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Nigerian Breweries completes acquisition of Distell Nigeria

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Nigerian Breweries Plc plans closing two of nine breweries

Nigeria’s foremost brewing company, Nigerian Breweries Plc, has officially completed the acquisition of a majority stake of 80 per cent in Distell Wines and Spirits Nigeria Limited (Distell Nigeria).
The completion of the transaction follows the approval of the South Africa Reserve Bank (SARB) for the acquisition by Nigerian Breweries Plc, of the shares of the South African entity, Distell International Limited (now known as Heineken Beverages Holdings Limited) in Distell Nigeria, as well as the import business of Distell International Limited in Nigeria.

Managing Director, Nigerian Breweries Plc, Hans Essaadi, said the acquisition and subsequent commencement of business operations align with the strategic objective of the brewery company to expand its current product offerings beyond beer to include wines, spirits, and flavored alcoholic beverages.

Essaadi, noting that the company remains unwavering in its commitment to cater to the diverse needs of consumers, said “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business”.

In his remarks, the Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, stated that the acquisition is an exciting new chapter for the company as it would help increase the capacity necessary to achieve improved business performance.

“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders,” he said.

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Distell Nigeria is involved in the local production of wines and ciders under license from Heineken Beverages. With the acquisition, Nigerian Breweries will have access to both the local production and the importation of wines, spirits, and flavoured alcoholic beverages brands from South Africa, including Amarula Crèam Liquor, Nederburg, Drostdy-Hof, 4th Street, Bain’s Whiskey, Knight Whiskey, Scottish Leader Whiskey, Chamdor wine ranges, Hunters, and Savanna.

Source: The Nation

 

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Guinness: No plans to quit Nigeria

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Guinness Nigeria Remains Firmly Rooted in Nigeria, No Plans to Exit

Guinness Nigeria Plc wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market.

Contrary to rumors being peddled on various media platforms, Guinness Nigeria remains firmly committed to its operations in Nigeria and is poised for a new phase of growth and innovation.

Since commencing operations in April 1950, Guinness Nigeria boasts of a proud and eventful 74-year legacy intricately woven into Nigeria’s cultural and economic fabric. Our unwavering commitment to Nigeria is evident in the substantial investments in infrastructure, employment, backward integration and our community development and social responsibility initiatives. The recent announcement of the partnership between Diageo and Tolaram Group further reinforces unequivocally that Guinness Nigeria remains committed to Nigeria and has no intention of exiting the dynamic Nigerian market. Our business will continue strongly, and no jobs or factories will be adversely affected as a result of this new partnership.

Under the partnership announced, Tolaram Group will acquire a 58.02% majority stake in Guinness Nigeria, enabling us to harness and leverage Tolaram Group’s extensive expertise in manufacturing and distribution. Importantly, Guinness Nigeria will retain its status as a listed company on the Nigerian Stock Exchange, maintaining its prime status in the Nigerian beverage industry. Diageo’s establishment of a wholly-owned international premium spirits company in Nigeria is also a noteworthy demonstration of its continuing dedication to sustaining its operations across West and Central Africa, with Nigeria as a pivotal operational hub.

Under a long-term license and royalty arrangement, Guinness Nigeria will continue to produce and sell all our iconic brands including Guinness FES and Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness as well as Diageo MSS brands like Smirnoff X1, Gordon’s Moringa and Captain Morgan Gold Rum, ensuring our esteemed consumers nationwide continue to enjoy their favorite beverages.

READ ALSO  Guinness: No plans to quit Nigeria

We are excited to embark on this new chapter of growth and development in Nigeria.

 

 

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Dangote Sinotruk targets 60% local content, launches new cabin CKD plant

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Dangote Sinotruk West Africa Ltd (DSWAL) will raise its local content of the vehicles it produces to 60 percent when Ajaokuta Steel Company begins production.

The President of the Dangote Group, Alhaji Aliko Dangote, stated this during the inauguration of DSWAL’s completely knocked down (CKD) plant on Oba Akran Avenue in Ikeja, Lagos, recently.

Present at the inauguration were: the Senate President, Godswill Akpabio, who cut the ribbon; Gov. Babajide Sanwo-Olu of Lagos, the Deputy Senate President, Jibril Barao, Senator Opeyemi Bamidele and other distinguished guests.

According to Alhaji Dangote, “The investment in the truck assembly plant is part of our backward integration to add value and reduce imports. I am glad yesterday, Your Excellency, when you talked about Ajaokuta Steel in your speech, and I believe the completion of the Ajaokuta Steel project will give fillip to our attempt to increase local content in the assembly in our lines.

“We have welding and painting shops to fabricate and paint trucks and trailers of different types so as to enhance local content of CKD operations of commercial vehicles manufacturing in Nigeria.

“In the next 12 months, we will begin to fabricate different types of trailers and tippers in our plant to increase value addition of up to 40 to 60 per cent with the goal to achieve domestic self-sufficiency and serve the West Africa regional market.”

He said Dangote Sinotruck WA Limited is an assembler and producer of four lines of commercial vehicles, covering heavy duty trucks, medium trucks, light trucks and other semi trailers, all of which serve the local transportation industry.

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“As you are aware, Dangote also owns majority shares of Peugeot Automobile of Nigeria in Kaduna where we assemble small vehicles. We (DSWAL) are a joint venture company with a total investment of 100 million dollars formed for the truck assembly which is owned 60 per cent by Dangote industries, 30 percent by Sinotruck China and five per cent by Andas.

“Our aim is to meet the expected current demand of this segment of automobiles required for logistics, consumption, food, and beverages industry in Nigeria as the government focuses on economic development across the country.

“I am sure we are going to participate in the new production of Compressed Natural Gas (CNG) which this government is driving.

“But, we in Dangote, are actually committed to buying 10,000 of the CNG trucks of which 1,500 are arriving this June/July. Already, about 500 are at the port. So this company has the installed capacity to assemble and produce 10,000 trucks annually and create about 3,000 jobs across Nigeria,” he said.

Dangote Sinotruk, he said, is playing “a strategic and key role” to develop the heavy duty truck assembly and manufacturing industry in Nigeria, and in doing so provides employment opportunities for Nigerians, in addition to improving the local auto industry.

He said, “We will continue to invest in the plant and achieve technological advancement for Nigeria. We will also continue to promote Nigeria’s economic development.“

The Senate President Akpabio lauded the Dangote Group’s investments in Lagos, in other parts of the country and outside Nigeria.

READ ALSO  Dangote Sinotruk targets 60% local content, launches new cabin CKD plant

“I know as you are investing here in Nigeria, you are doing the same thing in other countries, particularly in Africa. You are there in Kenya, Togo, Malawi, Senegal, Ethiopia and so many other countries. You are our own brand and our export to the rest of the world. May God continue to prosper you,” the Senate President said.

He extolled the performance of Gov. Sanwo-Olu in Lagos, promising to lodge a positive report “with the President in Abuja on how you, Sanwo-Olu as the governor, has been collaborating with the Federal Government to take (unemployed) children off the street through gainful employment.”

Gov. Sabwo-Olu lauded Dangote Group’s decision to take over a moribund textile company and turn it into such a productive investment.

He assured that the state government would not only continue to provide a conducive environment for investments, but would also lead the way in patronage. Without forgetting to seek a “generous discount,” the governor placed a fresh order for 100 units of Howo Sinotruk trucks to bring the number purchased by his government to 200.

“Our role should be that of an enabler; ours should be a government that must ensure that the private sector has what it takes to make those investments.

“Like I mentioned, we have seen the benefits of what they are doing here. We have procured from them the orange trucks (for refuse management) that you are seeing on the roads in

Lagos. They were all manufactured and put together in this same premises.

“We are making another order of 100 trucks because they are reliable. We don’t need to go very far. Honesty, it is really about partnership and sense of purpose. And the fact that as a people, we need to develop our economic environment better than we met it. I believe that the Dangote group of companies has good local and African business that we must be proud of.”

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Dangote Sinotruk was built to produce commercial vehicles, covering heavy duty trucks, medium trucks and light trucks, and has plans to soon commence the production of semi-trailers, tankers and related products.

The plant has the installed capacity to produce about 16 per day in one shift, or about 10,000 units annually on CKD (completely knocked down) basis. The array of trucks are targeted at satisfying the demands and requirements of the Nigerian market and the larger regional (ECOWAS) market.

Source:Thisday

 

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Dangote refinery plans 5.3bn litres fuel storage

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The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres.

This, according to him, will enable the refinery to have a storage capacity of 5.3 billion litres.
The Dangote Petrochemical Refinery refinery currently has 4.78 billion litres of storage capacity for refined petroleum products.

Dangote spoke at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas on Wednesday.

The billionaire alleged that international oil companies refused to sell crude oil to his refinery because they did not want him to succeed.

Asked to speak on whether or not his refinery would crash the pump price of petrol, which currently sells at around N700 per litre, Dangote gave no affirmative answer, but he quickly recounted how the price of diesel fell from 1,700 to N1,200 when his diesel flooded the market.

“The issue of gasoline is certainly a different issue. That one is being dealt with by the government. But let me give you an example. In the diesel, which the industries, transporters and everybody consume; when we first started, it was N1,700, and the dollar conversion was about N1,200 then. Immediately when we started, within two weeks we brought down the price to N1,000. We took it from N1,700 to N1,200 and from N1,200 to N1,700, we have given more than 60 per cent drop in price.

“With the currency now back up to about N1,500 per dollar, the price is still below N1,200. That’s a big improvement, from N1,700 to N1,200. And the diesel is available, we are not living from hand to mouth anymore,” Dangote replied when asked about a possible petrol price cut.

The business mogul said the refinery would be a strategic reserve for refined products.

“The country doesn’t have strategic reserves in terms of petrol, which is very dangerous. But in our plant now, when you came, we had only 4.78 billion litres of various tankage capacity. But right now we’re adding another 600 million.

“So effectively, as we go forward, the refinery will be the strategic reserve of the country in terms of petroleum products,” he noted.

The Africa’s richest man explained that international oil companies denied him access to their crude because they did not think he could succeed with the 650,000 barrels per day capacity refinery.

“In a system where, for 35 years, people are used to counting good money, and all of a sudden, they see that the days of counting that money have come to an end, you don’t expect them to pray for you. Of course, you expect them to fight back.

“And I think that is the process that we’re now really going through. But the truth is that, yes, the country, the sub-region, and also the continent, of sub-Saharan Africa, need this refinery. So, you expect them to fight through non-supply of crude, non-purchase of the product, but I think it’s all temporary. We’ll get there,” he added.

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Dangote has been importing crude oil from the United States to get feedstock for the refinery.

The Kano-born businessman added further that Nigeria has for years been importing dirty fuel into the country.

Dangote asked the Federal Government to enforce regulations stopping the importation of dirty fuels.

According to him, dirty fuels have been responsible for many cases of cancer in Nigeria and Africa.

Speaking of imported fuel, he said, “It is high sulfur, very polluting and also when you look at it, especially in Nigeria, in the past few years, we’ve been having cases of cancer, and most of these cases of cancer have to do with the bad fuel that we’ve been using. So, I will advise even here, you should check the quality of what is being dumped in your region in The Caribbean.”

He spoke further that Nigerian crude oil attracts the most premium, yet the nation imports the dirtiest fuels.

Asked if there is no regulation to check the quality of imported fuel, Dangote reported, “Now there is regulation, so it is upon the regulators to enforce the regulation.”

The PUNCH reports that despite its huge crude oil reserves, Nigeria still depends heavily on imported refined fuel.

But Dangote recently said Nigeria would no longer import any fuel by the time he begins the sale of PMS in the next few weeks.

When fully operational, Dangote disclosed that the refinery would supply cheaper fuel to the Caribbean, saying the price of fuel in that area is expensive.

He planned to set up a terminal in the region to give them access to cheaper energy.

“I don’t know the exact price but I know that the price in the Caribbean in terms of petroleum products is very high. So, we produce it cheaply, we can always bring it here, we can set up a terminal and we will be able to feed their needs.

“We have a bilateral agreement with them and bringing in stuff from there is not more than 18, 20 days maximum. Once we set up a terminal, they will have very cheap oil. They will have cheap energy. By having cheap energy, their economies will grow faster,” he maintained.

Dangote recalled that he was once persuaded by a former Minister of Energy in Saudi Arabia, Khalid Al-Falih, to shelve the idea of building a refinery. However, he said he told the former minister that he did not need his advice.

“Four years ago, I was in Saudi Arabia during the fasting period and I was invited for the breaking of the fast, Dr Falih, who used to be the Minister of Energy invited me to come and break the fast with him and I went there. He just said, ‘Aliko, I heard that you’re planning on building a refinery, what capacity?’ I said 650,000. He kept quiet for a while and said, ‘You know just about 120km from Mecca, we are building one and I think I would like you to go and have a look. We as Saudi Aramco, are facing a lot of challenges and, we are proceeding with it, but my advice to you is not to do it because normally, refineries are built by major oil corporations or sovereign countries.’

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“I said, ‘But Your Excellency, unfortunately, we have already started, so I’m not looking for am advice.’ That was really how we continued,” he recounted.

Dangote revealed that both local and international cartels, which he described as “mafia”, made repeated attempts to sabotage the $19bn refinery project located in Lagos.

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.

Dangote, who described himself as a fighter, said they tried all sorts to stop him.

“As a matter of fact during the COVID period, some of the international banks were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank,” it was stated.

He explained that he had paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.

“We borrowed the money based on our balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of a lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.

“We started in 2018. We borrowed that much. We have, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.

Dangote generates 1,500MW

Talking about industries being energy independent, Dangote posited the refinery and his other companies are not putting any pressure on the grid, though he suggested that power production should be the business for other people.

“We don’t put pressure on the grid. Like us now, we produce about 1,500 megawatts of power for self-consumption. But if this thing is beneficial and it makes sense, there will be people who will concentrate on actually generating the power so it won’t be part of your cost. There are a lot of people that are doing industrial parks, and I think Afrexim Bank is involved in these parks in terms of funding; that will help. It means that once you come, you are just going to plug and play,” he added.

The PUNCH recalls that operators of modular refineries stated on Sunday that the pump price of Premium Motor Spirit, popularly called petrol, should drop to about N300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers.

Speaking under the aegis of the Crude Oil Refinery Owners Association of Nigeria, they explained that what happened to the cost of diesel after Dangote started producing it, would happen to petrol prices once it is being produced massively in Nigeria.

“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary of CORAN, Eche Idoko, stated.

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He told our correspondent that “if we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”

When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is priced in dollars, the CORAN official insisted that the petrol price would crash once it is being produced massively by indigenous refiners.

He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need? As I speak to you now there is every tendency that before December diesel prices will drop further. The only reason why diesel is not doing below N1,000/litre is because of our exchange rate.

“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”

But oil marketers have repeatedly maintained that even if there would be a reduction in the pump price of petrol, it would be marginal.

On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.

Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.

Meanwhile, Dangote said his plan to release premium motor spirit into the market this month will no longer be possible. Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15.

“We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.

Source: The Punch

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Dangote reveals how oil mafia tried to stop establishment of Dangote Refinery

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The founder of Dangote Group, Aliko Dangote, has revealed that both local and international criminal organisations, which he described as “mafia”, made repeated attempts to sabotage his $19bn refinery project located in Lagos.

Speaking at the Afreximbank Annual Meetings, Dangote likened the oil cartels to a mafia stronger than the drug mafia hell-bent on maintaining their grip on the industry.

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.

Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.

“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.

He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

Dangote also revealed that he has paid off $2.4bn of the $5.5bn borrowed for the Lagos-based refinery.

Dangote also unveiled plans to diversify into the steel sector, aiming to utilise solely Nigerian-produced steel and achieve self-sufficiency.

Dangote Refinery recently rescheduled the launch of its petrol sales to July 10-15, pushing back its initial June target due to “minor” logistical issues.

Source: CHAMPION NEWS

READ ALSO  Dangote Sinotruk targets 60% local content, launches new cabin CKD plant
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Inside GTBank… Billions allegedly raked in as customers accounts debits with unauthorised transactions

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Customers of Guaranty Trust Bank (GTB) have taken to the social media to condemn the decision of the bank to deduct a ‘CT miscellaneous

Customers of Guaranty Trust Bank (GTB) have taken to the social media to condemn the decision of the bank to deduct a ‘CT miscellaneous transaction levy’ from their accounts.

Tagged “Other Transaction, 101CT” in some other cases, the widespread development has the bank withdrawing amounts like N100, N300, N2,000, N5,000, N10,000, N20,000, and more from the accounts, which the customers say is unauthorised.

Osun Defender gathered that in the last few weeks, customers of the bank have expressed a series of complaints over the poor service of the bank, with today’s development striking more public outcry.

A X user, @MizBee30 wrote: Na only me @gtbank debit with Caption MTN? Still Dey put question mark for the transaction as if I no wetin una commot am for. Y’all should return my 5,500 oh! I wan cook stew

@GodsgreatG said, Dear @gtbank @gtbank_help an unauthorised transaction has been made on my account with no description whatsoever. The money must be refunded, as this is a criminal act.’

@gtbank_help @gtbank I won’t even drag anything much with you guy. Once I write officially to you guys and nothing is done, I am taking legal action against you guys. Sebi una no wan get sense Abi

@mello321 said, ‘Gtbank no work for like 15 days. Now them dey comot ridiculous fee from people’

@Holar_dwayne @gtbank @gtbank_help wrote: what’s this fraud? What is CT ? You people just deduct money anyhow these days.

@I_am_Foatchrist stated that: @gtbank @gtbank_help you people had better tell whoever deducted my money to return it just the way they took it ASAP.

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@VIjagbone wrote: @gtbank why did you deduct money from my account, for no reason. A whole 3k in this hard economy. Please you people should not look for trouble oo, return my money ooo

@Daniel247emj noted, “@gtbank please I’m trying to understand what this 2000 naira withdrawal you made on my account today and it said miscellaneous. Please make me understand what is going on because I know I didn’t buy anything and this is the second time it’s happening but thought it was an error.”

Also, @Chimpo_lee who had stopped using the account a few days ago, was debited in the unauthorised transaction spree, saying ‘@gtbank I stopped using you 3 days ago una still dey debit me💀’

As of the time of filing this report, GT Bank had yet to either officially comment on the development to its customers or attend to any complaints from them.

Sodiq Yusuf is a trained media practitioner and journalist with considerable years of experience in print, broadcast, and digital journalism. His interests cover a wide range of causes in politics, governance, sports, community development, and good governance.

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The misery of GTBank… How N2.5 million kept in customer’s account got missing with unused ATM card

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A sinister trend is taking root under the polished veneer of Guaranty Trust Bank’s modern facades and its acclaimed reputation for financial

While Damilare Abiodun Atobatele, an Ibadan-based businessman, was asleep on November 8, 2023, N1.6 million was transferred in multiple transactions from his current account to his savings account, where it was later used to make purchases on the internet, as reported by FIJ.

These transactions were performed without his consent, leaving the businessman baffled.

When he woke up and saw the debit alerts the following morning, he went to lodge complaints at a Guarantee Trust Bank (GTB) branch in Bodija, Ibadan.

“They moved my money from my current account to my savings account and moved it elsewhere. When I went to lodge complaints at the bank, I was told I authorised the transactions using my ATM card details. I was shocked because I didn’t initiate them,” Atobatele told FIJ.

Atobatele’s savings account shows N1.5 million being used for multiple web purchases via Paystack.
Atobatele’s savings account shows N1.5 million being used for multiple web purchases via Paystack.

Atobatele’s statement of account shows N1.5 million was used for multiple web purchases via Paystack.

He added that he changed his ATM card at the bank that day and blocked the old one to avoid a recurrence. These unauthorised transactions did not end here for Atobatele.

“On November 15, multiple debit transactions that totaled N950,000 left my current account to my savings account again and were also used to make purchases online like the last time. When I went to complain at the bank again, they said it was done using my ATM card details,” he said.

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“How could that have happened with a new ATM card that I collected the week before and had not used anywhere at the time? My brother helped me write letters to the bank, which they acknowledged. I haven’t heard anything from them since then.”

FIJ contacted GTB on Monday, but they did not respond.

ThePAPERS reports that GTBank has been the subject of many controversy in the recent time, from the hidden threats moving around the bank’s branches through tellers to security guards, where customers questioned the integrity of the bank directors at the top.

 

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