Why we sealed Nigerian Breweries offices – NLRC

The National Lottery Regulatory Commission (NLRC) has come out to justify their actions on sealing the Lagos and Abuja premises of the Nigerian Breweries Plc.

In a statement signed by the commission’s Head of Public Affairs, Magnus Ekechukwu, the NLRC stated that Nigerian Breweries failed to regularise its promotional lotteries as required by law.

The statement partly reads

“Nigerian Breweries conducted promotional lotteries valued at about N1.3 billion and had failed to regularise such promo lotteries as required by law, thereby denying the Federal Government of over N326 million revenue; and continue to rebuff attempts by the Commission to get them to comply.”

The statement further stated that the interest of the Lottery Commission is to ensure that organisations who wish to carry out lottery operations comply with the provisions of the Lottery Act and not carry out such lotteries without due regards to the law.

It was  reported that NLRC briefly sealed Nigerian Breweries Plc’s Headquarters premises in Lagos and two of its offices in Abuja.

In a notice to the Nigerian Stock of Exchange (NSE), the pioneer and largest brewing company in Nigeria said the NLRC sealed its Abuja premises on November 13, 2018, and November 12, 2018, respectively.

Although, the offices in Lagos and Abuja were subsequently unsealed by the NLRC on November 13, 2018.

Nigerian Breweries Plc had released its Q3 2018 interim financial results for the period ended 30th September 2018.

Revenue for dropped from ₦270 billion in 2017 to ₦254 billion in the year under review. This represents a 5.62% decrease year on year. Profit before tax also dropped from ₦34 billion in 2017 to ₦22 billion. This represents a 34.7% decrease year on year.

Likewise, profit after tax also dropped from ₦24 billion in 2017 to ₦14 billion. This represents a 38.4% decrease year on year.

Nigerian Breweries Plc closed at N82.80 during trading sessions on the floor of the NSE, last week.

Share this...

Author: see naija

Leave a Reply

Your email address will not be published.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