Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

NB Paid N416bn In Taxes Since 2016, Says Board Chairman

by e-Naira Online News
April 28, 2022
in Companies
Reading Time: 3 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter


Nigerian Breweries

Chief Kola Jamodu has revealed that Nigerian Breweries Plc (NB) paid N416 billion in taxes since 2016, making it the top tax-paying corporation in the manufacturing industry in Nigeria.

Jamodu, Chairman of the Board of Directors, said the firm paid N423.9 million in employee taxes, levies, and other fees to the Enugu State government in 2021, during the commissioning ceremony of the N56 billion extension civil works at Ama Brewery on Wednesday.

“This project will make our biggest brewery even bigger,” Jamodu said, praising Enugu State Governor Ifeanyi Ugwuanyi for presenting the state as an investment destination and establishing a suitable climate for businesses, particularly theirs, to prosper.

“As you join us for what is a significant milestone for our business, I hope you will take out time to tour our brewery and see our world-class facilities first-hand. These are some of the machinery, equipment and lines that have kept us at the forefront of the beverage sector as Nigeria’s biggest brewer since 1946.

“We cannot take the credit for this alone. We have enjoyed the support of the Federal Government as well as the various state governments where our breweries are located.

“On this note, I wish to thank His Excellency, Governor Ifeanyi Ugwuanyi, for your efforts in positioning the state as an investment destination and creating a conducive environment for businesses like ours to thrive.

“Indeed, our partnership with the state government has seen us invest hundreds of millions of naira in various community projects and social investment initiatives in the areas of health, education, community infrastructure and sports development.”

The Board chairman, however, explained that the expansion project would be executed in two phases, adding that the first phase would be completed in 2022 in full compliance with the international environmental and safety standards.

“Brewery capacity to be boosted from 3.0 million hectolitres to 4.8 million hectolitres in the first phase, and to 5.3 million hectolitres in the second phase.

“The impact of the expansion will lead to improved revenue and increased economic activities in the state.”

He added, “Today, we have 840 staff who contribute to the growth of Enugu State via tax payments and other levies.”

In his remarks, the president of the Manufacturers Association of Nigeria, Mansur Ahmed, commended the Nigerian Breweries Plc for their resourcefulness in the manufacturing industry in the country, noting that Ama Brewery has become the most modern in the West African sub-region.

Ahmed, represented by the Director-General, Segun Ajayi-Kadir, said the expansion project came at a time when virtually all macroeconomic indices were heading south.

“It takes a company with an admixture of strategic thinking and firm belief in the boundless possibilities of the Nigerian market to do so. It is on this note that I congratulate the Enugu State and Nigeria for being worthy hosts to a world-class and socially responsible Brewery.

“Over the years, NB Plc has blazed the trail as a resilient business entity.

“It is a foremost contributor to the GDP in the Beverages sub-sector; a leading source of revenue to States and the Federal Governments and a commendable promoter of resource-based industrialisation in Nigeria.

“MAN believes that scale production, as would be delivered by this expansion project, is key to the optimisation of national industrial capacity. This will, in turn, improve our competitiveness, as we stand at the threshold of active trading in the emerging 1.3 billion people market in the African Continental Free Trade Area.”

Related





Source link

Tags: BoardchairmanN416bnPaidTaxes
Previous Post

We Are Committed To Nigeria’s Economic Growth – Godrej Nigeria

Next Post

Guinness Nigeria opens new £6.2 million ultra-modern headquarters in Lagos

Related Posts

Companies

Friesland Campina reconnects to Ikeja Electric 22 years after — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
February 1, 2023
Companies

Nigeria’s automotive industry records $1 billion investment in 2022 -FG

by e-Naira Online News
January 31, 2023
Companies

Flour Mills hits N1.1trn turnover in Q3

by e-Naira Online News
January 31, 2023
Companies

How rising input cost trimmed Cadbury’s profit margin in 2022 –

by e-Naira Online News
January 31, 2023
Companies

10 banks with highest account maintenance revenue in 2022 –

by e-Naira Online News
January 30, 2023
Next Post

Guinness Nigeria opens new £6.2 million ultra-modern headquarters in Lagos

20 PFAs meet N5 billion minimum regulatory capital - PenCom

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

NGX CEO says to strengthen partnerships, digital transformation, sustainability

January 26, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Geregu Power reports 51% drop in annual profit, proposes N20 billion dividend

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.