The Nigerian Stock Exchange (NSE) has applauded Nigerian Breweries Plc for maintaining a high compliance of good corporate governance standards.
This was communicated by the Chief Executive Officer of the NSE, Mr. Oscar Onyema to the management of Nigerian Breweries on a recent visit by the company to the Stock Exchange. He also congratulated the brewing company on its 70th anniversary and for emerging the Most Compliant Listed Company for the year. Onyema said that Nigerian Breweries is a good corporate citizen who has shown good examples to other listed companies on the Exchange.
The Most Compliant Listed Company Award is given by the Nigerian Stock Exchange to a listed company that displays a high degree of compliance with the rules and regulations regarding disclosure obligations of listed companies on the Exchange in a given year.
Onyema noted that part of his job as head of the Exchange was to strengthen his relationship with listed companies on the Exchange and continue to ensure that it remained a strong platform that would attract the confidence of local and foreign investors.
He said that the brewer has the qualifications to join the Exchange’s Premium Board, a listing segment for the elite group of issuers that meet the Exchange’s most rigid corporate governance and listing standards.
In his remarks, the Chairman of Nigerian Breweries Plc, Chief Kola Jamodu, who led the management team of the company to the Exchange, commended Onyema for his efforts in developing the Exchange since he assumed office.
Jamodu restated that corporate governance remained the only tool to increase the integrity of the Exchange and urged the NSE to continue with improvements in that regard.
He noted that Nigerian Breweries began with humble beginnings 70 years ago with one brewery and has grown over the years to 11 breweries spread across the country.
He revealed that the brewer employs 4,000 direct labour, and its backwards integration initiatives has enabled it to engage over 250,000 farmers in Sorghum and Cassava value chain. The Chairman noted that Nigerian Breweries has one of the highest dividend paying entities with 120,000 shareholders.
At the closing session of the Exchange, the management of Nigerian Breweries was invited to the floor of the Exchange where its Chairman Jamodu rang the gong to close the market for the day. He later received the certificate of the Most Compliant Company Award from the Exchange CEO Onyema.