By Hon. Henshaw Oligbi.
Political analysts and supporters of Barr. Asue Ighodalo, the PDP Governorship flag bearer in Edo State has so much discussed his tenure as former Chairman of Nigeria Breweries PLC. This necessitated the review of Asue’s leadership of the said company.
You can recall that Mr. Kolawole Jomade announced his resignation from the Company Board Chairmanship during a board meeting on April 26, 2023, with effect from April 30, 2023. Following his departure, Barr. Asue Ighodalo was appointed the Chairman of the thriving Brewery company on the 1st of May 2023. However, he resigned on the 31 Dec. 2023, precisely eight months after assuming the role as Board Chairman.
Under Asue Ighodalo’s 8-month leadership, prices of Nigeria Breweries’ products were increased thrice at such a geometric rate as well as the bloated overhead cost of the company.
In retrospect, Nigeria Breweries is known for prudent cost management, profit-making and dividend payment to shareholders, this is evident in the 2022 N17.341b Profit Before Tax and N13.187b Profit After Tax made by the company under the Chairmanship of Kolawole Jomade.
The former Chairman, Mr Kolawole had also set the company on a solid path to improve on his successive achievements over the years but chose to bow out of the position owing to unnecessary Board Room pressure from Asue Ighodalo’s greedy ambition in the Company.
The new sheriff in town, Mr Asue Ighodalo barely settled down as Chairman when he approved a One-off re-organizational cost, incurred an increased 15% cost of sales, a 5% increase in marketing and distribution, and administrative expenses which led to a 15% decline in Operating profit.
The Audited Financial Statement and Annual Report 2023 of Nigeria Breweries PLC unveiled a mismanaged and damaged company that was once reputable and outstanding, under the inexperienced and inefficient leadership of Barr. Asue Ighodalo.
In the year 2023, Asue Ighodalo’s leadership in Nigeria Breweries under review, could neither break even in business nor break new grounds but rather experienced a historical and monumental loss of N145.2b Loss Before Tax and N106.3b Loss After Tax.
This historical loss in the history of Nigeria Breweries under poor leadership made the company retained a N26.2b loss and unable to pay dividends in 2024 and possibly in 2025.
Barr. Asue Ighodalo’s corporate leadership failure in Nigeria Breweries PLC and in desperation to save his face in the world of corporate governance led to the introduction of policies that would gradually cannibalise the production capacity of Nigeria Breweries and reduce the once enviable production company to a mere products importation and marketing company. He approved the exclusive right to import Heineken, Beverages, wines, spirits and cedar brands from South Africa and a license to market and distribute all the products in Nigeria. This singular move will turn Nigeria Breweries PLC with nine different brands of products into an agent of a foreign (South African) Company, place further pressure on FX, reduce production (GDP) in Nigeria and create unemployment as the production line for those nine brands will be gradually closed down over time.
Politically speaking, it is illogical for Edolites to hand over the dear state to a man who ran a company like Nigeria Breweries PLC with success stories aground under eight months.
It is evident from the above that Asue Ighodalo is unfit and lacks the necessary requisite management skills to drive a system to success. As he destroyed Nigeria Breweries – a once reputable profit-making company in eight months, there is also a high tendency that Asue Ighodalo will further destroy our dear State if given four years as a Governor.
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Senseless post frm a political jobber