NEWS
Nigerian Breweries Records N1.1trn Revenue in 2024

Nigerian Breweries Plc says it generated N1.1 trillion in revenue for the financial year ended December, 2024.
The company’s Managing Director, Hans Essaadi, disclosed this at the company’s pre-annual general meeting media briefing yesterday in Lagos.
According to Essaadi, the N1.
1 trillion revenue marks an 81 per cent increase from the company’s 2023 revenue of N599. 5 billion.He, however, noted that the cost of goods sold rose by 98 per cent, driven by high inflation and the impact of the Naira devaluation.
“Despite these challenges, our operating profit grew by 59 per cent, supported by disciplined cost management,” Essaadi added.
He explained that net finance costs surged by 34 per cent to N253 billion, mainly due to higher interest expenses and the foreign exchange impact on payables.
“This weighed heavily on the bottom line, pushing our net loss up by 36 per cent to N145 billion,” he said.
Essaadi noted that the company’s results from operating activities soared by 53.7 per cent from N44.49 billion in 2023 to N68.403 billion in 2024.
He said the loss for the year 2024 stood at N144.338 billion, a 36.5 per cent increase from the company’s loss of N105.769 billion in 2023.
According to him, the Nigerian Breweries’ share capital witnessed a 201.5 per cent increase from N5.138 billion in 2023 to N15.492 billion in 2024.
He explained that there was also a 614.2 per cent surge in the company’s total equity from N65.17 billion in 2023 to N465.47 billion in 2024.
The managing director explained that during the year under review, the principal activities of the company remained the brewing, marketing and selling of lager, stout and non-alcoholic drinks.
He said the company’s 2024 results were shaped by a complex and challenging business environment, significantly impacting operations and livelihoods nationwide.
He said that economic pressures, including high inflation rates and the devaluation of the naira, drove up operational costs and the price of raw materials.
He explained that Nigeria’s inflation rate soared to a near 30-year high of 34.8 per cent in December 2024.
“In spite of these hurdles, Nigerian Breweries demonstrated resilience through strategic adaptations, including a recapitalisation of the company through a rights issue.
“It was also resilient through increased local sourcing, innovation and further diversification through the completion of the acquisition of majority stakes in Distell Wines and Spirits Nigeria Ltd.
“Our ambition is to leverage diversity, promote equity, and embed inclusion to create business value in a fast-changing and complex environment, which positively impacts our customers and consumers and benefits the company,” he said.
Also, Sade Morgan, Corporate Affairs Director, Nigerian Breweries, said, “We are hosting this session as a precursor to our AGM to share with you all of the relevant information about our business and to strengthen our relationship with the media.
“We recognise that 2024 was a challenging year for business in Nigeria and for many businesses in Nigeria.
“This was a fallout of the economic slump of 2023, followed by a narrow decline, and all of this also led to a cash crunch, along with foreign exchange scarcity, high inflation and a wealth crisis and we all lived through it.
“In spite of these challenges, we shaped our organisation for transformational growth to meet the needs of our customers and consumers all over Nigeria and beyond.
“So we remain committed to our purpose and are perfectly in the joy of true togetherness and inspiring a better world,” she said. (NAN)
JUDICIARY
Teenager Gets 10 Strokes Of Cane For Stealing Electric Cables

A Kaduna Magistrates’ Court, on Wednesday ordered that a teenager, be given 10 strokes of the cane for breaking into a house and stealing electrical cables worth N450, 000.
The Magistrate, Ibrahim Emmanuel, gave the sentence following a guilty plea by the 18-year-old now convict who resides at Kinkinau Kaduna.
Emmanuel said that the light punishment was because the convict saved the court from a prolonged trial, adding that he hoped that it would serve as a deterrent to others.
He also ordered that the recovered electrical cables be returned to the complainant, Sadiq Yusuf.
Earlier, the Prosecutor, Insp. Chidi Leo, told the court that the convict committed the offence on May 17 at Ungwan sarki Kaduna.
He said the convict and one Mohammed Sani, now attack large, broke into the complainant’s house and stole the electrical cables worth N450, 000.
Leo said the convict was arrested when a neighbour to the complainant saw him coming out of the house with the stolen items.
The prosecutor said the offence contravened the Penal Code of Kaduna State, 2017. (NAN)
CRIME
Woman In Court For Allegedly Stabbing Boyfriend With Knife

A 23-year-old woman, Abigail Victor, was on Wednesday arraigned before a Kaduna Magistrate’s Court for allegedly stabbing her boyfriend with a knife.
Victor, a resident of Ungwan Sunday, Kaduna, was facing a two-count charge of conspiracy and causing injury.
The Prosecutor, Insp Chidi Leo, told the court that the defendant committed the offences on May 17 at Sabon Tasha, Kaduna.
Leo said the defendant conspired with two others at large to beat her boyfriend, Dominic James, and also stab him with a knife in his shoulder.
He said the defendant, who had a misunderstanding with the complainant, accused him of cheating on her.
“In the process, she called two of her friends who came to the complainant’s house, beat him up and stabbed him.
“It took the intervention of neighbours who came to the aid of the complainant and rushed him to a hospital.
“The offences contravene Sections 58 and 284 of the Penal Code of Kaduna State, 2017.
“Section 58 attracts a one-year prison term if found guilty, while Section 284 attracts a prison term of not less than five years if found guilty,” he said.
The defendant pleaded not guilty to the charges.
The Magistrate, Ibrahim Emmanuel, granted bail to the defendant in the sum of N200,000 with one surety in like sum.
He said the surety must be a blood relation to the defendant and must present a three year tax clearance to the Kaduna State Government.
Emmanuel adjourned the case until June 17 for hearing. (NAN)
Metro
First Lady Urges Nigerians to Embrace Cultural Diversity, Promote Unity

The First Lady, Sen. Oluremi Tinubu, has urged Nigerians to embrace their cultural diversity and promote unity and respect within the diverse nation.
The first lady made the call in her message on Wednesday in commemoration of the 2025 World Day for Cultural Diversity for Dialogue and Development.
“The World Day for Cultural Diversity for Dialogue and Development, highlights the profound strength that lies our differences and the shared humanity that connects us all.
”There is indeed strength and unity in diversity.
“Nigeria for example is blessed with over 250 ethnic groups, each speaking a different language, but it is through our dialogue, our interactions, and our mutual respect that we find true identity and unity.
“On this day, I encourage every Nigerian to celebrate our cultural richness, to listen with empathy, and to lead with understanding.
“Let us embrace this journey together and shape a brighter future for Nigeria and the world,” Mrs Tinubu said.
The World Day for Cultural Diversity for Dialogue and Development is celebrated every year on May 21, to raise awareness on the role of Culture in sustainable socio-economic growth and development. (NAN)