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Tag: Breweries

  • Breweries, foundation partner FRSC to champion safety on roads

    Breweries, foundation partner FRSC to champion safety on roads

    To promote road safety and reduce crashes, International Breweries PLC (IBPLC), through the intervention of AB InBev Foundation, has reinforced its commitment to safer roads by installing 35 cautionary road signages and donation of  1,000 reflective jackets to the Federal Road Safety Commission (FRSC).

    These interventions target key cities such as Lagos, Port Harcourt, Abuja, Ilesha, Onitsha and Sagamu/Abeokuta, which host some of the country’s busiest highways.

    The Corporate Affairs & Regulatory Director, International Breweries PLC, Temitope Oguntokun, said: “As a socially responsible organisation, we are committed to the safety of lives and property. By working closely with FRSC, we aim to address critical road safety challenges and reduce preventable accidents across Nigeria’s highways. This initiative is a testament to our dedication to sustainable development and the well-being of our society.”

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    Continuing, she said: “The partnership demonstrates how collaborative efforts can enhance road safety in the country. The reflective jackets and cautionary signages will save lives and improve compliance with road safety regulations.”

    Receiving the donation, FRSC’s Sector Commander, Lagos State Sector Command, Kehinde Hamzat, hailed the efforts of International Breweries and AB InBev Foundation.

    Besides FRSC, International Breweries also partnered National Union of Road Transport Workers (NURTW) and drivers, who regularly ply the busy roads.

  • Foreign investors pump N800b into breweries sub-sector

    Foreign investors pump N800b into breweries sub-sector

    World’s leading breweries are investing more than N800 billion in the Nigerian breweries sub-sector in major boosts to the country’s quest for foreign direct investments (FDIs).

    Regulatory documents obtained yesterday showed that foreign majority investors are injecting some N800 billion in Nigeria’s two largest brewers- Nigerian Breweries (NB) Plc and International Breweries (IB) Plc, the largest recapitalisations in recent period.

    The documents indicated that Netherland-based Heineken N.V. has secured approval to invest not less than N341 billion in NB through a rights issue that pre-allocate about 12.9 billion ordinary shares to the multinational.

    Heineken N.V., which has shown strong appetite for the Nigerian market, could scale up investments to more than N400 billion, according to sources in the know.

    Anheuser-Busch InBev (AB InBev), a world’s leading brewer, has successfully concluded a major recapitalisation of IB, with injection of more than N400 billion in the Ilesa, Osun State-based brewer.

    NB is undertaking its biggest recapitalisation ever with a N599.1 billion rights issue, where Heineken N.V. has firmly committed to providing at least N341 billion. NB is offering 22.61 billion ordinary shares of 50 kobo each at N26.50 per share. The shares have been pre-allotted on the basis of 11 new ordinary shares for every five ordinary shares held as at the close of business on Friday, July 12, 2024. The offer is expected to open over the next week.

    IB, which had launched a N588.3 billion recapitalisation, indicated it successfully raised N516.22 billion. Multiple sources in the know said AB InBev provided more than N440 billion of the total fund raised.

    IB had floated a rights issue of 161.17 billion ordinary shares of 2.0 kobo each to existing shareholders at N3.65 per share. The rights issue was pre-allotted on the basis of six new ordinary shares for every one existing ordinary share held as at the close of business on Thursday, May 02, 2024.

    Nigerian Exchange (NGX)’s records showed that 141.43 billion ordinary shares of 2.0 kobo were picked up, representing 87.75 per cent subscription level. Sources in the know said AB InBev, which held majority equity stake of 75.1 per cent in IB prior to the offer, fully picked up its rights.

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    Heineken’s representative and interim chairman of Nigerian Breweries (NB) Plc, Mr Sijbe Hiemstra, had said the multinational stands ready to provide an initial commitment of up to N342 billion in new equity injection into the Nigerian subsidiary.

    At the annual general meeting of NB held at the Muson Centre, Onikan, Lagos, shareholders had mandated the board to float a N600 billion rights issue as a means of capital restructuring aimed at boosting the company’s balance sheet.

    Heineken, which holds 57 per cent majority equity stake in NB, stated that it was ready to pick its allotted rights. Market pundits said the provision on additional allotment allows Heineken to buy additional shares, citing the multinational’s history of increase in equity stakes in NB through secondary acquisitions.

    Hiemstra, former Regional President for Africa and Middle East for Heineken, said the majority shareholder, Heineken has already indicated its readiness to support the recapitalisation exercise by taking up and paying for the portion of the shares allotted to it. Rights issue is traditionally pre-allotted on the basis of existing shareholdings.

    Speaking at the annual general meeting, Hiemstra explained that the decision to seek approval for the capital raising was is in line with the company’s commitment to improving its financial position and returning the business to profitability while creating value for the shareholders.

    According to him, the objective of raising fresh capital to the tune of N600 billion is to enable the company settle its outstanding foreign exchange (forex) payables as well as part of the local bank facilities.

    He said the balance sheet restructuring would lead to the elimination of the naira devaluation risk or foreign exchange losses as well as the reduction of huge interest burden on the company.

    “Following the challenging year 2023, and the present volatility of the Nigerian business environment, we are focused on our strategic recovery plan backed by parent company Heineken, prioritising efficiency and agility in all areas of operations; and maintaining market leadership through its rich portfolio of brands. We will continue to demonstrate resilience to deliver value for shareholders and all stakeholders,” Hiemstra said.

    AB InBev’s latest investment underscored its history of commitments to the Nigerian market. It had in 2019 injected N124 billion or $341 million in IB in what was then Nigeria’s largest right issue. IB had then raised N165 billion, out of which AB Inbev provided N124 billion. AB InBev had earlier invested in capacity expansion including about N90 billion or $250 million in its Sagamu plant.

    AB InBev had in 2017 merged its three indirect Nigerian subsidiaries-International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited. The merger was done through a scheme of merger with IB subsisting as the post-merger company. The merger was seen as a major strategic move by Anheuser-Busch InBev to upend competition and consolidate its Nigerian base for further expansion into the Sub-Saharan Africa (SSA).

    With the 2017 business combination, AB InBev’s majority equity stake in International Breweries increased to 75.1 per cent. A total of 5.302 billion ordinary shares were issued for the merger. With the supplementary listing of 5.302 billion ordinary shares, the total issued and fully paid up shares of International Breweries had increased from 3.294 billion to 8.596 billion ordinary shares.

    The merger was believed to be a major competitive move by AB InBev to give its operations a major nationwide push to increase its market share. IB is located in Ilesa, Osun State in the South West region. Intafact Beverages’ brewery is situated in Onitsha, Anambra State in the South-East region while Pabod Breweries is located in Oginigba, Port Harcourt, Rivers Sate in the South-South region.

    Prior to the merger, AB InBev held 72.17 per cent majority equity stake in IB through its subsidiary-Brauhaase International Management GMBH. SABMiller Nigeria Holdings BV-another subsidiary of AB InBev had held 75 per cent and 82.81 per cent majority equity stakes in Intafact and Pabod respectively. Ministry of Finance of Anambra State had held 10 per cent equity stake in Intafact while Ministry of Finance Incorporated of Rivers State held 14.52 per cent equity stake in Pabod.

    After the merger of the three companies-SABMiller Nigeria Holdings BV and Brauhaase International Management GMBH hold 47.4 per cent and 27.7 per cent equity stake respectively in International Breweries, giving the foreign majority core investor controlling equity stake of 75.1 per cent. Ministry of Finance of Anambra State holds 4.7 per cent equity stake while other minority shareholders hold the remaining 20.2 per cent equity stake.

  • Breweries posts N19.4b profit

    Nigerian Breweries Plc yesterday announced a Profit After Tax (PAT) of N19.4 billion for the 2018 financial year. It was 41.2 per cent lower than the N33 billion it recorded in the previous year 2017.

    The company also recorded a turnover of N324.4 billion for the full year 2018, compared to N344.5 billion in 2017. The turnover was down marginally by 5.8 per cent.

    Speaking at the company’s Pre-Annual General Meeting (AGM) Media Briefing in Lagos, its Managing Director, Mr. Jordi Borrut Bel, said the company’s financial results for the year under review reflected the challenges it encountered last year.

    He said, for instance, the company’s finances were negatively impacted by the increased excise duty rates that came into effect during the year, as well as a “challenging operating environment”.

    the extra cost to consumers because of weak purchasing power.

    “We faced double digit inflation. Despite exiting the economic recession, the Gross Domestic Product (GDP) growth was still below two per cent,” he added.

    Despite the challenges, the board recommended a total dividend payout of N19.4 billion to its shareholders. This represents N2.43k per ordinary share of 50 kobo each for the 2018 financial year. It was a 100 per cent dividend pay-out.

    Meanwhile, the company said its target of 60 per cent local sourcing of raw materials was on course, having already achieved 57 per cent. It also said 90 per cent of its packaging materials are sourced locally.

    The Corporate Affairs Director, Nigerian Breweries Plc, Mrs. Sade Morgan, also said the company has driven down its water usage by as much as 41 per cent, as at last year.

    The company also said it was working with sorghum and wheat farmers and vendors to further grow its local raw materials sourcing.

     

     

  • Breweries, FRSC partner on road safety

    Breweries, FRSC partner on road safety

    Major brewers in Nigeria, under the aegis of the Beer Sectoral Group (BSG) and the Federal  Road Safety Corps (FRSC) have signed a Memorandum of Understanding (MoU) aimed at promoting road safety and discipline by motorists in the country.

    At the event, which held in Lagos, FRSC’s Corps Marshal Dr. Boboye Oyeyemi said the Corps would not relax its stand against fleet operators, who were yet to install the speed limiter on their vehicles.

    He said the full enforcement of the device, which began in February, was aimed at promoting road safety culture and ensuring a reduction in the rate of fatal accidents on the nation’s roads

    He praised the group for its commitment to promoting responsible drinking culture in the country, adding that the MoU would expand the scope of intervention beyond the Corps relationship with individual members of the group as it hitherto does, especially during its “Ember months” campaigns.

    He expressed the hope that the new relationship with all the operators would strengthen the Corps’ capacity at curbing road accidents and enforcements aimed at ensuring that motorists become more disciplined and abide with traffic regulations.

    He said rather than limiting the safe driving and alcohol free campaigns to the Ember months, such can now be observed all year round, resulting in the coverage of more nooks and crannies in the six geo-political zones of the country.

    This is aside the support for the procurement of evidence-based alcohol testing equipment (breathalysers) and the regular calibration of same in line with the World Bank specifications and regulations in order to ensure regular on the spot testing of any motorist suspected to be driving under the influence of alcohol and other drug related infractions.

    As part of the MoU, Oyeyemi disclosed, the BSG will sponsor road traffic research, studies and surveys to upgrade Nigeria’s road safety database, supply calibrated breathalysers (breath testing/analysing equipments to the FRSC and facilitating traffic enforcement training for officials of the FRSC.

    He assured that the Corps will continue to partner all stakeholders to improve road safety and the driving culture in the country. “I am pleased that the BSG has also committed to resuming the Drive Alcohol Free (DAF) campaign in June 2017 in partnership with the FRSC. The Corps will be willing to recommend routes and locations where these would be carried out, while the BSG would provide information, education and communication (IEC) materials to the Corps Information and Education Unit.  My hope is that this occasion would lead to increased involvement of the private sector in ensuring that our roads become safer,” the Corps Marshal added.

    At the event, the BSG Chairman, Mr. Nicolaas Vervelde, said the group was happy collaborating with the FRSC in its onerous task of keeping the nation’s roads safe.

    He said: “We are happy to sign this MoU with the FRSC, which complements all the responsible drinking communication initiatives and ongoing partnerships of our individual member companies. This MoU is an opportunity to expand our working relationship with the FRSC, especially in the area of research and to support their enforcement of drink, driving laws as part of our ongoing engagement with other ministries, departments and agencies across Nigeria.”

  • Breweries, oil majors rally equities to modest gain

    Nigerian equities opened this week with a tight market situation but gains recorded by many highly capitalised stocks in the breweries and oil and gas sectors nudged the overall market position to a modest gain of N3 billion.

    With the most capitalised banks trading in the negative, the market sustained its modest positive performance with considerable gains by the largest brewers and oil majors. Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose marginally from N9.023 trillion to close at N9.026 trillion, representing a modest gain of N3 billion.

    The All Share Index (ASI), the benchmark index for the equities market, also inched up by 0.03 per cent from 26,223.54 points to close at 26,231.37 points. The modest gain moderated the negative average year-to-date return to -2.39 per cent.

    The overall market performance was driven largely by gains recorded by Total Nigeria, Nigerian Breweries, Guinness Nigeria, GlaxoSmithKline Consumer Nigeria and Oando Plc. The pricing trend also reflected on the sectoral indices.

    The NSE Oil & Gas Index recorded above average gain of 0.14 per cent. The NSE Consumer Goods Index appreciated by 0.04 per cent while the NSE Industrial Goods Index inched up by 0.01 per cent. However, the NSE Banking Index declined by 0.03 per cent while the NSE Insurance Index closed flat.

    Total Nigeria, the best-performing oil and gas stock in 2016, led the 19-stock rally with a gain of N6 to close at N287. Nigerian Breweries, Nigeria’s second most capitalised quoted company, followed with a gain of N2.44 to close at N144.50. Guinness Nigeria, the second most capitalised brewer, rose by N1.50 to close at N68.50. GlaxoSmithKline Consumer Nigeria added 25 kobo to close at N16. Oando gathered 18 kobo to close at N4.75. UACN Property Development Company chalked up 14 kobo to close at N3.02 while Eterna added 12 kobo to close at N3.60 per share.

    On the other hand, Nestle Nigeria, the highest-priced quoted company, led the 15-stock losers’ list with a loss of N25 to close at N720. Forte Oil followed with a loss of N2.62 to close at N63.88. Cadbury Nigeria lost 13 kobo to close at N9. Guaranty Trust Bank and Honeywell Flour Mills dropped by 6.0 kobo each to close at N23.90 and N1.18 while Zenith Bank, Africa Prudential Registrars and May ad Baker Nigeria declined by 5.0 kobo each to close at N15.95, N3.05 and 97 kobo respectively.

    Total turnover stood at 228.59 million shares valued at N2.58 billion in 3,228 deals. United Bank for Africa was the most active stock with 41.26 million shares worth N214.33 million. Access Bank recorded a turnover of 30.9 million shares valued at N216.3 million while Presco placed third with 23.1 million shares valued at N1.02 billion.

    “We expect the positive start in the new week to continue as investors bargain to position for dividend income ahead of financial year-end results of companies. Though, most investors may adopt cautious approach in view of the foreign exchange condition. However, we reiterate that the current valuations still provides an attractive entry points for risk tolerant investors,” SCM Capital, a Lagos-based broker at the Exchange, stated.

  • Kenya’s East African Breweries to defend Tanzania investment, FY profit jumps

    Kenya’s East African Breweries Ltd (EABL) has said it would try to convince Tanzanian authorities not to revoke its acquisition of a controlling stake in Tanzania’s second-largest brewery.

    Tanzania’s Fair Competition Commission (FCC) said early this month that it wants to revoke EABL’s 51 percent stake in Serengeti Breweries, acquired five years ago, accusing the Kenyan company of not meeting some unspecified conditions.

    EABL, which is controlled by Britain’s Diageo, paid $60 million for its stake in Serengeti, giving it a 28 percent share in a market offering high growth potential.

    But the FCC has accused EABL of not making good on pledges made when it obtained permission for the deal. EABL has denied the accusation.

    The FCC said in a statement on June 29 an investigation into the merger revealed that the “performance of SBL was not as per expectations of the Commission.”

    It said it had approved the merger in 2010 under the condition that EABL would enable Serengeti to achieve “potential growth that is well beyond the level it was able to achieve previously.”

    Charles Ireland, EABL’s chief executive,has  said at a news conference last week  to announce the brewer’s annual results that he would meet FCC officials this week in  Tanzania.

    “The FCC has expressed disappointment in the performance of the business and has called us to explain why the business has not been performing to expectations,” Ireland said.

    “I think probably they need reassurance that we are committed to Tanzania, and we are going to be making investments in Tanzania and ultimately we are going to be successful.”

    EABL reported a 36 percent rise in pretax profit to 14.15 billion shillings ($139 million) in the year to end-June, boosted by higher sales, which sent its shares rising.

    Revenues were up six percent to 64.42 billion shillings, the brewer said, with sales rising by 2 to 7 percent in Uganda, Kenya and Tanzania and exports to other markets jumping by 48 percent.

  • Goldberg Fuji to Bam auditions elevate musical contents

    Goldberg Fuji to Bam auditions elevate musical contents

    IN its drive to celebrate and promote Nigerian musical contents, Fuji to Bam, a music talent hunt activation organised by Goldberg Lager Beer, a popular brand from the stable of Nigerian Breweries Plc, came alive in various audition centres, recently.

    Fuji music lovers and artistes thronged different locations in Nigeria, including De Palace Bar, Ilesha; Kwality Express Bar, Oshogbo and La Cuisine Bar, Ibadan, as the contest for the coveted cash prize of N750, 000 and other exciting prizes heightened.

    Speaking at the event, Marketing Director, Nigerian Breweries Plc, Walter Drenth, expressed great satisfaction over the huge turnout of Fuji lovers and artistes, while explaining the rationale behind Goldberg’s Fuji to Bam initiative. “Goldberg is a quality lager beer that celebrates consumers and their traditional values. Fuji music enjoys huge followership across Nigeria, which has led the brand to provide the Fuji T’o Bam, one of the platforms, to further engage and connect with our consumers.

    “The Goldberg brand believes that many parts of the country are endowed with talents in music yet to be discovered. I believe that as the talent hunt contest moves to other locations, Fuji to Bam will discover more Fuji talents that will become great music icons like KWAM1, Pasuma, Saidi Osupa and others,” he said.

    After a competitive contest, Ejire Performer and Okikiola emerged as winners in Oshogbo; Salau Dauda and Akeem Raheem grabbed the tickets from Ilesa, while Twinszobia Twins and Muhideen Adisa were also winners in Ibadan. Winners at both centres qualified for the quarter finals, as they await qualifiers from other locations.

    Twinzobia, who qualified from the Ibadan audition centre, expressed his gratitude for the opportunity the brand had provided for budding stars to showcase their talents and be rewarded.

    Also, Akeem Okikiola applauded the brand for the innovation to discover talents, while contributing to the development of Fuji music. ”It is like a dream come true for me. I have been listening to Fuji music from a very tender age. Goldberg has really demonstrated itself as a brand that has respect for tradition and celebrates with people.”

    The quarter finals will hold in Ilesha, while the semi-finals holds in Akure. Meanwhile, the grand finale has been slated for Ibadan.

  • Fire guts Champion Breweries in Akwa Ibom

    The warehouse section of Champion Breweries Plc in Akwa Ibom State was yesterday razed down by fire.

    The fire was said to have been triggered when particles of fire dropped on empty crates at the warehouse where a welder was working on some equipment.

    A member of staff who spoke to The Nation on Sunday on condition of anonymity said the management is carrying out expansion at the warehouse to pave way for the movement of long trailer (haulage) into the store.

    The fire that started around 11am was still active as at the time The Nation on Sunday visited the Nung Udoe Road where Champion Breweries Company is located.

    Damage from the fire was limited, according to eye-witnesses, due to the quick response of the Akwa Ibom State Fire Service, Julius Berger Plc and some water private distribution company operating in the state.

    As at the time of filing this report, Julius Berger had supplied four (4) tanks of trailer load of water while the private water company had supplied seven (7) in a bid to put out the fire.

    Security operatives comprising officers from the Nigerian Army and Nigeria Police Force cordoned off the area, while workers of the company were seen outside the premises discussing the cause of the fire. According to witnesses, no life was lost and nobody sustained injury due to the quick response time of the Akwa Ibom Fire Service.

    The management of the company declined to comment on the fire incident. The Uyo Divisional Commander, Akwa Ibom State Fire Service, Mrs. Nsikak Godwin however said: “The situation is under control. We drafted our men from various divisions like Abak, Ikot Ekpene, Etinan to back Uyo in putting out the fire.”

  • Consolidated Breweries to invest N10b in 2013

    Consolidated Breweries will invest about N10 billion in capacity expansion this year, its Chairman, Prof Oyin Odutola-Olurin, has said.

    Addressing shareholders at the 2012 annual general meeting (AGM), he said the company has reserved some N9.5 billion for further investments in the 2013 business year.

    She noted that there had been a strong investment drive that had seen investments increasing from N4.7 billion in 2011 to N9.5 billion in 2012.

    Besides, she said the recent acquisitions have strengthened the profitability of the company, although high interest costs and other challenges impacted negatively on its performance.

    According to her, the company has taken great strides through huge investments in equipment in the breweries and contract production at Sango Otta in order to increase its production.

    She disclosed that the increase in volume and production of its‘’33’’ Export Lager Beer brand and malt drinks in cans has made the company to remain tall in the market amidst its competitors, adding that the results have been positive in this regard though the contract brewing led to an increase in variable expenses.

    The chairman noted that the simultaneous investments in acquiring breweries while expanding and improving the capacity of its Ijebu-Ode brewery are important steps in establishing a platform for the future growth of the company and maintaining its future competitiveness.

    She added that in the short term these investments would lead to a higher interest burden and it would take some time before the newly acquired capacities could be fully utilized.

    ‘’We may still have a few storms to weather but if we press on with our plans, our dreams will culminate in a company in which you will be proud to be a shareholder,” Odutola-Olurin said.

    She pointed out that logistics operation of the company also improved in the year under review with an increase of the fleet of its third party transporters, which conveyed products more efficiently into existing and newly achieved markets.

    She said the company had already achieved great synergy sequel to the successful merger between Consolidated Breweries Plc, Benue Brewery Limited and DiL Maltex Nigeria Plc early this year. She noted that it has now been able to achieve a major increase in its production capacity and prospective revenue from its expanded brands portfolio.

    Managing Director, Consolidated Breweries Plc, Boudewijn Haarsma, noted that though overall market growth had slowed down considerably in 2012, the company posted an increase in the sales of its core brands, driven by the continued strong performance of its ‘33’ Export brand.

    He however, pointed out that the group had to accept some volume losses of recently acquired brands when it combined them into one brand portfolio.

    “Overall, the company remained the clear leader in the ‘value segment’ of the Nigerian beer and non-alcoholic malt market, by offering high quality brands at affordable prices,” Haarsma said.

    He said 2012 marked a transformation of the company’s production base into a new and modern platform for future growth, adding that the company invested more in expanding and upgrading its production capacity than it had done in the previous five years combined.

    “The expansion programme continues in 2013 and is combined with training and development of our staff. The expanded capacity, and the need to remain cost-efficient in a more challenging operating environment, necessitated us recently to close the Agbara bottling plant. This led to the exit or early retirement of some of our staff. The company will continue to sell and produce the successful Maltex brand, making use of the now expanded capacities of its breweries,” Haarsma said.

    Following an interim dividend of 30 kobo per ordinary share of 50 kobo each paid late last year, a final dividend of 80 kobo per 50 kobo ordinary share was approved for payment to the shareholders.

    Consolidated Breweries grew its turnover by 20 per cent while profit after tax stood at N2.7 billion in 2012. The company achieved a revenue increase of 20 per cent from N27.9 billion in 2011 to N33.5 billion in 2012. The group’s revenue was N37.4 billion in 2012, which represented a 26 per cent increase from 2011 revenue of N29.7 billion. She added that 2012 profit after tax stood at N2.7 billion, which represented a 16 per cent decline from N3.3 billion recorded in 2011. The decline was largely due to tax back duties charged within the year.

  • Nigerian Breweries donates four patrol vans to Lagos

    •Fashola advocates support on security

    The Nigerian Breweries Plc yesterday donated four Hilux patrol vans to the Lagos State Government.

    Receiving the vehicles at the Lagos House, Ikeja, Governor Babatunde Fashola urged individuals and organisations to emulate the company’s gesture and be involved in security.

    He said: “There are threats around us and it would be difficult to remain an island of safety unless we prepare. This requires us to remain vigilant.

    “Our emergency lines are 767 and 112. If you see something unusual, please say something. We must take the first step to protect ourselves by being security conscious.

    “There are things that are better done during the day than at night. We will continue to publish security tips. No nation or society is crime-free. Even in the safest cities, as you might want to describe them, there are places I will not go at night or alone.

    “The government cannot do it alone. By installing closed circuit television cameras in public places, owners of supermarkets, restaurants and malls can protect their businesses as well as the whole community.

    “The donation of these vehicles shows that Nigerians now have a better understanding of the importance of security. With these four vehicles, 32 more policemen can patrol our state, with an average of eight persons in each.

    “The challenge of maintaining and fuelling these vehicles remain that of the state government in partnership with the State Security Trust Fund.”

    The Managing Director, Nigerian Breweries Plc, Mr. Nicholas Vervelde, said the company is involved in several projects in the state.

    He said: “Nigerian Breweries, in collaboration with the Lagos State Electricity Board, is installing street lights at Abebe village. With the Ministry of Environment, it has co-financed the drain in Iganmu.

    “We are working with the Ministry of Transport on bus shelters at Iganmu-Costain Roundabout. We are also busy with external consultants and the government to develop and implement a plan to transform the park at Costain Roundabout into a top class recreational facility.

    “We have been refurbishing school blocks, libraries and classrooms at Obele Primary School in Surulere, Igbobi College in Yaba and Okesuna High School.

    “We have donated dialysis machines to Ikorodu and Badagry General Hospitals and trained the operators. We are looking at the possibility of setting up Accident and Emergency Wards at the hospitals in partnership with the Ministry of Health.”

    The Executive Secretary of the State Security Trust Fund, Mr. Fola Arthur-Worrey, urged corporate organisations to partner Lagos on security.

    Secretary to the State Government Mrs. Ranti Adebule and Commissioner for Information and Strategy Lateef Ibirogba were at the event.