Daily Archives: March 22, 2019

Champion Breweries ends year with a loss

Champion Breweries Plc on Thursday reported a net loss of N264m for the full year 2018.

The Akwa Ibom-based brewer said that its business experienced flat sales growth amid rising costs. Total sales declined tepidly by 0.28% to N4.8bn amid a jump of 143% in administrative expenses to N962m.

A similarly 27% spike in Selling & Distribution expenses to N529m from N417m in the previous year also added to the brewer’s woes, leading to an operating loss of N224m.

Zambia pulls Viagra spiked energy drink from store shelves amid safety concerns

Zambian authorities have pulled an energy drink that they say contains Viagra from store shelves following test results from the country’s medicine regulator.

The drink, Natural Power SX High Energy Drink, which comes in 500ml cans and manufactured by Revin Zambia Limited, a local beverage producer is said to contain Sildenafil Citrate, a medication used to treat erectile dysfunction in men and pulmonary arterial hypertension and should never be taken without a prescription.

The drink which is said to be very popular among Zambian men is also exported to neigbouring countries – Uganda, Zimbabwe, Malawi and South Africa.

FOBTOB launches empowerment scheme for members’ children

The Food, Beverage and Tobacco Senior Staff Association (FOBTOB) has launched a N1million empowerment scheme for children of its members who graduate with first class.

The union’s President, Quadri Olaleye, who revealed this at a luncheon in Lagos in honour of the media for their support for the union’s activities, explained that the award of N1million to brilliant youths was aimed at promoting academic excellence.

MAN warns FG against VAT increase

The Manufacturers Association of Nigeria (MAN) on Thursday said the proposed VAT rate incremement was unfriendly to the manufacturing sector.

The Director-General of the association, Mr Segun Ajayi-Kadir, made the remarks in Lagos, in spite of the rebuttal from the Federal Inland Revenue Service (FIRS) on the issue.