By Adedapo Adesanya
Suntory Beverage & Food Limited (SBF) has announced that its subsidiary, Suntory Beverage & Food Asia Pacific (SBFAP), has entered into an agreement to sell its subsidiary in Nigeria, Suntory Beverage & Food Nigeria (SBFN), to Africa FMCG Distribution Ltd (AFDL) for $14 million. SBF is the brand owner of Ribena and Lucozade since 2013.
The completion of the transaction is subject to receiving merger clearance from relevant regulatory authorities in Nigeria.
The total consideration of the transaction, which is around $14 million, will be split into $7 million each for the transfer of shares and loan.
According to a press release seen by Business Post, the sale is expected to be completed in the second quarter of 2022.
Chanrai Summit Group, the parent of AFDL, is a multi-faceted company distributing products that touch the lives of African consumers every day. The group manages a robust supply chain management infrastructure through the import, manufacture and distribution of products covering branded food, Fast Moving Consumer Goods (FMCG), and appliances for the best multinationals in the world.
Speaking on the deal, Mr Kazuhiro Saito, CEO of SBF said, “As part of our regular strategic portfolio review and considering the broad options in Nigeria to accelerate the growth of our brands, we have decided that it is best to launch a new operating model in Nigeria, leveraging the extensive distribution network, and the expertise in the local market that AFDL possesses.”
On his part, Mr Subodh M Chanrai, Executive Chairman of Chanrai Summit Group said that AFDL is immensely happy to participate in this opportunity and partner with a global giant like Suntory.
He reasserted the commitment of the group to local value addition and to helping global brands retain their presence in Nigeria, creating opportunities for all stakeholders in the country.
Mr Anjan Patole, Managing Director of SBFN added that the company was pleased with the outcome of the transaction.
“The sale of our beverage operations in Nigeria signifies a fantastic opportunity to leverage on Chanrai’s Group expertise to expand the business and talents of our people beyond our current potential. Their extensive global systems, agility to changing market needs with a focus on African consumers are all qualities that aligned with that of our business here,” he said.
Also speaking for the buyers, Mr Sherring Thekekkara, CEO of AFDL, added that this investment will benefit from the strengths of both parent companies in a big way as it will leverage experience, streamline the supply chain, enhance manufacturing, consistent innovation and improve seamless routes to market which will ensure that the Nigerian consumer continues to enjoy Lucozade and Ribena.
Business Post understands that the sale agreement does not impact SBF’s other businesses in Africa.
FedEx Fully Enters Nigerian Market to Meet International Shipping Demands
By Adedapo Adesanya
FedEx Express (FedEx), a subsidiary of FedEx Corporation, the world’s largest express transportation company, has announced establishing a direct commercial presence in Nigeria to meet the country’s growing international shipping demands.
Although FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc; with this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country.
In a press release seen by Business Post on Wednesday, the company said that with a direct presence in the country, businesses and customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions, while Red Star Express continues to provide the infrastructure for ground operations.
The statement noted that, “Customers will also have access to a range of FedEx digital tools that make shipping easier and more efficient through its website. These services include opening a new account, tracking shipment status, creating shipping air waybills, scheduling courier pickups, and managing billing.”
With the direct presence, FedEx will now have dedicated Sales and Customer Technology teams on the ground to interact and provide enhanced logistics expertise to help local businesses grow internationally.
Speaking on this, Mr Taarek Hinedi, vice president for FedEx Middle East and Africa operations, said, “Today we are closer to our customers than ever before. This strategic step makes it easier for local businesses to ship with us as they look to tap more import and export opportunities and grow their customers around the world.”
“Nigeria is on the right path for further growth, and FedEx is committed to supporting this growth and connecting Nigeria to some of the biggest trading partners located in Asia and Europe. The FedEx network is crucial to provide businesses with greater connectivity between Africa and Europe as well as within the Asia Pacific, Middle East, and Africa (AMEA) region,” said Mr Hinedi.
“As Nigeria continues with its 2021 to 2025 National Development Plan to increase the share of its exports to Africa up to 35 per cent from a base figure of 20 per cent, businesses will require a range of international services and solutions to help boost the economy,” he added.
FedEx also said it remains committed to supporting the Nigerian government’s Economic Recovery and Growth Plan (ERGP) to drive structural reforms to diversify its economy and reduce dependency on oil.
The FedEx direct presence in the country will help connect Nigerian business owners, exporters, importers, and consumers to more than 220 countries and territories worldwide, covering more than 99 per cent of the world’s gross domestic product.
Real Estate Company Promises to Develop Remoland
By Adedapo Adesanya
A real estate company, Adron Homes, has promised to contribute its input to the development of Remo in Ogun State.
The group managing director and chief Executive Officer of Adron Homes, Mr Adetola EmmanuelKing, gave this assurance when he led the other senior management team to visit the Akarigbo of Remo, Oba Babatunde Adewale Ajayi.
The team visited the monarch to celebrate his 60th birthday and his 5th-year reign as the paramount ruler of Remoland.
Mr Adetola said, “Five years of your pragmatic leadership, coupling your unifying qualities, abilities, and relentless attraction of investors to Remoland and the state at large, has transformed the entire Remo land into a development hub.
“Remo Growth & Development Foundation, formed under your headship and influence, promoted self-expression and developed a bond beyond Remoland to other countries where Remo indigenes are domiciled.
“We have reached a point in the growth of Nigeria as a whole where we cannot be undermined because of your leadership as the Akarigbo of Remoland.”
He further stated that Remo is now a safe area to live and conduct business without risk to people’s lives or property.
Also speaking, the non-executive director of Public Affairs and International Relations of Adron Homes, Ms Kemi Osude Laniyan, reaffirmed the company’s commitment to helping the communities of Remoland.
“As a company, through our CSR, have consistently put our host communities’ welfare at the forefront of our activities, we have touched their lives in various areas, such as education, security, and health, to name just a few, and we will continue to affect the lives and welfare of people positively,” she said.
In his remarks, the traditional ruler thanked his guests for the visit, promising to keep steering the activities of the Remoland to greater heights.
Quickteller Paypoint Rewards Over 1,000 Agents
By Modupe Gbadeyanka
Over 1,000 agents of Quickteller Paypoint have been rewarded with exciting prizes from the company’s ongoing Double Up Promo.
Five of the winners, Bamidele Aminat, Ishaya Galion, Ayinla Habeeb of Achiever’s world, Edozie Joy, and Ilonwa Peter of Oxford Logistics, visited the Quickteller Paypoint premises to receive their prizes and celebrate their win.
The campaign was introduced by the financial inclusion services vehicle of Interswitch as part of its effort to reward agents’ loyalty.
The promo, which began in September, has seen participation from over 2,000 individuals/businesses within the Quickteller Paypoint agency network.
After a series of raffle draws monitored closely by relevant regulatory bodies like the Federal Competition and Consumer Protection Commission (FCCPC), the Lagos State Lottery Board (LSLB), and the National Lottery Regulatory Commission (NCLRC), more winners emerged from another raffle draw concluded recently.
Speaking on the Double Up Promo, the Marketing Manager of Quickteller Paypoint, Bunmilofe Akingbola, stated that the prize presentation ceremony was done to reward the effort and dedication of its agents across the country towards driving the goal of the consumer digital payments platform.
“Our major focus at Quickteller Paypoint is to deepen financial inclusion by bringing financial services closer to Nigerians, especially those who are in financially excluded regions, and we are really excited about the capable partners we have found in our agents across the country.
“Today, we are rewarding these reliable agents through our Double Up Promo, thereby enhancing their lives. While we impact the lives of these agents, we are also enthusiastic about being able to reach more financially excluded Nigerians and touch more lives through avenues like this.”
Winners who emerged from the draws showed excitement and gratitude to Quickteller Paypoint for recognising their role in driving the growth of financial inclusion across the country and rewarding them for playing such a noble role.
They also opined about the financial freedom they have enjoyed since becoming Quickteller Paypoint agents, explaining that it is very lucrative and the Quickteller Paypoint team is very supportive.
At the heart of Quickteller Paypoint is the urge to deploy technological solutions to help drive the growth of financial inclusion in Nigeria and Africa at large. Through this promo, the company reaffirms its vision to onboard more potential agents who can also create income for themselves while making Nigeria a more financially included economy.
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