Nigerian Breweries Plc (NB) has said its top management staff have been invited to the Force Headquarters (Police), Abuja for questioning based on a petition.

 

The company in a statement filed at the Nigerian Stock Exchange (NSE) on Wednesday said “The petition was written by the lawyers of TMDK Oil Traders (TMDK) to the Attorney General of the Federation and the Minister of Justice who in turn forwarded it to the police for investigation.

 

According to the statement, the investigation into managers of Nigerian Breweries (Senior and other levels) is spurred from the petition written to target persons connected to NB including the wife of the Nigerian Breweries Managing Director.
Nigerian Breweries while affirming its awareness on the ongoing investigation said TMDK Oil Traders, was one of the suppliers of petroleum products who had initially been awarded a three-year term certain contract by NB that lapsed at the end of September, 2016.

 

The company explained that TMDK wrote a letter to NB, during a tender process for supply of petroleum products held recently by NB, complaining of some bias against it.

 

According to NB, the complaint from TMDK was handled and investigated by its internal audit department and the conclusion was that the tender process was duly followed and no irregularities were found.

 

NB further stated that other claims relating to extra costs made by TMDK are currently being analysed and evaluated.

 

NB reiterated its position as a responsible organization, stating that it will co-operate fully with the investigating authorities while seeking to protect and uphold the company’s reputation as a good corporate citizen in the country.

 

The share price of Nigerian Breweries remained unaffected by the news, as it rose marginally by 0.01 percent to settle at N142.52 by the end of trading activities on Wednesday.

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