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Tag: Coca-Cola

  • Why we launched Wozzaah, by Coca-Cola

    Why we launched Wozzaah, by Coca-Cola

    In a move marking its debut creation in Nigeria, Coca-Cola recently unveiled its latest limited-edition beverage, Coca-Cola Wozzaah Zero Sugar.

    Senior Frontline Marketing Manager for Coca-Cola Nigeria Limited, Soji Omoigui, expressed her excitement over the newly released product during its launch which took place in Port Harcourt at the weekend.

    Omoigui said the product was crafted to highlight Africa’s rich heritage, offering a unique flavour profile inspired by the continent’s diverse cultures and landscapes.

    She said: “Coca-Cola Wozzah blends tropical notes with exotic fruits and spices. It is designed to appeal to both local and global taste preferences and is offered exclusively at select outlets across the country.

    She also announced Coca-Cola’s collaboration with renowned Nigerian Afrobeats artiste, Lojay, to amplify the authenticity of the product’s launch.

    According to her, “Lojay’s dynamic energy resonates with the young generation, celebrating and redefining African culture through music and art.

    “Coca-Cola Wozzaah is a tribute to African culture, merging innovation and creativity. Lojay’s involvement promises to create unforgettable experiences for our Gen Z consumers,” Omoigui stated.

    The launch event showcased live performances from Lojay and other top artistes, transforming the product reveal into a vibrant cultural celebration.

    Read Also: Coca-Cola system in Nigeria provides economic boost through major investment 

    This initiative, Omoigui emphasised, includes a blend of digital and physical experiences, inviting consumers to engage meaningfully with African culture.

    According to her, the newly launched product symbolises cultural pride and innovation, inviting everyone to celebrate Africa’s artistic diversity.

    Additionally, she noted that the brands’ partnership with WafflesnCream offers exclusive merchandise that reflects African vibrancy.

    “This strategy deepens connections with consumers, emphasising cultural representation alongside the beverage,” the Senior Frontline Marketing Manager added.

  • Coca-Cola system in Nigeria provides economic boost through major investment 

    Coca-Cola system in Nigeria provides economic boost through major investment 

    ..$1 billion investment will support job creation across the value chain 

    The Coca-Cola System in Nigeria, comprised of Coca-Cola Nigeria Limited and its authorized bottler, Nigeria Bottling Company (NBC), announced plans to expand its investments in Nigeria. 

    The announcement was made at the State House in Nigeria, where a Coca-Cola System delegation was hosted by President Bola Ahmed Tinubu.

    In a statement by Director, Corporate Affairs and Sustainability, Coca-Cola Hellenic Bottling Company, Oluwasoromidayo George, over the next five years, with a predictable and enabling environment in place, the System plans to accelerate its investments in Nigeria to reach US$ 1 billion. 

    The investment, it said, builds on the System’s long-standing involvement in Nigerian communities.

    Over the last 10 years, Coca-Cola Hellenic Bottling Company, known locally as Nigerian Bottling Company, has invested $1.5 billion in Nigeria. With today’s announcement, the Coca-Cola System plans to more than double its rate of investment over the next 5 years. 

    This investment underscores the Coca-Cola System’s continued confidence in the Nigerian market and its promising future economic prospects. It is expected to support various value chain areas, including suppliers, distributors, retailers, and recyclers.   

    In addition to the Coca-Cola System leadership team in Nigeria, the delegation comprised of international Coca-Cola System representatives: John Murphy, President and Chief Financial Officer of The Coca-Cola Company, Zoran Bogdanovic; Chief Executive Officer, Coca-Cola Hellenic Bottling Company, Henrique Braun; EVP and President, International Development of The Coca-Cola Company, Luisa Ortega; President of Coca-Cola’s Africa Operating Unit; and, Chief Operating Officer of Coca-Cola Hellenic Bottling Company, Naya Kalogeraki.

    Following the meeting, Murphy indicated that “the investment highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance. Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.” 

    Bogdanovic commented: “The Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.” 

    “Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria,” concluded Bogdanovic.  

    Ortega emphasised the importance of collaboration to create a stable operating environment. 

    “By working in partnership with the government and other stakeholders, we can drive sustainable development and economic empowerment. Our collective efforts can create a lasting positive impact on the communities we serve.” 

    President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities. 

    ”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.

    Read Also: Coca-Cola plans $1b additional investments in Nigeria

    Coca-Cola has a rich legacy of refreshing Africa and making a difference across the continent for over 96 years. In Nigeria, for 73 years, the Coca-Cola System has been an integral part of the local economy, employing over 2,800 people across 8 production plants. 

    According to the statement, a recent economic impact study, conducted by Steward Redqueen, found that for every job created by the Coca-Cola System, an additional 31 jobs are supported across the country. 

    The Coca-Cola System it noted, continues to invest in the socio-economic development of Nigeria as it scales up different sustainability interventions by investing more in empowering young people, provision of clean potable water supply, and the support for a stronger plastics waste collection infrastructure in different parts of the country. 

    Meanwhile, Senior Director, Public Affairs, Communication & Sustainability, Nigeria, Coca-Cola Nigeria Limited, Nwamaka Onyemelukwe explained Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. 

    She said: “Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. 

    “We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.”

    About, Coca-Cola Hellenic Bottling Company, Onyemelukwe pointed out that it is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. 

    “We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. 

    “With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 740 million consumers across a broad geographic footprint of 29 countries. 

    “Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, CaffèVergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, The Macallan, Jack Daniel’s and Grey Goose.

    “We foster an open and inclusive work environment amongst our more than 30,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG. Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and is listed on the Athens Exchange (ATHEX: EEE).”

    Onyemelukwe added that Coca-Cola Hellenic Bottling Company in Nigeria’s rich history traces back to 1951, when a Greek-Cypriot entrepreneur, A.G. Leventis, established the Nigerian Bottling Company (NBC).

    “Since then, our business has evolved to become an essential global partner of The Coca-Cola Company. Expanding our horizons, we acquired the Coca-Cola bottling franchise (the Hellenic Bottling Company) in Greece, in 1981, then following a merger in 2001, the company was renamed to become Coca-Cola HBC.”

  • Coca-Cola plans $1b additional investments in Nigeria

    Coca-Cola plans $1b additional investments in Nigeria

    •Tinubu reaffirms commitment to business-friendly economy

    President Bola Tinubu yesterday reiterated his administration’s dedication to creating a robust financial system and business-friendly economy, attracting foreign direct investments.

    The President made the commitment at the State House, Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to $1 billion over the next five years.

    The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by Mr John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.

    President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

    In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said “we are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.

    ‘’We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,’’ he said.

    President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.

    He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

    ‘’The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,’’ President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.

    Read Also: Edo election: PSC deploys staff to monitor police conduct

    Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.

    ‘’We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.

    ‘’Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others, ‘’ he said.

    Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.

    ‘’Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.

    ‘’That assurance gives us the confidence to continue our investments. Since 2013, we have invested $ 1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.

    ‘’I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.

    ‘’We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,’’ he said.

  • Coca-Cola, Nigerian Bottling Company reaffirms commitment to ethical business practices

    Coca-Cola, Nigerian Bottling Company reaffirms commitment to ethical business practices

    Coca-Cola Nigeria Limited (Coca-Cola) and its franchise bottler, Nigerian Bottling Company (NBC) Limited have reiterated their dedication to ethical business conduct.

    The Federal Competition and Consumer Protection Commission (FCCPC) recently accused Coca-Cola and NBC of significant transparency and consumer communication breaches.

    FCCPC, in a statement, said the companies had repeatedly violated the Federal Competition and Consumer Protection Act (FCCPA), particularly concerning misleading trade descriptions and unfair marketing tactics.

    The commission said the companies marketed the “Original Taste, Less Sugar” variant as identical to the classic Coca-Cola, despite differences in formulation, noting they risked being fined for alleged breaches of Consumer Rights Law. 

    Read Also: Coca-Cola pushes for greener packaging solutions with “World Without Waste” initiative

    However, Coca-Cola management in a statement over the weekend refuted allegations of consumer transparency violation.

    The statement reads: “Coca-Cola Nigeria provides clear, accessible nutrition information on our packaging in line with national regulatory requirements and is committed to transparency for consumers.

    “Our priority is safeguarding consumer interests and we will continue to work constructively with the government on this matter.

    “We strongly believe that the Coca-Cola system in Nigeria has complied with all regulations and look forward to the opportunity to bring this topic to closure.”

  • Coca-Cola pushes for greener packaging solutions with “World Without Waste” initiative

    Coca-Cola pushes for greener packaging solutions with “World Without Waste” initiative

    As part of its commitment to environmental sustainability, Coca-Cola is championing efforts to promote sustainable packaging and reduce plastic waste. 

    The company’s “World Without Waste” initiative, launched in January 2018, aims to collect and recycle the equivalent of every bottle or can it sells globally by 2030.

    The vision not only seeks to enhance recycling infrastructure but also to innovate and redesign packaging to ensure it is 100% recyclable. 

    In Nigeria, Coca-Cola, along with its bottling partner, Nigerian Bottling Company, is leading the charge against plastic waste, which poses significant ecological and health risks.

    A key milestone in this effort is the redesign of Coca-Cola Nigeria’s premium Eva water bottle. The new, lighter design reduces the amount of plastic used, cutting down potential landfill waste and the demand for virgin plastic. This ‘lightweighting’ approach is a significant step towards reducing Coca-Cola’s carbon footprint and fostering a circular economy where resources are reused efficiently.

    Read Also: Experts highlight economic impact of efficient waste management

    Senior Director of Public Affairs, Communication, & Sustainability at Coca-Cola Nigeria, Nwamaka Onyemelukwe highlighted the initiative’s importance: “Less plastic does not mean less quality. The lightweighting of our bottles is an essential stride towards minimizing our packaging’s plastic content, reducing landfill waste, and crafting a more sustainable planet and hopeful future.”

    “This initiative has already led to a reduction of 3,000 tons of virgin plastic annually, setting an example for other companies to follow. Coca-Cola’s goal is for every package to have a life beyond its initial use, contributing to a healthier, greener planet for future generations,” she said. 

    In addition to its own efforts, Coca-Cola collaborates with collection and recycling value chain players, industry partners, NGOs, and governments to advance its vision of a World Without Waste more quickly and effectively.

    The Coca-Cola Company (NYSE: KO) operates in more than 200 countries and territories, offering a wide range of beverage brands. The company’s mission is to refresh the world and make a difference, with a focus on sustainability, reducing sugar in its drinks, and innovating new products. Together with its bottling partners, Coca-Cola employs over 700,000 people, contributing to local economies worldwide through various sustainability initiatives.

  • Coca-Cola Nigeria wins big at SERAs awards

    Coca-Cola Nigeria wins big at SERAs awards

    In a dynamic celebration of corporate responsibility, Coca-Cola Nigeria earned premier accolades at the 17th SERAS Africa Sustainability Awards. The distinguished event, convened at Oriental Hotel in Lagos, acknowledged Coca-Cola Nigeria’s unwavering commitment to water stewardship and societal improvement.

    Under the theme “Circular Economy as the New Market Disruptor: SDGs Innovation as key to vision 2030,” the beverage leader’s substantial contributions were lauded across five themes: Circular Economy, Women Empowerment, Health/Well-being, Water Management and Social Enterprise of the Year. 

    Read Also: Tinubu advocates equitable capital market access for developing countries

    Speaking on this achievement, Coca-Cola Nigeria’s Public Affairs, Communications, and Sustainability Director, Nwamaka Onyemelukwe, reiterated the company’s dedication to sustainability as a core function of its operations. “These awards affirm our resolute commitment to sustainability and corporate social responsibility. It underscores our unwavering pledge to contribute positively to the communities we serve,” she added.

  • Ogun praises Coca-Cola Foundation for school’s upgrade

    Coca-Cola Nigeria, through its foundation, has handed over a block of five classrooms, 10 units of sanitation facilities, playground and a library complex it renovated at the First Baptist Primary School, Ijaye Oja-Ale, Abeokuta, to the Ogun State Universal Basic Education Board (SUBEB).

    The project is part of the Coca-Cola Foundation/UNDP New World programme, in collaboration with the  state government and Youth Empowerment Foundation (YEF). It is  aimed at upgrading critical infrastructure in the school founded in 1910 as a missionary school adopted by the First Baptist Church, before becoming a publicly owned primary school in the 1970s.

    Speaking at the inauguration of the project held at the school premises in Abeokuta last Friday, Ogun State Governor Ibikunle Amosun, represented by the Permanent Secretary, Ministry of Education, Science and Technology, Aikulola Olu Ola, said the project would go a long way in improving the quality of education offered to the pupils of the school while also impacting the community positively.

    In his remarks, the Managing Director, Coca-Cola Nigeria, Mr Bhupendra Suri, who was represented by the Public Affairs & Communications Manager, Amaka Onyemelukwe, reiterated the company’s commitment to helping communities.

    “The Coca-Cola Foundation since its inception in 1984, has given back nearly $1 billion to help strengthen local communities worldwide. Originally focused on learning inside and outside the classroom, today the Foundation supports our global water leadership programmes, community recycling, and women’s economic empowerment programmes. It’s our belief that this project will impact positively in shaping the lives of these future leaders of our country,” he said.

    Speaking on the project, the Public Policy Analyst, Coca-Cola West Africa Business Unit, Mr Emeka Mba, explained that it consisted of five classrooms equipped with furniture; toilets for pupils and teachers; newly constructed playground; and a library equipped with audio-visual facilities.

    The Foundation also rehabilitated an old block of three classrooms; and provided potable water for the neighbourhood.

    “Today, teachers are motivated; school enrollment has since increased from 440 to 578 due to this scale of intervention. Electricity, which hitherto was a luxury to the school since it was founded in 1910, has now been installed through the converted advocacy of the Project team. The next phase of the support for curriculum development designed to enhance competitiveness of the pupils. A six-month literacy component of the programme would be deployed to the benefit of the schools in the LGEA to improve basic reading and writing skills, hygiene, responsible waste disposal and management” he added.

    Also speaking, former Commissioner for Education, Science and Technology and Ogun State House of Assembly member-elect, Mrs Modupe Mujota, praised Coca-Cola Nigeria Limited, Ogun State SUBEB, and the beneficiaries for the successful implementation of the project.

    In his remarks, the Chairman, Ogun SUBEB, Alhaji Abdul Jeleel Okewole described said the project  was a testimony of the benefits of Public Private Partnership (PPP) in bridging infrastructure gap in communities.

    He also praised the School Base Management Committee (SBMC) of the school under the Chairmanship of Alhaji Juwon Labode, and the workers for their effort towards the actualisation of the project.

  • Small Doctor, Kaffy, Zoro thrill fans at Coca-Cola, EPL unveiling

    WHEN Coca-Cola announced its new partnership with the English Premier League, the world’s number one football league, the atmosphere was further charged with performances by Small Doctor, Zoro and Kaffy.

    Thus, entertainment met football at the unveiling ceremony which held recently at iMax Cinema, Lekki, Lagos. After a public screening of the Arsenal Vs Tottenham league match, the event reached a climax with an exhilarating after-party.

    Anchored by Dotun, the party featured electrifying dance performances by Kaffy and Small Doctor among others. Also, at the event was a long list of celebrity and influencers including Frank Donga, Nedu and Uti Nwachukwu among others.

    Speaking on the partnership, Gbolahan Sanni, Franchise Marketing Manager, Coca-Cola Nigeria, explained fans will stand a chance to win trips to the UK to watch matches live among other goodies. He said; “The Nigerian’s passion for football is unrivalled.  Our nation produces possibly the most passionate football lovers on earth. At Coca-Cola, we are proud of the opportunity to expand our footprints at the heart of the football world and look forward to working with the EPL in continuing to share the passion and excitement of football with Nigerian football fans.

  • Coca-Cola records 6% revenue growth

    Coca-Cola Hellenic Bottling Company, the anchor bottler for non-alcoholic beverage giant- Coca-Cola,  has recorded six per cent improved revenue growth for the 2018 financial year above expected target and margins.

    This is in spite of currency fluctuations in some markets. Its Chief Executive Officer , Zoran Bogdanovic, said this in a statement obtained from London Stock Exchange (LSE) website, while offering details for the first time on its business performance since taking over in May last year.

    Bogdanovic said: “In 2018, the company delivered another very good performance with revenue growth above our target range and another step up in margins.

     

    Strong volume growth in all our segments was helped by a record number of new product launches, whilst price/mix improved for the eighth consecutive year.

    This growth supported margin progress, which we delivered while increasing our investment in marketing.”

    Although the impact of foreign exchange fluctuations from Russia, Nigeria and Switzerland was heavy, net sales revenue for the company rose by 6.0 per cent in relative terms with 2017 financial year-end.

    “Net sales revenue for 2018 came in at EUR6.66 billion, up 2.1 per cent year-on-year against analyst consensus of EUR6.65 billion. Comparable earnings before interest and tax were EUR680.7 million, 9.6 per cent higher on 2017, compared to consensus of EUR682.3 million. The comparable Ebit margin was 10.2 per cent, up from 9.5per cent in 2017, against consensus of 10.3 per cent.

    According to FTSE 100 company, Coca-Cola HBC’s volumes rose 4.2 per cent to 2.19 billion unit cases, meeting consensus, with growth witnessed in all three segments.”

    Bogdanovic expressed confidence that the company would continue to witness unparalleled business growth considering its recent investment in both human and material resources.

    “Our sharp focus on cost efficiencies continues while we invest in the business for growth. The shape of the business, capabilities and commitment of our people and our overall commercial proposition give us confidence in our ability to continue to grow revenues and margins,” he added.

    With necessary infrastructure now made available in all its plants across the globe, Coca-Cola HBC is expected to grow its volume across all the segments in 2019 regardless of any economic slowdown.

    Coca-Cola HBC has also identified EUR33 million of restructuring savings this year, bringing EUR17 million of benefit on top of that from 2020.

     

     

  • Coca-Cola acquires Chi Ltd

    The non alcoholic beverage market is set to witness a revolution as the leading beverage company, Coca-Cola, fully acquires Chi limited.

    Making the announcement at Eko Hotels, Lagos, at a press briefing attended by top officials of Coca-Cola and Chi companies and other stake holders, President Coca-Cola West Africa, Business Unit, Peter Njonjo, said that Coca-Cola had earlier in January 29th 2016 acquired 40 per cent of Chi Ltd but has now completed the acquisition by taking over the remaining 60 per cent of Chi company on January 30th 2019.

    Describing the acquisition as a testament to the company’s commitment to being a total beverage company to meet the changing tastes and needs of consumers, he said the acquisition was spurred by a shift in the taste and needs of consumers.

    He noted that a majority of the customers of Coca-Cola were of the lower income cadre, adding that Chi, on its part, was relevant to the Nigerian market, especially in terms of low prices.

    “Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” said Njonjo.

    “We will support the Chi management team in building on the company’s remarkable heritage and achievements while using the scale of the Coca-Cola system to replicate their success in more markets across Africa.”

    The visibly elated Njonjo noted that the acquisition was an investment of great interest because of how the brand has been built and made relevant in the Nigerian economy emphasising that it will be further grown into a global million dollar brand over the next 10 years, adding that towards that end, “Coca-Cola recently launched Hollandia yoghurt drink in South Africa.”

    Responding to a question on if any products in the two companies may be collapsed, Njonjo said that none of the products in any of the companies will give way, rather “all the products will coexist. Already Chi sells high quality products so we shall continue with that quality and affordable pricing.”

    Continuing, he explained that the company Chi will still be left to operate with their staff. “We shall not interfere with the day-to-day running of the company but we shall maintain and grow it. Its products would be distributed internationally.”

    Njonjo said, “Our objective is to grow both the Chi and Hollandia units to a global multi-billion dollar brand.”

    Lending credence to what Njonjo said, Coca-Cola’s Public Affairs & Communications Director West Africa Business Unit, Clem Ugorji, reaffirmed that “This acquisition is a testament to how we will achieve our objectives and it is also a celebration of entrepreneurship.”

    Speaking further, he said “We will not collapse the Chi brand or any of its products. Doing that will only make the company lose the attractiveness that it had before the acquisition. Rather, we will continue to grow both brands and employees in order to grow our customer base and strengthen our market share.”

    He said the acquisition would enable the company to expand its products and serve customers a wider range of beverages and snacks.

    “This acquisition will serve as a motivation to entrepreneurs in Africa,” Njonjo added.

    In 2016, the company acquired a 40% minority stake in Chi and expressed interest in increasing ownership within three years.

    Chi Limited was founded in Lagos in 1980. It produces juice under the Chivita brand, Caprisonne and value-added dairy under the Hollandia brand.

    In a September 2018 interview, Njonjo had said that the company’s drive to diversify its product range would give it some flexibility.

    “We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products, like juice and drinking yoghurts that allow you to start accessing much lower price points.

    “Affordability will stop becoming a bigger issue in this market than it was in the past. As a company, that is what we need to factor in as we are thinking about the future of our business in Nigeria.”