Connect with us

Company News

Champion Breweries’ AGM Introduces Groundbreaking Sustainability Initiatives

The 47th Annual General Meeting of Champion Breweries Plc, held on July 12, 2023, at Oriental Hotel, Lagos, witnessed the passing of innovative resolutions that signal the company’s commitment to sustainability and growth

Published

on

In its historic meeting, Champion Breweries Plc outlined a series of forward-thinking resolutions during its Annual General Meeting (AGM) that are set to reshape the company’s trajectory and enhance its long-term impact.

The AGM, presided over by Chairman Dr. Elijah Akpan, saw shareholders unanimously approve several resolutions aimed at bolstering the brewery’s governance and sustainability practices.

One of the most significant resolutions passed at the AGM was the re-election and appointment of new directors. Mr. Frederik Williem Kurt, Mr. Thompson S. B. Owoka, and Mrs. Helen Umanah were appointed as new directors of the company. This move marks a strategic decision to bring diverse expertise to the board and drive the company’s sustainable business agenda.

To enhance financial oversight, Champion Breweries Plc appointed Deloitte Touche Tohmatsu Limited as the external auditors for the year ending December 31, 2023. Additionally, the directors were authorized to determine the remuneration of the independent auditors for the same period.

The AGM also witnessed the election of shareholders’ representatives to the Audit Committee. Mr. Godwin A. Anono, Mr. Olatunde Olayemi, and Mr. Adebayo Oluwafemi were elected as shareholders’ representatives, while Mr. Thompson Owoka and Mr. Kevin Santry were nominated to represent the Board on the committee. This development ensures that shareholders have an active role in the company’s decision-making processes and fosters transparency and accountability.

In a stride towards environmental and ethical consciousness, Champion Breweries Plc made two significant resolutions under the special business category. The board was authorized to fix the remuneration of directors for the year ending December 31, 2023. This measure demonstrates the company’s commitment to fairly compensating its leadership while keeping sustainability at the core of its practices.

Furthermore, the company received a general mandate to enter into recurrent transactions with related parties for day-to-day operations, following the guidelines of Rule 20.8 of the Rulebook of the Nigerian Exchange Limited 2015: Issuers Rules. This mandate is set to enable Champion Breweries Plc to explore sustainable partnerships and alliances for its operations, thereby contributing to the broader economic growth of the community.

In a statement following the AGM, Managing Director Georgios Polymenakos expressed his gratitude to the shareholders for their overwhelming support and underscored the company’s unwavering commitment to sustainability.

“Today’s resolutions pave the way for a stronger, more responsible Champion Breweries. We are dedicated to delivering on our promise of driving growth while prioritizing environmental, social, and governance considerations,” he said.

As Champion Breweries Plc embraces its role as a catalyst for change within the brewing industry, the resolutions passed at the AGM signify a turning point in its journey towards a more sustainable and prosperous future. With a renewed focus on responsible leadership and stakeholder collaboration, the company sets a commendable example for the Nigerian corporate landscape and beyond.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Company News

Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

Published

on

Facebook Meta

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

Continue Reading

Company News

Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

Published

on

flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

Continue Reading

Company News

Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending