Tag Archives: Wines

New Excise Duty rates for alcohol, tobacco comes into effect

June 04, 2018   Editor   No comments

The Federal Government’s new excise duty rate on alcohol and tobacco came into effect on Monday, June 4, 2018.

Speaking in Abuja on Sunday, the Minister of Finance, Mrs Kemi Adeosun explained that the new excise duty rates which was first announced in March was spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

The minister further said that the 90-day grace period given by the president to all manufacturers before the commencement of the new excise duty regime ended on Sunday.

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NGO group seeking reversal of pending excise duty rate increase on alcohol, tobacco take protest to NASS

May 26, 2018   Editor   No comments

A coalition of Non-Governmental Organization (NGOs) seeking to reverse a proposed excise duty rate increase by the Federal Government due to take effect on June 4, 2018 have called on the National Assembly to urgently intervene on the matter.

Business Renaissance Group (BRG) and Sustained Development Collective (SDC), two of the groups leading the protest at the National Assembly said that the excise duty rate increase would cripple the sector if not reviewed and reversed.

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Coalition of NGO Business Groups seek FGs reversal of new excise duty on alcohol, tobacco

April 18, 2018   Editor   No comments

The Federal Government has been urged to reconsider its decision to raise excise duty on locally produced alcohol and tobacco as the new policy risks threatening the over N420bn in investments so far made in the wine and spirits industry.

The call was made by a coalition of non-governmental organisations (NGOs) made up of the Business Renaissance Group and Sustained Development Collective while speaking with journalists in Abuja.

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CPC endorses FG’s move to increase excise duty on alcohol and tobacco

March 22, 2018   Editor   No comments

The Consumer Protection Council (CPC), on Tuesday put its weight behind the Federal Government’s decision to raise the excise duty rates on alcoholic beverages and tobacco products.

The agency’s Director-General, Mr Babatunde Irukera, said the increase would serve as a measure to reduce the risks of abuse and disease. Irukera said that though CPC protected the rights of all consumers and their prerogative to make personal lifestyle choices, it, however, encourages responsible consumption in all circumstances.

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MAN opposes excise duty rate increase on alcohol, tobacco; seeks its reversal

March 22, 2018   Editor   No comments
spirits, wine and beer

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the newly proposed excise duty rate increase on alcohol and tobacco products, saying that its implementation will lead to job losses and plant closures in the affected industries.

The President, MAN, Dr. Frank Jacobs, spoke on the issue in Lagos on Wednesday while addressing the media on the association’s position on the African Continental Free Trade Agreement.

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NAFDAC raids counterfeiter’s lair in Lagos, Abuja; impounds wines and spirits worth millions

March 18, 2017   Editor   No comments

The National Agency for Food and Drug Administration and Control (NAFDAC) on Friday raided a shop at the popular Oke-Arin market, Balogun, Lagos State and arrested a trader who allegedly manufactures and bottles counterfeit wines and spirits.

The agency said that they acted on a tip-off about some individuals who deal on counterfeit wines and spirits of popular brands.

The enforcement team of NAFDAC said they discovered labeling materials, corks, funnel, filters and empty bottles of registered liquor brands in a shop on Isa Williams Street, Oke-Arin Market, Balogun.

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South African wine region hit by wildfire

January 10, 2017   Editor   No comments

South African authorities say raging wildfires in the country’s wine region near Cape Town have destroyed part of the country’s oldest wine estates, while some mountain slopes above Cape Town’s exclusive beach enclave of Llandudno were also affected.

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Diageo sells last remaining wine asset in the US as it exits category

February 09, 2016   Editor   No comments
diageo

Diageo has completed the sale of its remaining wine brand in the U.S with the sale of Chalone Estate Vineyard in California to the Foley Family Wines. The terms of the sale was not disclosed.

Diageo has been disposing of its wine brands since last year when the company’s CEO, Ivan Menezes stated that “wine was no longer core” to the company’s strategy.

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Italy overtakes France to lead world in wine production

November 30, 2015   Editor   No comments
grapes

Italy has overtaken France to lead the world in wine production at 50.37 million hectoliters harvest in 2015-16, according to data compiled by the European Union Department for Rural Affairs and Agriculture, which keeps track of wine production estimates for all 28 member states of the EU through September 2016.

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Diageo in Search of Wine Asset Buyers as it Looks to Exit Sector

November 17, 2015   Editor   No comments

Diageo, the world’s leading spirits maker has confirmed that it still intends to exit the wine business at its earliest convenience.

Speaking to the media at the company’s Capital Market Day in New York last week, CEO of Diageo, Ivan Menezes, said that with the exception of its Turkish and Indian operations, the company will exit the wine sector. “We’re virtually out,” he said on Wednesday. “There are some local businesses in Turkey and a little bit sitting in India and there is a couple more in California that didn’t fit into the package of what we sold to Treasury.”

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