Nigerian Breweries share rise as police probes senior managers

NIGERIAN Breweries has confirmed it is aware of an ongoing investigation emanating from a petition written by one of its suppliers, Messrs TMDK Oil Traders, while indicating its cooperation with the law enforcement agency.

However, on Wednesday, Nigerian Breweries’shares rose marginally by 0.01 per cent from N142.50 kobo it opened with to close at N142.52 kobo per share.

According to Nigerian Breweries in a statement to the Nigerian Stock Exchange and also forwarded to Tribune Online, TMDK Oil Traders was one of the suppliers of petroleum products to the Nigerian Breweries Plc via a three-year term certain contract that lapsed at the end of September, 2016.

“TMDK participated in a recent tender process for supply of petroleum products to NB. While the process was ongoing, TMDK wrote a letter to NB complaining of some bias against it. The complaint was handled and investigated by NB’s internal audit department and the conclusion was that the tender process was duly followed and no irregularities were found. Other claims relation to extra costs made by TMDK are currently being analysed and evaluated,” NB stated

This, however, prompted the invitation of some managers in NB (Senior and other levels) to the Police Force Headquarters, Abuja for questioning based on a petition.

The petition was written by TMDK’s lawyers to the Attorney General of the Federation and the Honourable Minister of Justice who in turn forwarded it to the police for investigation. It appears that the petition is targeted at persons connected to NB, including the wife of our Managing Director.

The statement signed by the company’s Corporate Affairs Adviser, Kufre Ekanem, noted that “as a responsible organisation, we will cooperate fully with the investigating authorities while seeking to protect and uphold the company’s reputation as a good corporate citizen in the country.”