Monthly Archives: September 2019

Ecobank Nigeria gets commendations from Lagos State, corporate organisations on environmental initiatives

Lagos State Government, corporate institutions and well-meaning Nigerians have continued to pour commendations on Ecobank, the pan-African bank for its effort on ridding the streets and waterways of Lagos of bio-degradable plastic bottles.

Ecobank was at the weekend presented with the 2019 CSR Marble Award of Excellence at an event organized by a renowned public relations company, AS+A Communications in Lagos.

PZ Cussons Nigeria posts first quarter loss amid lower revenue growth, challenging market conditions

PZ Cussons Nigeria Plc

PZ Cussons Nigeria Plc, over the weekend reported a net loss of N1.09bn for the first quarter of 2019/2020 financial year, further worsening its loss from the same period in 2019 when it recorded a net loss of N205m.

The consumer goods company said that revenue declined marginally by 0.5% to N15.8bn, driven by low consumer demand, which was impacted by a weak economy as well as competition in the market place.

Economic and public policy analysts call on CBN to abandon policy on forex restriction on food items

Regulatory conversation

Economic and public policy analysts have called on the Central Bank of Nigeria (CBN) to abandon its new policy directive to restrict foreign exchange on certain imported food items, saying the policy is not beneficial to the masses.

The experts who spoke at the fourth annual regulatory conversation, with the theme ‘Foreign Exchange Restrictions on Food Imports and Implications for Regulating and Growing the Nation’s Economy’, adviced the CBN to slow down on its implementation of restriction of foreign exchange to milk importers.

NBC gets global Water Stewardship recognition

coca-cola-bottling-plant

The Nigerian Bottling Company (NBC) Ikeja plant has received the Alliance for Water Stewardship (AWS) Gold Certification Award.

The company received the award in recognition of its responsible use of freshwater in a socially, economically and environmentally beneficial way.

Lagos Cocktail Week returns

drinks - lagos cocktail week

Africa’s largest cocktail experience is almost here again! Lagos Cocktail Week 2019 (LCW) is set to take place from October 16th-October 17th 2019.

The first Lagos Cocktail event held on October 2014 as a week-long event known as The Lagos Cocktail Week (“LCW”).

FG denies Pioneer status to Guinness Nigeria, Promasidor Nigeria, 13 others

The Federal Government has denied request by Guinness Nigeria Plc, Promasidor Nigeria Limited and thirteen other firms seeking tax relief, also known as “Pioneer status” under the Industrial Development Income Tax Act.

Pioneer status is a tax incentive from the Federal Government which exempts companies from income tax for a period of time. It is also known as a tax holiday and is meant to encourage investments in new industries or products that do not already exist in the country.

Forex restriction on dairy likely to lead to higher milk prices, says milk producers

Milk producers in the country have said that foreign exchange restriction on milk imports would ultimately lead to higher prices of milk products for consumers.

“Of course, it will definitely affect prices. There is a difference of about N55 or N60 per dollar between the exchange rate on the black market and the interbank market,” said the General Manager, External Affairs, PZ Cussons, Mohammed Tahir at a dairy Congress in July.

Four local firms soon to begin local production of milk, says CBN

dairy

The Central Bank of Nigeria (CBN) has said that four dairy firms have commenced the process for the local production of milk.

The CBN Governor, Godwin Emefiele made this known in Abuja on Thursday. He said the companies are FrieslandCampina WAMCO, Neon Agro, CHI Limited and Irish Dairy. The companies, he noted have all expressed interest to invest in Bobi Grazing Reserve in Niger State.

Bobi Grazing Reserve located in Mariga Local Government Area is part of 26 Grazing Reserves gazette under a livestock development initiative by the Niger State government in partnership with the CBN.

AB InBev’s Budweiser Brewing Co APAC raises $5bn in Hong Kong listing

Anheuser-Busch InBev’s Asian business unit finally succeeds with a $5bn Hong Kong listing after pricing it at the bottom of a marketed range.

The world’s largest brewer had planned for a bigger initial public offering (IPO) of around $9.8bn in July but had to shelve the plans following what it cited as “several factors, including the prevailing market conditions”.

FBRA partners Transusers, Lagos State Government to rid Agege of plastic waste on World Clean-up Day

FBRA

The Food and Beverage Recycling Alliance (FBRA) partnered Trashusers, a plastic waste collection organisation and Lagos State government in ridding Agege community of plastic waste as part of its strong commitment to environmental preservation during this year’s World Clean-up Day.

The clean-up exercise focused on cleaning drainages, streets and the major canal in Agege was held on September 21, 2019, this year’s World Clean-up Day. It resonates FBRA’s resolve in intensifying awareness on waste separation for recycling and measures of curbing environmental pollution caused by food and beverage packaging waste.