2 April 2018

Nigeria: NSE Lauds Nigerian Breweries Commitment to Corporate Governance

The Chief Executive Officer of The Nigerian Stock Exchange, Mr. Oscar Onyema has commended Nigerian Breweries Plc for its commitment to corporate governance standards. The NSE boss gave the commendation when the new Managing Director of Nigerian Breweries Plc, Mr. Jordi Borrut Bel visited the exchange in the company with top management of company.

Speaking during the visit, Onyema who was represented by Executive Director, Regulation, NSE, Ms. Tinuade Awe, described Nigerian Breweries as an exemplary corporate citizen.

Onyema explained that part of exchange's core mandate is to ensure that it continues to provide a robust platform that will attract the confidence of local and foreign investors.

In his remark, the MD of Nigerian Breweries Plc acknowledged the pivotal role the NSE has been playing in the sustained growth and development of the capital market and the Nigerian economy in general, over the years.

While restating the commitment of the company to sustaining its relationship with the exchange, Borrut Bel added that the company has over the years excelled in compliance and corporate governance matters.

"I am aware that we have over the years received awards and recognition from the NSE including The NSE President's Merit Award in the Brewery Sector, The NSE Quoted Company of the Year Award and The NSE CEO's Distinguished Award for Compliance, and The NSE CEO's award as the Most Compliant Listed Company on the NSE," he said.

He pledged the commitment of the company to sustain its high performance in matters of corporate governance and compliance.

Borrut Bel also congratulated the NSE for the recent historic high equity market capitalisation of N15 trillion and for being the best performing Stock Exchange in Africa and No 3 in the World in 2017.

Nigerian Breweries Plc reported a profit before tax rose N46.6 billion for the year ended December 31, 2017, up from N39.7 billion.

Profit after tax improved to N33 million, compared to N28.4 million in 2016. Based on the performance, the directors recommended a total dividend of N33 billion, that translate to N4.13 per share. The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 per share earlier paid by the company in November 2017.

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