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Guinness Celebrates 71 Years Of Operation In Nigeria

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Guinness

Foremost brewer, Guinness Nigeria Plc, has decided to roll out the drums in celebration of 71 years of remarkable growth and success in the competitive beer industry in Nigeria.

Announcing the celebration on its LinkedIn page, the beer giant urged its numerous consumers to join the celebration of the iconic brand’s 71 years of operations in the Nigerian market.

“A happy 71st birthday to us at Guinness Nigeria. Celebrating 71 years of rich heritage and a great track record of growth and strong performance. Cheers to many more years of providing only the best alcoholic and non-alcoholic beverages to you. You too can join in our celebrations at 17.59 by taking a selfie of yourself having a glass of Guinness with the hashtag #RaiseAGlassToGuinness@71″.

About Guinness Nigeria Plc.

Guinness Nigeria, a subsidiary of Diageo Plc of the United Kingdom, was incorporated in 1962 with the building of a brewery in Ikeja, the heart of Lagos The brewery was the first Guinness operation outside Ireland and Great Britain. Other breweries have been opened over time: Benin City brewery in 1973 and Ogba brewery in 1963.

Guinness product was sold in Nigeria in the 1940s and 1950s by United African Company (UAC) and the country soon became an important export market for the firm. In 1961, plans came into fruition between Arthur Guinness Son and Co and UAC to establish a brewery at Ikeja, Lagos.

Arthur Guinness first factory outside the British Isles was built by Taylor Woodrow. The initial plant had the annual capacity to brew 75 million bottles or 150,000 barrels of beer. The plant area had a 15 million capacity bottle bin and office block designed by the firm of Godwin and Hopwood.

For over seven decades, the beer giant has produced iconic brands in the Nigerian market. Beer brands on the stable of Guinness Nigeria include Foreign extra stout (1962), Harp Lager Beer (1974), Guinness Extra Smooth (2005), Satzenbrau ( 2006), Dubic Extra Lager (2012).

Ready to drink(RTD) products from the foremost beer company include RTD (ready-to-drink) products include Smirnoff Ice (2006), SNAPP(2012), Orijin(2013).

Guinness also has popular malt drinks which include Malta Guinness(1990) and Malta Guinness Low Sugar(2012).

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Appointments

Union Bank Announces the Appointment of Aisha Abubakar as Independent Non-Executive Director

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Union bank - Investors King

Union Bank of Nigeria Plc (“Union Bank”) has announced a change to the membership of its Board of Directors with the appointment of Ms. Aisha Abubakar as an Independent Non-Executive Director effective 9th September 2021, following the approval of the Central Bank of Nigeria (CBN).

Ms. Abubakar joins the Board of Union Bank following her tenure as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018. At the start of her career, Ms. Abubakar worked at Continental Merchant Bank Ltd., African Development Bank and African International Bank.

She is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration.

Ms. Abubakar is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).

Commenting on the addition to the Board, Mrs. Beatrice Hamza Bassey, Union Bank’s Board Chair said: “On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”

Also commenting, Chief Executive Officer, Mr. Emeka Okonkwo said: “I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.”

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Business

AfDB Approves $50M Trade Finance Deal with Standard Chartered Bank

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The African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement (RPA) for StandardChartered Bank.

This was contained in a statement titled ‘African Development Bank approves a $50m Multinational Trade Finance Risk Participation Agreement facility for Standard Chartered Bank’ published on the bank’s website on Wednesday.

The statement said, “The board of directors of the African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement facility between the African Development Bank and Standard Chartered Bank.”

The essence of this agreement is to promote intra-Africa trade, ensure regional integration and lessen the trade finance gap in Africa.

“The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area,”

The bank’s Director for Financial Sector Development, Stefan Nalletamby, stated that “We are excited about finalising this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra-African trade on the continent, in support of the AfCFTA.

“This partnership is expected to catalyze more than $600m in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”

Director-General of the bank’s Southern Africa region, Leila Mokadem, was quoted to have said, “The advent of COVID-19, coupled with stringent regulatory/capital requirements and Know Your Customer compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether.

“There is, therefore, an urgent need for financing to reenergise Africa’s trade, which requires more participation of institutions like the African Development Bank.”

The parties in the agreement are expected to share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank.

Beneficiaries of this facility are issuing banks in Africa with the ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks.

Other beneficiaries are small and medium enterprises (SMEs) and domestic firms which rely on these issuing banks to fulfill their trade finance commitments.

The RPA facility is aligned with the AfDB’s High 5 priority goals which are: light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people of Africa.

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SMEs

Standard Chartered Launches Flexible ‘Smart Business Loan’ Product To Support SMEs

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Standard Chartered Nigeria - Investors King

Standard Chartered on Wednesday launched its Smart Business Loan (SBL) product to support Small and Medium Scale Enterprise (SMEs) in Nigeria.

David Idoru, Head of Consumer, Private and Business Banking, of the bank in Nigeria, said in a statement in Lagos that SBL was an unsecured installment/term loan available to SME clients within key target sectors.

“Qualified SMEs would be able to access up to N20million loan, without providing tangible security/collateral to purchase asset, finance business expansion and other capital expenditure needs.

“This loan was designed to help SMEs meet their short to medium-term needs.

“As a Bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth,” he said.

Idoru said that the bank was constantly looking for ways to ensure SMEs get access to the needed support to enable their businesses to thrive, adding that prior to the product launch, clients were required to provide full collateral cover to access loans from the bank, but SBL had been designed to provide the necessary flexibility to the clients.

“It is accessible to new and existing clients of the Bank with no waiting period, including small and medium scale organisations, who can access up to N20million in loans without collateral for a maximum tenure of two years,” he said.

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