Connect with us

Hi, what are you looking for?


Ifeanyi Onejeme Debunks Fake News About Peter Obi’s Investment In SABMiller

DOLLAR VALUE OF PETER OBI’s INVESTMENT FOR ANAMBRA IS NOW ABOUT US$3.7million OR US$5.3 million depending on exchange rate


Given the repeated fake news about the current dollar value of the investment by the Peter Obi administration in SABMiller, it has become imperative to clarify the matter in public interest.


The Peter Obi Administration invested the sum of N1,955,535,247.00 (equivalent of approximately US$12,616,356.43 at the then average CBN exchange rate of N155.00/$1.00) in Intafact Beverages Limited, a green-field brewery being set up in Onitsha by SABMiller Breweries of South Africa in 2012. The Naira equivalent of this investment is stated and carried in the Reports of the State Accountant General with the Financial Statements for the fiscal years ended 31st

December since then. These are public documents.


Intafact Beverages was subsequently consolidated into International Breweries Plc when the parent company, SABMiller of South Africa was acquired by Anheuser-Busch InBev (AB InBev), the world’s largest brewer. Based on this development, AB InBev

consolidated and merged all its brewery operations in Nigeria under International Breweries Plc and all shareholders of Intafact Beverages Limited, including Anambra State Government (ANSG), received shares of

International Breweries Plc for their respective investments.


ANSG received and still holds 407,321,264 ordinary shares of International Breweries Plc in exchange for its investment in Intafact Beverages Limited . Based on the NGX closing price of N5.50 as at 20/6/22, these shares were valued at N2,240,266,952 on

that date. Based on the Central Bank of Nigeria I&E exchange rate of N415.75/US$1.00 on same June 20, 2022, this investment was valued at an equivalent of approximately US$5,388,495.37 (and at N604/$1.00 parallel market rate, only US$3,709,051.24).


We do not want to join issues with the purveyors of the fake news but only need to state the facts to inform the public.


Thank you.

Ifeatu Onejeme

Commissioner of Finance



Click to comment

Leave a Reply

Your email address will not be published.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

You May Also Like


Just In: Baba Ijesha Sentence to 16 Years Imprisonment Justice Oluwatoyin Taiwo of the Ikeja Domestic Violence and Sexual Offences Court on Thursday sentenced...


Download Mp3: M I Abaga – The Guy M.I Abaga has released his highly anticipated single titled, “The Guy”. The new single was released via...


Two women have been arrested by the police for allegedly stealing a baby boy in Ogun State. DAILY POST learnt the two women were...


A Minna High Court No 3, has sentenced three Fulani herders to death by hanging over alleged armed robbery, culpable homicide, rape, among other...