MTN Nigeria, Ajua launch digital eCommerce mobile app to support SMEs

NIGERIA – MTN Nigeria has partnered with Ajua, a Kenyan based Africa’s first Integrated Customer Experience Company, to launch EnGauge, a digital eCommerce customer engagement management mobile app to support SMEs. The mobile app according to the two, is set to transform how SMEs conduct business in Nigeria. It will also help solve 4 of the UNDPs social development goals for Nigeria while also enabling business owners to oversee the smooth administration of transactions and operations of their companies. With the SME market in Nigeria currently valued at USD220 billion…

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Heineken increases shareholding in Nigerian Breweries amid low patronage of alcohol

NIGERIA – Heineken, the majority shareholder in Nigerian Breweries has increased its shareholding by 274, 542 shares despite the brewer experiencing challenges in growth due to low patronage of alcohol in Nigeria. Heineken, according to information obtained from Nigeria Stock Exchange insider disclosures, bought the shares at an average price of N35.67. Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own. In a related development, Nigerian Breweries…

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Nigerian Breweries posts 31.4% decline in profit in the first quarter

NIGERIA – Nigerian Breweries Plc has released its latest earnings report for the first quarter period ended March 31st, 2020. The financial report showed that the brewers’ profit decreased significantly by 31.4% to N5.5 billion (US$14m) against N8 billion (US$20.4m) declared in corresponding period of 2019. The company’s net revenue for the period under review stood at N83.2 billion (US$213.1m) a decrease of 0.09% compared with N83.3 billion (US$213.4m) achieved in Q1 of 2019. Meanwhile, the brewer’s cost of sales increased slightly by 0.23% to N48.3 billion (US$123.7m), up from N48.2…

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