The Managing Director of Tasty Time Nigeria Ltd, Isaac Kole, was arrested on Thursday and arraigned before a Federal High Court in Lagos over alleged manufacture of fake and unregistered products.
The National Agency for Food and Drug Administration and Control (NAFDAC) arraigned the accused alongside his company on a four-count charge bordering on producing fake products.
Champion Breweries Plc said on Tuesday that net profit for the nine months to the end of September grew 57% to ₦152m ($419,000), up from ₦97m ($267,000) in 2016.
The Akwa Ibom-based brewer said that profit growth was helped by a 25% sales lift which reached ₦3.3bn ($9 million) from ₦2.7bn ($7.4 million) in the previous year. Cost of sales grew marginally at 13.5% to ₦2.5bn ($6.9 million), helping boost Gross profit 58% and Operating Profit 73% to ₦171m ($471,000).
