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Coca-Cola Acquires 40% Stake in Chivita

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The Coca-Cola Company is now a shareholder of the holding company of Chi Limited, Tropical General Investments Group.

Both companies, in a statement on Saturday, said a binding agreement had been concluded for the Coca-Cola Company to acquire an initial minority equity shareholding in Chi Ltd.

In the statement by Chief Public Affairs and Communications Officer, The Coca-Cola Company, Dan Baxter, and Head of Performance Management Group, TGI Group of Companies, Dr. Johannes Flosbach, both companies said the agreement creates a strategic relationship within Africa’s largest economy that together serve Nigeria’s most popular sparkling soft drinks, juices, value-added dairy and water beverage brands.

The Coca-Cola Company was said to have made an initial 40 per cent equity investment in Chi Ltd and expressed the intention to increase ownership to 100 per cent within three years, subject to regulatory approvals, while working on other long-term commercial structures.

Additionally, the parties reportedly agreed to jointly discuss and explore other opportunities in the region to further develop this relationship.

The statement further read, “The investment in Nigeria’s leading value-added dairy and juice beverage brands – which include Hollandia and Chivita — further expands The Coca-Cola Company’s West African portfolio of still beverages while establishing Coca-Cola’s presence in Africa’s high-growth value-added dairy category.

“The agreement will allow both companies to leverage their respective investments and expertise to further drive innovation, optimise efficiency and strengthen route-to-market to accelerate growth and increase consumer availability and choice.”

TGI Group’s relationship with The Coca-Cola Company, according to the statement, will also help Chi Ltd achieve its ambitious growth plans through access to Coca-Cola’s broad product portfolio and integration into global best practices in production, distribution and brand-building.

President, Coca-Cola, Eurasia and Africa, Nathan Kalumbu, was quoted as saying, “For more than 30 years Chi’s leadership has built a greatly admired business that has quickly grown to become Nigeria’s leading producer and distributor of value-added dairy and juice products and we are delighted to enter the next phase of our growth journey together.”

Similarly, Chairman of TGI Group and Chi Ltd., Cornelis Vink, reportedly said, “Coca-Cola and Chi share the same commitment to Africa, to investing in our operations and to continuous innovation, and our relationship will allow us to continue to provide Nigerian consumers the No. 1 beverage in each of the categories we serve.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Dangote Sugar Refinery Postpones Board Meeting Amid Social Unrest

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Dangote Sugar Refinery Has Postponed Board Meeting Scheduled for Today Amid Social Unrest

The management of Dangote Sugar Refinery Plc on Friday said they have decided to postpone the company’s board meeting scheduled to hold today October 23, 2020 to a date they will communicate soon.

The management said the decision was due to the ongoing precarious situation in the country, especially the attacks on various establishments since governor Sanwo-Olu imposed a 24-hour curfew on all parts of the state.

In a statement signed by the company secretary, Mrs. Temitope Hassan, Dangote Sugar Refinery said “Further to our announcement made on October 8, 2020, the Company wishes to notify the Exchange and the investing public that the meeting of the Board of Directors of the Company earlier scheduled to be held on Friday October 23, 2020 to consider the draft unaudited financial statement of the Company for the Q3 ended September 30, 2020 has been postponed in view of the current precarious situation in the country.

“The new date for the meeting will be communicated as soon as normalcy returns. The Closed Period which has already commenced will continue till 24 hours after the filling of the Results.

“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.

All Dangote Sugar Refinery Plc Insiders have been duly informed.”

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Put a Total Ban on Importation of Tomato Paste, Dangote Tells FG

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Dangote Calls for a Complete Ban on Importation of Tomato Paste

Dangote Tomato Processing company has called on the Federal Government to put a complete ban on importation of tomato paste into the country.

Abdulkarim Kaita, the Managing Director, Dangote Tomato Processing Plant situated in Kadawa, Kano State, made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Central Bank of Nigeria’s Anchor Borrowers programme.

Kaita, who said the company was working with the CBN to provide tomato farmers with high yield seeds that would allow them to produce a minimum of 40 tons per hectare, said “We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did to rice.”

Kaita said the call was important to deepen local production of tomato and ensure the country was self-sufficient in tomato production.

Speaking further, he said a complete ban of tomato past importation would lead to more investment in the industry and foster growth of processing plants, a move that would increase job creation opportunities for many people in the country.

“It is only by putting a total ban on tomato importation that the government can encourage farmers to grow the commodity for the country to be self-sufficient,” he said.

He added that “There are 12 major tomato producing states in the country which if fully cultivated, in the next one year Nigeria will be able to start exporting tomato.”

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Livestock Feeds Appoints Adegboyega Adedeji as Substantive Managing Director

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Adegboyega Adedeji is the Substantive Managing Director

Livestock Feeds Plc on Monday announced it has appointed Mr. Adegboyega Adedeji as the company’s substantive Managing Director, effective from 2nd October 2020.

In a statement released on the Nigerian Stock Exchange (NSE), the company said Mr. Adedeji was the Acting Managing Director of the Company before he was appointed as the Managing Director.

It added that Mr. Adedeji was “formerly the General Manager, Sales and Operations responsible for all sales activities and the strategic development of the Company’s markets, along with new products portfolio generation and development.”

He graduated from the famous Obafemi Awolowo University, Ile-Ife in 1996 and had his MBA from the University of Roehampton, UK in 2018.

He worked with Grand Cereals Limited as Regional Sales Manager before becoming their procurement manager. He moved to UACN Plc in 2007 as the Training Services Manager, a position held till September 2009 before he was transferred to UAC Restaurant.

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