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The Current State Of Affairs At Golden Guinea Breweries Plc - Business - Nairaland

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The Current State Of Affairs At Golden Guinea Breweries Plc by AbiaOnline(m): 11:28am On Apr 30, 2018
Company Name: Golden Guinea Breweries Plc

Head Office, Aba Road, Afara Layout, Umuahia.
Abia State.

Date Listed on the Nigerian Stock Exchange: 1st Jan 1979

Directors: Chief . C. Onyearugbulem - (Chairman)
Mr. I. G. Idika (MD/CEO)
Mr. J. A. Alumonah
H.R.M. Eze Nwabiaraije Eneogwe
Dr. N. C U. Okoro
Chief A. U. Nsofor
Mr. T. T. Mirilla
Mr. U. U. Nwafor
Mr. O. N. Ndukwe
Mr. E. E. Uhiara
Company SecretaryMr. Udo Ogaranya

Auditors: Akintola Williams Deloitte
(Chartered Accountants)
Plot 129A Ikenegbu Layout,
Owerri, Imo State

The company produces Golden Guinea beer.

Golden Guinea was originally named Independence Brewery Limited, the location was chosen due to the importance of water which led to the selection of a site in Umuahia, the town of the regional premier, Dr. Michael Okpara. Production started in 1963 with an annual capacity of 1 million gallons. The company introduced Eagle Stout to the market in 1967 but between 1967 and 1970, further production was hampered by the Nigerian Civil War. In 1971, the company changed its name to the current one Golden Guinea Breweries. In 1975, the company was revamped and an extension was built by the German firm Coutinho Caro which later participated in an equity offering issued by the firm.

Production at the brewery was hampered by a fire incident in 2003 but recent attempts have been made to resuscitate the firm. The company holds franchise rights to produce and market Golden Guinea Beer, Holsten Brewery's Bergedorf premium lager beer and Bergedorf Malta in Nigeria.

Majority shares in the company were later purchased by Pan Martine Investments Ltd promoted by Mr. Okey Nzenwa from Mbaise in Imo State.

Mr. Nzenwa then set about resuscitating ailing company. His company replaced the burnt boilers and proceeded to install an entirely new line of production making Golden Guinea the company with the most modern brewery in West Africa.

However, due to the financial crisis of 2015 and the skyrocketing cost of the dollar, the company ran into problems actuated by the cost at which needed equipments were invoiced and the prevailing cost of FOREX at the time of payment and delivery.

The crisis affected the ability of the company to meet projected resumption timelines.

The company needed more funds to complete its retooling works and because of its existing debt exposures, lenders were wary. Events ground to a halt.

Thus was the state of affairs until the Governor of Abia State, Dr. Okezie Ikpeazu decided to lead a drive to resuscitate all moribund industries in Abia State irrespective of ownership.

It bears stating that almost all the industries in Abia State hitherto owned by Government have been privatised preceeding the assumption of office of Dr. Ikpeazu as Governor.

Leveraging on the solid relationship he had built with the Federal Government, Dr. Ikpeazu took Mr. Okay Nzenwa to Vice President Yemi Osinbajo where the promoter of Golden Guinea stated his case and explained how macro-economic policy of the Federal Government affected his investment and have hampered his ability to raise new funds to restart the company.

The Vice President graciously approved the request of Mr. Nzenwa for Federal Government lending institutions to grant him facilities.

Today, Nigerian Export Import Bank (NEXIM) have granted Mr. Nzenwa a facility of $10M (N3.6B) while the Bank of Industry have also pitched in with an Economic Revival Facility.

These new funds have granted a new lease of life to the company and installation works have resumed in earnest.

In the next couple of months, barring new untoward developments, Golden Guinea Breweries Plc, Umuahia will be reopened to the public.

More updates will be provided as developments unfold.

Sam Hart
Re: The Current State Of Affairs At Golden Guinea Breweries Plc by fergie001: 11:33am On Apr 30, 2018
Sam Hart Nwokeocha,ride on

If Ikpeazu can resuscitate Golden Guinea,
Then Abia is on the path of true recovery as a result of the employment it will create,

Kudos if done...
Re: The Current State Of Affairs At Golden Guinea Breweries Plc by calberian: 11:33am On Apr 30, 2018
It is well . . .

. . . now, I have a PVC!

angry
Re: The Current State Of Affairs At Golden Guinea Breweries Plc by SamuelAnyawu(m): 11:33am On Apr 30, 2018
cool
Re: The Current State Of Affairs At Golden Guinea Breweries Plc by Ojiofor: 11:34am On Apr 30, 2018
AbiaOnline:
Company Name: Golden Guinea Breweries Plc

Head Office, Aba Road, Afara Layout, Umuahia.
Abia State.

Date Listed on the Nigerian Stock Exchange: 1st Jan 1979

Directors: Chief . C. Onyearugbulem - (Chairman)
Mr. I. G. Idika (MD/CEO)
Mr. J. A. Alumonah
H.R.M. Eze Nwabiaraije Eneogwe
Dr. N. C U. Okoro
Chief A. U. Nsofor
Mr. T. T. Mirilla
Mr. U. U. Nwafor
Mr. O. N. Ndukwe
Mr. E. E. Uhiara
Company SecretaryMr. Udo Ogaranya

Auditors: Akintola Williams Deloitte
(Chartered Accountants)
Plot 129A Ikenegbu Layout,
Owerri, Imo State

The company produces Golden Guinea beer.

Golden Guinea was originally named Independence Brewery Limited, the location was chosen due to the importance of water which led to the selection of a site in Umuahia, the town of the regional premier, Dr. Michael Okpara. Production started in 1963 with an annual capacity of 1 million gallons. The company introduced Eagle Stout to the market in 1967 but between 1967 and 1970, further production was hampered by the Nigerian Civil War. In 1971, the company changed its name to the current one Golden Guinea Breweries. In 1975, the company was revamped and an extension was built by the German firm Coutinho Caro which later participated in an equity offering issued by the firm.

Production at the brewery was hampered by a fire incident in 2003 but recent attempts have been made to resuscitate the firm. The company holds franchise rights to produce and market Golden Guinea Beer, Holsten Brewery's Bergedorf premium lager beer and Bergedorf Malta in Nigeria.

Majority shares in the company were later purchased by Pan Martine Investments Ltd promoted by Mr. Okey Nzenwa from Mbaise in Imo State.

Mr. Nzenwa then set about resuscitating ailing company. His company replaced the burnt boilers and proceeded to install an entirely new line of production making Golden Guinea the company with the most modern brewery in West Africa.

However, due to the financial crisis of 2015 and the skyrocketing cost of the dollar, the company ran into problems actuated by the cost at which needed equipments were invoiced and the prevailing cost of FOREX at the time of payment and delivery.

The crisis affected the ability of the company to meet projected resumption timelines.

The company needed more funds to complete its retooling works and because of its existing debt exposures, lenders were wary. Events ground to a halt.

Thus was the state of affairs until the Governor of Abia State, Dr. Okezie Ikpeazu decided to lead a drive to resuscitate all moribund industries in Abia State irrespective of ownership.

It bears stating that almost all the industries in Abia State hitherto owned by Government have been privatised preceeding the assumption of office of Dr. Ikpeazu as Governor.

Leveraging on the solid relationship he had built with the Federal Government, Dr. Ikpeazu took Mr. Okay Nzenwa to Vice President Yemi Osinbajo where the promoter of Golden Guinea stated his case and explained how macro-economic policy of the Federal Government affected his investment and have hampered his ability to raise new funds to restart the company.

The Vice President graciously approved the request of Mr. Nzenwa for Federal Government lending institutions to grant him facilities.

Today, Nigerian Export Import Bank (NEXIM) have granted Mr. Nzenwa a facility of $10M (N3.6B) while the Bank of Industry have also pitched in with an Economic Revival Facility.

These new funds have granted a new lease of life to the company and installation works have resumed in earnest.

In the next couple of months, barring new untoward developments, Golden Guinea Breweries Plc, Umuahia will be reopened to the public.

More updates will be provided as developments unfold.

Sam Hart

Good development.
Our youths will be employed.
Re: The Current State Of Affairs At Golden Guinea Breweries Plc by hisgrace090: 11:35am On Apr 30, 2018
If it happen in abia state, it"ll be an halleluyah shouting development because in abia state all hope seems lost.

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