NEWS
Economic Strain Forces Many Nigerians To Forego Beer – CEO, NB
Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, has highlighted the grim reality faced by many Nigerians, stating that the economic downturn has rendered beer unaffordable for a significant portion of the population.
Speaking during the company’s investor call following the release of its 2023 results, Essaadi described the year as unprecedented for their business in Nigeria.
He noted a substantial decline in the mainstream lager market, attributing it to Nigerian consumers’ inability to afford beverages like Goldberg after a hard day’s work.
In comments accompanying the financial results, the NB Board of Directors said, “The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.”
He added that despite the headwinds, “The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year.”
The board went on to state its preparedness to tap into its decades of experience of operating in Nigeria to weather the current macroeconomic headwinds.
“In a difficult operating environment, the board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders,” the board said.
The Central Bank of Nigeria’s harmonisation of the foreign currency market segments in June 2023 led to a widespread devaluation of the naira, impacting various industries differently. While companies like Nigerian Breweries faced forex losses, the banking sector benefited from FX revaluation gains, highlighting the varied effects of macroeconomic policies on different sectors of the economy.
NEWS
Showunmi Urges South-East to Judge Tinubu by Projects, Not Propaganda
Otunba Segun Showunmi, a member of the Tinubu/Shettima Presidential Campaign Council (PCC) for 2027, has urged the South-East to assess President Bola Tinubu’s administration based on verifiable projects and measurable results rather than political propaganda.
Showunmi made the call in a statement posted on X on Saturday, urging Nigerians to evaluate the government’s performance based on infrastructure delivery, funds committed to projects and their impact on communities.
He said federal infrastructure initiatives targeting the South-East under Tinubu’s administration deserved serious scrutiny and factual assessment, adding that unfulfilled promises should continue to be pursued until the expected results were delivered.
SEE ALSO: 2027 Election: ‘Look Beyond the Noise’ – Showunmi Urges Nigerians to Give Tinubu More Time
“Our message is clear: We will not trade facts for propaganda, nor accountability for political loyalty!” he said.
The political figure challenged critics of the administration to provide evidence to support their claims, while urging those defending the government to present the projects and demonstrate their impact.
He also called on government officials to publish relevant figures, disclose project timelines and provide measurable results, insisting that no public official should be exempt from scrutiny.
According to Showunmi, the South-East deserves infrastructure that supports economic growth, including roads that connect markets, investments that create jobs and policies that expand economic opportunities.
He maintained that political representation must translate into tangible benefits for citizens, stressing that public office should deliver value to the people.
As part of his call to action, Showunmi urged Nigerians to scrutinise government records, challenge misinformation with evidence and demand the completion of outstanding projects.
He further called for public commitments to be matched by measurable delivery, arguing that leadership should be assessed by facts and results rather than political rhetoric.
Ending his statement with the slogan, “Asiwaju is a goal,” Showunmi called for accountability and greater inclusion of the South-East in Nigeria’s development.
Showunmi is associated with The Alternative and is a member of the Tinubu/Shettima Presidential Campaign Council for the 2027 elections.
NEWS
Lagos: LASTMA Announces Traffic Restrictions Along Route to Toll Gate
The Lagos State Traffic Management Authority (LASTMA) on Saturday announced a temporary road closure near Apostolic Church, inward Toll Gate, to allow engineers to install a beam on a height-restriction structure.
The agency said the installation was aimed at preventing high-rise trailers from accessing the newly constructed pedestrian bridge.
ALSO READ: LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road
“Currently, one lane has been occupied to facilitate the ongoing construction work, while the remaining two lanes are available to motorists,” LASTMA stated.
The agency advised road users to approach the affected corridor with caution and follow the directions of its personnel deployed to the area.
“Road users are advised to approach the affected corridor with caution and follow the directions of our personnel who are on ground to ensure the smooth flow of vehicular movement,” the statement added.
LASTMA also urged motorists to remain patient while the installation work continued.
“Motorists are encouraged to exercise patience while the installation work is in progress,” the agency stated.
NEWS
‘Oseni Rufai Helped Me, Not NiDCOM’ — Ekene Chukwuma on Return to Nigeria
Nigerian national Ekene Chukwuma has said he returned to Nigeria with assistance linked to Oseni Rufai rather than the Nigerians in Diaspora Commission (NiDCOM), while renewing allegations against the commission’s chairperson, Abike Dabiri-Erewa, over his travel documents.
Chukwuma made the remarks in an interview in which he explained how he returned to Nigeria after spending months at a deportation camp in India.
RELATED NEWS: Rufai Oseni Row: NiDCOM Breaks Silence on Nigerians Detained in India, Addresses Ekene’s Case
“My name is Kenneth Chukwu, from Enugu State,” he said, introducing himself before explaining how he returned to the country.
“I came back here with the assist of Osini Roufai, a good friend of him,” he said.
Chukwuma denied that NiDCOM facilitated his return, alleging that the commission had published false information about his case.
“NiDCOM made a lots of false, uh, news acquisition against me, which is still in Abike Dabiri handle in Twitter,” he said.
He also accused Dabiri-Erewa of sharing his expired international passport and a travel certificate he claimed was issued six months after he entered the detention camp.
“He also, she also posted my international passport that expired. He also, she also posted my TC that issued after 6 months,” he said.
His comments renew questions surrounding the handling of his case and the circumstances under which he obtained the documents needed to return to Nigeria.
Chukwuma’s detention in India previously sparked a public disagreement between ARISE News presenter Oseni Rufai and Dabiri-Erewa over NiDCOM’s response to reports of his situation.
Oseni raised concerns about Chukwuma’s detention and the commission’s handling of the case, while Dabiri-Erewa defended NiDCOM’s position and explained the process for submitting information to the commission.
NiDCOM subsequently issued its account of Chukwuma’s detention, stating that he had been arrested in India over a visa overstay and addressing the circumstances surrounding his travel documents.
The differing accounts prompted public debate about the commission’s response to Nigerians facing immigration difficulties abroad.






966299 155042This design is steller! You undoubtedly know how to maintain a reader entertained. Between your wit and your videos, I was almost moved to start my own weblog (effectively, almostHaHa!) Fantastic job. I truly enjoyed what you had to say, and far more than that, how you presented it. Too cool! 234769
820479 947408Of course like your site but you require to check the spelling on several of your posts. Several of them are rife with spelling troubles and I find it extremely bothersome to tell the truth nevertheless Ill undoubtedly come back again. 665527
922048 781054Hey, you used to write great, but the last several posts have been kinda boringK I miss your super writings. Past several posts are just a little out of track! come on! 926079
208901 388008For some cause the picture just isnt loading appropriately, is at this time there an concern? 60133
332295 350125When I saw this page was like wow. Thanks for putting your effort in publishing this article. 990167
969411 48728Outstanding weblog here! after reading, i decide to buy a sleeping bag ASAP 125613
958510 972870Reasonably unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your customer to communicate. Nice task.. 582792
457653 599441extremely nice put up, i undoubtedly really like this internet website, carry on it 756156
221385 920944I like the valuable details you provide within your articles. Ill bookmark your blog and check again here often. Im quite certain I will learn plenty of new stuff correct here! Good luck for the next! 1484