Nigerian Breweries Shops for new MD as Vervelde Resigns

Image

By Modupe Gbadeyanka

Mr Nicolaas Vervelde has resigned as the Managing Director of Nigerian Breweries Plc. However, this will take effect on June 16, 2017.

A statement issued by the company on Thursday explained that Mr Vervelde was leaving to take up “a new role within the Heineken Group outside Nigeria.”

The statement, signed by the firm’s legal adviser, Mr Uaboi Agbebaku, stated further that board of Nigerian Breweries has received and approved Mr Vervelde’s resignation.

The letter, it was disclosed, was submitted by Mr Vervelde to the Board of Directors at the Board Meeting held on Wednesday, May 3, 2017.

In view of this, Mr Agbebaku said, “The Board has immediately commenced the process of identifying a replacement for Mr Vervelde and will make an announcement in that regard in due course.”

Mr Ververlde, having previously served on the board as a non-executive director, joined Nigerian Breweries in August 2010 as Managing Director and has “successfully managed the affairs of the company ever since.”

“The company has recorded several laudable milestones with Mr Vervelde at the helm of affairs, including the expansion of its operations through the acquisition of additional breweries,” the statement said.

It added that, “Through a twin agenda of Cost Leadership and Market Leadership supported by innovation, the company also expanded its portfolio of brands while equally focusing on internal efficiencies. The company ensured a consistently good return on investment for its shareholders.”

Share
Related Stories
Image
04-March-2024

Annual Tax Return Submission: LIRS Reminds Taxpayers of March 31 Deadline

In compliance with the stipulations outlined in the Personal Income Tax Amendment Act (PITA) Cap P8 2011, the Lagos State Internal Revenue Service (LIRS), has issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their Annual Tax Returns on or before March 31, 2024. Mr Ayodele Subair, the Executive Chairman of the LIRS, announced this in a statement signed by the Head of Corporate Communications, Ms Monsurat Amasa-Oyelude, on Sunday. Under Section 41 of the Amendment Act, all taxable entities must submit a return reflecting their total income from all

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

More Stories
Image
18-September-2017

Lagos Cruises Into Semis of Cowbellpedia Maths TV Quiz

By Modupe Gbadeyanka Lagos State stood out brilliantly, grabbing two more semi-final tickets at the on-going 2017 Cowbellpedia Secondary School Mathematics Television Quiz Show sponsored by Cowbell, the flagship brand from Promasidor Nigeria Limited. In the Group 7 preliminary contest last weekend, Fuad Alaka of Federal Science and Technical College, Yaba and Oluwatade Akinjide of the Learning Field Schools, Satellite Town moved the state ahead in the Junior and Senior categories respectively. Earlier in the Group 4 preliminary round, Emmanuel Mebude of Ogunlade Secondary School, Surulere had secured the first semi-final slot for the state. In a keenly contested session

Image
15-September-2021

Acorn, NGX Group Drag NASD Index Down to 736.64 Points

By Adedapo Adesanya It was a bad day for the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as it was dragged down by 0.18 per cent by the duo of Nigerian Exchange (NGX) Group Plc and Acorn Petroleum Plc. The NASD Unlisted Security Index (NSI), which closed on Monday at 737.94 points, depreciated during the session by 1.3 points to 736.64 points as a result of the losses reported by the two stocks. This also weakened the market capitalisation of the exchange by N1.13 billion to N633.29 billion from N637.40 billion it settled at the preceding session. At the market,

Image
13-December-2019

Nigeria’s Economic Growth, Competitiveness Depend on Infrastructure—SEC DG

**Gives FG Alternative Funding Tools for Projects By Dipo Olowookere For the umpteenth time, the Securities and Exchange Commission (SEC) has listed different ways federal government can reduce the huge infrastructure deficit in Nigeria through the capital market. Acting Director-General of SEC, Ms Mary Uduk, while speaking at the annual conference of Capital Market Correspondents Association of Nigeria (CAMCAN) last Saturday, said government can narrow this gap by creating an enabling environment for private investors to assist in solving the problem. Ms Uduk, who was represented at the event by the Head of Department, External Relations at SEC, Mr Sufian

Image
17-September-2021

Petrol Prices Drop to N164.91/L in August

By Sodeinde Temidayo David The average price paid by consumers for Premium Motor Spirit (PMS) popularly known as petrol experienced a calm last month as it decreased by 0.6 per cent to N164.91 per litre from N165.91 in July 2021. However, on a year-on-year basis, the average price increased by 10.9 per cent as the value stood at N148.78 in August 2020. Business Post gathered from the data released by the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch for August 2021 that Abia, Ebonyi and Lagos States recorded the highest average price. It was

Image
28-August-2021

Oil Jumps 2% as US Cuts Supply Ahead of Hurricane

By Adedapo Adesanya Oil prices rose by 2 per cent on Friday, posting their biggest weekly gains in over a year as energy firms began shutting production in the Gulf of Mexico ahead of a major hurricane expected to hit early next week. The global benchmark crude, Brent, rose by 2.29 per cent or $1.63 to sell at $72.70 per barrel while the West Texas Intermediate (WTI) improved by 1.96 per cent or $1.32 to trade at $68.72 per barrel. For the week, Brent gained over 11 per cent and WTI rose more than 10 per cent, the biggest weekly

Image
11-February-2020

Oil Extend Losses over Russia’s Delay on Further Cuts 

By Adedapo Adesanya  Major crude futures prices continued to fall on Monday as Russia delayed its decision on the additional output cuts suggested by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The group is proposing to further cut output by 600,000 barrels per day to counter the effect of the coronavirus on global oil demand, but Russia is very adamant on this. This further pull down the price of the Brent crude, which is the international benchmark, by $1.20 or 2.18 percent on Monday night to trade at $53.27 per barrel, while the US West Texas

Image
14-March-2022

FBNQuest Merchant Bank Sells N15bn Commercial Paper

By Aduragbemi Omiyale A subsidiary of FBN Holdings Plc, FBNQuest Merchant Bank Limited, is selling commercial paper worth N15 billion to investors. The lending institution in the real estate industry is offering the debt instrument in two series and the exercise is expected to close on Tuesday, March 15, 2022. Business Post reports that series 1 is with 180 days maturity, while series 2 has 270 days tenor, according to details of the exercise. The discount rate for the six-month paper is 7.9275 per cent and has an implied yield of 8.2500 per cent, while the discount rate for the

Image
28-July-2022

SMEDAN to Hold Special Fair for People With Disabilities

By Adedapo Adesanya The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced that it would hold a special opportunity fair for People With Disabilities (PWDs) as part of its efforts to encourage socio-economic inclusion for PWDs entrepreneurs in Micro, Small and Medium Enterprises (MSMEs). The Director General of SMEDAN, Mr Olawale Fasanya, during a capacity-building programme titled Grant and Growth Support for Business Membership Organisations and Trade Associations that was targeted at PWDs said the programme will pilot in Lagos. Mr Fasanya said: “We are going to organise Special Opportunity Fairs for the PWDs and we are

Ad
Ad
Recent Stories
Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53

Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking