Business
Famous Brands snaps up Mr Bigg’s
ABUJA – Quick-service and casual dining restaurant franchisor Famous Brands (FBR) has acquired a 49% stake in leading Nigerian brand Mr Bigg’s.
The company said on Monday it had reached agreement with UAC of Nigeria plc (UAC), a leading diversified conglomerate with operations in foods, paints, logistics and property, to acquire a 49% stake in its wholly owned UAC Restaurants.
UAC Restaurants manages the quick-service restaurant component of UAC’s business and houses the flagship Mr Bigg’s brand, the largest food franchise brand in Africa, north of the South African border, the company said.
Famous Brands did not disclose the value of the deal, but said it would be funded out of cash reserves.
The deal is effective from October 1 2013.
UAC Restaurants consists of 165 franchised restaurants across Nigeria, with 57 of them in Lagos and 14 in Abuja. Forty-five percent of the company’s franchised restaurants and 40% of its revenue is concentrated in Nigeria’s three key commercial centres. UAC Restaurants also has a small logistics and manufacturing component.
Famous Brands CEO Kevin Hedderwick said the acquisition boosted the group’s strategy to expand its presence in the broader African quick-service restaurant market.
“Whilst we have traded in Nigeria for the past 11 years through a combination of master license and franchise agreements, this transaction catapults us to a completely different level, enabling us to meaningfully expand our presence in this burgeoning, currently low consumption per capita organised food service market,” he said.
“It also underlines our ambitious and deliberate plans to grow our business outside SA. Trading in Africa is inevitably about being first to market and we believe this transaction represents a significant step-change through which we will further entrench our leadership position within the branded food service industry in Africa.”
Hedderwick said Mr Bigg’s had an extensive on-the-ground presence and huge loyal customer base demonstrated by the 100 000 consumers who visit the brand’s restaurants daily.
Mr Bigg’s trading format consists of quick-service restaurants at high foot-fall sites, and its products range from pastries and other snacks to burgers and hot meals.
About 25 000 pieces of chicken are sold in Mr Bigg’s restaurants daily while about 635-million meat pies have been sold by the brand since its inception.
“Our immediate goal is to bed down this joint venture and optimise on the evident success of the existing operation and its enormous potential within the Nigerian market,” Hedderwick said.
Famous Brands’ other brands include Steers, Wimpy, Debonairs Pizza, Mugg & Bean, FishAways, Milky Lane,
The World Bank has uncovered $32 million in unaccounted funds linked to a water infrastructure project in Nigeria, raising concerns about financial mismanagement in donor-funded initiatives.
The discovery was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report, which revealed significant discrepancies in the project’s financial records.
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The missing funds were earmarked to bolster Nigeria’s water infrastructure, but irregularities in accounting prompted an investigation by the World Bank’s Integrity Vice Presidency (INT).
“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report noted.
In response, the World Bank engaged with key stakeholders, including the project’s task team leader, operations manager, and financial management specialist, to recover the funds and safeguard the project’s integrity.
As part of the resolution, the Central Bank of Nigeria has been requested to reimburse $22 million. Meanwhile, $6 million remains in the project’s account to cover ongoing operational costs.
The findings underscore the importance of transparency and robust financial oversight in large-scale infrastructure projects, particularly those funded by international institutions.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over the illegal sale of mint Naira notes to currency hawkers.
The apex bank, in a circular signed by the Acting Director of Currency Operations, Mr. Solaja Olayemi, on Friday, emphasized that erring banks would face stringent penalties.
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As part of its efforts to curb the abuse of the national currency, the CBN announced plans to conduct nationwide checks to seize mint notes sold by hawkers.
Banks found to have released such notes will be required to pay a fine of 10% of the value of the affected cash withdrawn from the CBN on the date in question.
Subsequent violations will attract an additional penalty incrementally increased by 5%.
The CBN also reiterated its commitment to enforcing the Clean Notes Policy, warning that banks involved in hoarding, diversion, or any actions that disrupt efficient cash distribution would face appropriate sanctions.
With the festive season fast approaching, the apex bank urged DMBs to enhance internal controls to ensure transparent cash distribution.
It highlighted the need for proper utilization of Automated Teller Machines (ATMs) to ensure easy access to new notes by the public.
Furthermore, the CBN disclosed plans to intensify its mystery shopping and spot checks, working closely with law enforcement agencies to clamp down on any practices that undermine the integrity of the Naira.
Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.7% in September, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.
The month-on-month increase of 1.18 percentage points marks yet another strain on the nation’s economy, with transportation and food costs cited as the main drivers of inflation.
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Steep Year-on-Year Increase
Compared to October 2023, when the inflation rate stood at 27.33%, the October 2024 figure reflects a significant rise of 6.55 percentage points. This sustained upward trend highlights the worsening cost-of-living crisis for Nigerians.
Month-on-Month Breakdown
Inflation on a month-on-month basis also showed an uptick, rising to 2.64% in October 2024 from 2.52% in September. The faster rate of price increases further underscores the growing economic pressure on households.
Food Inflation Soars to 39.16%
Food inflation, a major component of the headline rate, reached 39.16% in October 2024, up from 31.52% in the same month last year.
The increase was driven by higher prices of staple items, including: Cereals and Tubers: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, and Coco Yam. Oils and Fats: Palm Oil and Vegetable Oil. Beverages: Milo, Lipton, and Bourvita.
On a month-on-month basis, food inflation rose by 0.30 percentage points to 2.94% in October, up from 2.64% in September.
Price hikes in Palm Oil, Vegetable Oil, Fish, Meat, and Bread categories were major contributors.
Annual Food Inflation Hits 38.12%
The average annual food inflation rate over the past 12 months climbed to 38.12%, a sharp increase of 11.79 percentage points from the 26.33% recorded in October 2023.
The consistent rise in inflation, particularly food and transportation costs, continues to erode the purchasing power of Nigerians.
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