited (NGX) that it had received clearance from the Securities and Exchange Commission (SEC) for the allotment of 20,706,894,542 ordinary shares of 50 Kobo each at N26.50 per share under its recently concluded Rights Issue. The company reported that its Rights Issue was 91.59 per cent subscribed.
“The Registrars to the Company, First Registrars & Investor Services Limited, will credit the CSCS account of successful allottees who have indicated their CSCS account details on their respective acceptance forms with the shares allotted to them no later than Wednesday, December 18, 2024,” the brewer said in a notice to the NGX.
“In addition, surplus subscription monies will be returned by First Registrars no later than Wednesday, December 18, 2024, five business days after clearance of the basis of allotment by the SEC.
It added that applicants without CSCS accounts will have their shares credited at the CSCS using a Registrar Identification Number (RIN), in line with the SEC Directive on Dematerialisation of Share Certificates, no later than Wednesday, December 18, 2024.