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Nigerian Breweries Plc Announces temporary suspension of operations

by Thomasina Oseye
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Nigerian Breweries Plc Announces temporary suspension of operations

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Nigerian Breweries Plc, Nigeria’s largest brewer, has revealed plans for a company-wide reorganisation, including the temporary suspension of operations in two of its nine breweries. The announcement was made in a statement by Sade Morgan, Corporate Affairs Director of Nigerian Breweries.

Improving Operational Efficiency and Financial Stability

The reorganisation is aimed at securing a resilient and sustainable future for the company’s stakeholders. Nigerian Breweries acknowledges the persistently challenging business environment, characterized by double-digit inflation rates, naira devaluation, FX challenges, and diminished consumer spend. The company believes that the reorganisation is essential to improve operational efficiency, financial stability, and enable a return to profitability.

Commitment to Employees and Host Communities

Hans Essaadi, Managing Director/CEO of Nigerian Breweries, emphasized the importance of the business recovery plan for continuity. While recognizing the impact on employees, the company is committed to limiting the effects as much as possible. Nigerian Breweries will explore options such as relocation and redistribution of employees to its other breweries. It will also provide strong support and severance packages to those affected.

Nigerian Breweries aims to have a positive impact by leveraging its supply chain footprint, executing its route to market strategy, and offering a rich portfolio of brands across various categories.

Acquisition of Distell Wines and Spirits

In addition to the reorganisation, Nigerian Breweries recently acquired an 80% business stake in Distell Wines and Spirits Limited.

The business recovery plan includes a rights issue and an optimisation of production capacity in the remaining seven breweries, some of which have received significant capital investment in recent years.

This article was updated 1 month ago


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