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Top Nollywood actor and motivational writer, Olaribigbe Sarumi, in his usual pastime has reached out to his fans once again with words of wisdom. The star actor who was pictured as he jets out of the country encouraged his fans to keep faith and persevere to get to their dreamland.
He wrote:

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Nigeria Breweries Sacks 380 As Dollar Rate Bites Hard 

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NB Plc’s workforce has been reduced by 380 workers as the brewer struggled with the loss induced by surging cost and the naira floating policy of the Central Bank of Nigeria last year.

 

NB joined brewery firms like International Breweries Plc which declared N59.5bn net loss in 2023 and Champions Breweries which is also struggling.

 

In 2023, breweries in Nigeria struggled with the high cost of operations and sourcing expensive foreign exchange to purchase raw materials for their beer and soft drink business.

 

Nigerian Breweries audited financial statement results for 2023 show that their desired destination of sustained profitability is still a long way off.

 

The brewery company which is the largest listed beer maker on the Nigerian Exchange Limited posted a revenue growth of 9 per cent from N550.5bn in 2022 to N599.5bn by the end of 2023.

 

The company recorded an unimpressively yearly loss which is huge by the standards of a firm whose business model is based on spending heavily to keep rivals out of the picture.

 

From a profit of N13.2bn in 2022, the company saw a scourging loss of N106.3bn driven principally by naira scarcity and the naira devaluation, which officially began on 14 June, 2023.

 

The company was able to curtail personnel expenses, which rose marginally from N51.3bn in the preceding year to N55.5bn in 2023 but was roped with N36.4bn finance cost which surged from N8.4bn in 2022.

 

Nigerian Breweries has now lost N153.3bn on foreign exchange transactions spiking from the N26.3bn loss in 2022.

 

The company paid more deposits for imports of N16.2bn up from N6.9bn in 2022, representing naira deposits for foreign currencies purchased to fund letters of credit and forwards, as well as futures.

 

The N16.2bn is related to imported raw materials, spare parts, and machinery.

 

About 99 per cent of the company’s products were sold in Nigeria while only N335.46bn were export proceeds, making it difficult for them to source forex for imports of raw materials.

 

By the end of the year, staff strength of Nigerian Breweries dropped by 380 from 2,685 in 2022 to 2,305 workers.

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Harmony Gardens MD, Saheed Mosadoluwa Refutes Smear Campaign, Clarifies Relationship with Oba Awujale

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Renowned real estate developer, Hon. Saheed Mosadoluwa also Known as Mr Ibile, who is currently a victim of an ongoing online defamatory campaigns and series of frivolous petitions, has refuted claims of land grabbing, and clarified his relationship with the revered Awujale of Ijebu Land, Oba Sikiru Kayode Adetona, the Ogbagba II.

 

Mr. Ibile, the Managing Director of Harmony Gardens and Estate Development Ltd, addressed accusations during a press meeting on Tuesday, emphasizing his respect for the respected traditional ruler who he referred to as his grandfather, and his desire for peaceful resolution.

 

Ibile vehemently denied recent allegations, attributing them to a smear campaign orchestrated by his detractors, led by alleged landgrabbers’ lawyer, whom he described as a “defamatory lawyer.” engaged by Babatunde Olalere Gbadamosi and an accused renowned landgrabber, Kazeem Salami, a.k.a All Rounder Ajagungbale, who he claims to have sponsored 39 petitions orchestrated by these individuals, all of which he refuted.

 

“They keep recycling the same allegations and using the media to manipulate law enforcement agencies and authorities,” Ibile stated.

 

Addressing the specific claims of land disputes with the Awujale, Ibile clarified that “the monarch expressed interest in a portion of the disputed Eyin Osa land, and he readily offered it since the same people that sold to him confirmed that, they gave the monarch 8 hectares at the same land, and that bestow privilege to Kazeem Salami to leverage on the oba’s influence through the Kakanfo to Awujale to instigate the king’s influence against Ibile for his landgrabbing interest, but no matter how the case may be, the Kabiyesi Awujale is the owner of Saheed Ibile and whatever belong to Saheed”.

 

In showcasing his respect for the revered figure. He denounced the misuse of the Awujale’s name by his adversaries in the ongoing duplication and frivolous petitions, proceedings, and media narratives.

 

“It’s even funny that anyone would think I’d be dragging land with a man of such stature. The Awujale is my father and role model being a sign of customary authority who remain the face and image of the Yoruba land.,” Ibile remarked.

 

“I had left the issues for our fathers: The Oloja of Epe in person of Oba Kamoru Animashaun and HRH. OBA Olusegun Awokoya to fully resolve whatever to wherever they want, and handover our company’s 94 hectares Survey plan investment within the Eyin Osa ressetlement land, out of what link our father,Oba Awujale or that of Baba Rafiu Jafojo to our company since they are the consenting authority of the ressetlement land”, he said.

 

Amidst the accusations, Ibile called for a transparent investigation. He urged the Inspector General of Police to establish special panel enquiries in camera to probe the allegations and expose the “real evil-doers” in Ibeju-Lekki/Epe area. “I am still not having any issues with the way police detaining me to please my detractors, trying to hide under the Awujale’s influence not because of concrete investigations but because the new petitions are duplication of what has been investigated before and charge to different courts”, Ibile added.

 

He expressed confidence in his innocence and called for justice for all parties involved, including those accusing him of landgrabbing, kidnapping and willful destructions to properties and himself, a victim of alleged cyberstalking, libel, demarketing and defamation.

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