Daily Archives: August 2, 2019

Int’l Breweries set to launch new reality TV show, “The People’s Hero”

International Breweries Plc (“IB Plc”), the Nigerian unit of global brewer Anheuser-Busch InBev (AB InBev) is set to unveil a new reality TV show in the South East called “The People’s Hero”. The show is part of the company’s effort to celebrate the rich cultural heritage of the people of southeastern Nigeria.

NECA urges CBN to suspend planned forex restriction on milk imports

The Nigerian Employers Consultative Association (NECA) has appealed to the Central Bank of Nigeria (CBN) to suspend its planned forex restriction on milk imports, saying that the initiative could potentially cripple businesses in the sector.

The call was made by the Director-General of NECA, Mr Timothy Olawale, on Thursday at a business forum in Lagos, while speaking on the need to gauge the suitability or otherwise of the policy at this time. He noted that the apex bank should engage in extensive consultation with all stakeholders by creating an environment that would enable it to weigh the merits and demerits of the policy in the long term.

Int’l Breweries losses continue to mount despite sales growth

International Breweries Plc on Wednesday reported a net loss of N6.8bn for the first half of the year ending on 30th June 2019, further widening its losses by 141%. In the same period in 2018, the company incurred a net loss of N2.8bn.

The loss came despite a 29% increase in sales to N69bn. The company attributed the loss to higher cost of sales of 41% to N45.4bn, a net impairment charge of 179% and a surge in administrative expenses by 66.54% to N13bn.