Business

High Demand Fuels Beta Glass Capacity Expansion

Published

17 years ago

July 17, 2009

Even with the enormous challenges faced by glass manufacturers in the country, high demand for empty bottles by the beverage industry is currently fuelling capacity expansion projects in the sector.

Beta Glass Plc, for instance, has become visibly seen to be driving this development with its one-year-old glass furnace and production lines in its plants in Delta State.

The former glass furnace of Beta Glass had a melting capacity of 170 metric tons per day, fitted with four production lines. The new plant brings the company’s overall capacity to 50 metric tons, with a mega furnace that has a capacity of 220 metric tons per day fitted with five production lines. With the new capacity, the company feels more confident of meeting demand for hollow bottles by industrial sectors such as brewery, pharmaceutical and wine makers.

Beyond meeting local demand for hollow glass containers in Nigeria, Beta Glass plans to harness the expanding opportunities in the West Africa sub-region and indeed the sub-Sahara region of Africa. The major operators in the brewery sector and clients of the company include Nigeria Breweries, Guinness, and Consolidated breweries, etc.

Similar improvements in production capacity are also going on at the International Glass Industry Limited, Aba, as well as Oluwa Glass in Ondo State.

The company’s chairman, Christopher Ogunbanjo, puts the cost of the plant equipped with the most modern technology in the glass industry at N3.8 billion, and with a new glass turbine to secure energy needs for the increased capacities. “For a stable and consistent power supply, a 4.9 megawatts gas turbine has been installed”.

The furnace, in addition to the increased capacity, facilitates the production of ultra light-weight bottles for the first time in West Africa. It also uses recycled glass, which helps the envroment as it is pollution free”, Ogunbanjo revealed.

Describing the company as one of the oldest and commercial industial organisations in Nigeria, Ogunbanjo indicated that the company did not overlook the critical issue of regular electrical support needed for uninterrupted production.

Petros Diamantides, Managing Director, Frigoglass, Anthens, said in establishing the world-class operation, they not only appealed to leading equipment producers but at the same time endeavoured to increase local content and input of local expertise and services, this accounted for 25 per cent of the total cost of the project to about N1 billion. Beta Glass is a member of Frigoglass, a multinational organisation and members of the Leventis Group. The management of the company recently declared that demand for new glass packaging by breweries and soft drinks companies boosts its turnover from N7.03 billion to N9.08 billion.

According to Ogunbanjo, despite the challenges faced by the company, our turnover increased from N7.03 billion to N9.08 billion, a growth of 29 per cent that was on the back of a 37 per cent growth last year, adding that “profit after tax rose from N0.87 billion to N1.9 billion, representing a growth of 38 per cent.

“The major growth drivers were the strong continued demand in the breweries and soft drinks sector, and new glass packaging launches from our major customers. Packaging has bee recognised as an effective tool to drive sales and excitement among the consumers by our customers”, he stressed.

The chairman also noted that the company continued to develop and position itself as a strategic partner to its customers to support better value creation in their businesses through securing a reliable supply base to them at a competitive price.

To this degree, he expected quality levels as it has committed to make investments in technology improvements in light-weight bottles and capacity to support the growth of its customers.

He also revealed that the investments in capacities and technology advances to sustain growth also created pressure on the cash flow and debt position, as the debt situation remained high with resulting finance costs.

On the future prospect, he disclosed that there were credible indications that the global recession was going to deepen in 2009 and a harsh economic climate awaited industrics all over the world.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

2 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

2 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

2 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos