Wednesday, 22 June 2022 03:54

REVEALED: Peter Obi administration’s $12.24m stake in International Breweries now worth $5.38m

In a 2018 interview, Peter Obi said he invested $20 million in International Breweries on behalf of Anambra state as a governor.

Obi’s claim was in response to questions on economic development, Anambra politics and his presidential ambition.

“… Anambra state is the single-highest shareholder in that facility. I invested in it, over $20 million,” Obi had said.

“It is worth almost $100 [million] today. That’s what government should do.”


TheCable had previously fact-checked some of the claims.

Chukwuma Soludo, governor of Anambra, also debunked a recent statement ascribed to him regarding the investment.

International Breweries (IB) Plc is a subsidiary of the world’s largest brewer, Anheuser-Busch InBev (AB InBev) — a multinational drink and brewing giant based in Leuven, Belgium.


In its 2021 audited financial statement, the company said it holds 43 percent economic interest in International Breweries Plc, a publicly listed company in Nigeria.

According to a report by The Nation, AB InBev merged its Nigerian operations under a single corporate entity in 2017. It had three indirect Nigerian subsidiaries — International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited. SABMiller Nigeria Holdings BV — another subsidiary of AB InBev — was also a major stakeholder in Intafact and Pabod.


In a statement made available to TheCable on Tuesday, Ifeatu Onejeme, Anambra’s commissioner of finance, confirmed that Peter Obi’s administration invested the sum of N1,955,535,247.00 (an equivalent of approximately $12,616,356.43 at the then average CBN exchange rate of N155.00/$1) in Intafact Beverages Limited, a green-field brewery set up in Onitsha by SABMiller Breweries of South Africa in 2012.


Onejeme added that the state government still holds 407,321,264 ordinary shares of International Breweries Plc in exchange for the Intafact Beverages Limited investment.

“Based on the NGX closing price of N5.50 as of 20/6/22, these shares were valued at N2,240,266,952 on that date,” the statement reads in part.

“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).”



Checks by TheCable showed that International Breweries has two major shareholders with stakes above 5 percent. The highest shareholder is AB INBEV Nigeria Holdings BV with 72.03 percent followed by Brauhaase International Management GMBH with 8.85 percent. These details are contained in the company’s financial report dated March 2022.

  • FREE FLOAT — 11.03%.

Further checks showed that these individuals/ special purpose vehicles (a subsidiary company that is formed to undertake a specific business purpose) are part of the company’s minority stakeholders. They include:

  • Olugbenga Awomolo – 1.24%.
  • Michael Onochie Ajukwu – 0.27%.
  • Igwe Nnaemeka Alfred Achebe – 0.15%.
  • Akintoye Sunday Omole – 0.01%.
  • Peter Nwokike Anugwu – 0.02%.

According to its financial records, International Breweries Plc returned negative bottom-line figures in the last three years. These are mainly due to high operational costs, FX fluctuations and supply chain constraints.


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  • Comment Link Tydfuture Sunday, 26 June 2022 10:00 posted by Tydfuture

    Hmm , that’s the mr integrity . People with there political propaganda

  • Comment Link CLEM Thursday, 23 June 2022 17:03 posted by CLEM

    The investment was making sense, until the failed economic policies of the APC crashed it. Our economy is worst than it were. It is was good, that investment would have worth more. Between Tinubu, Atiiku and Peter Obi, Peter Obi has the best integrity. He will manage our funds well. VOTE PETER OBI. VOTE LABOR PARTY. WE ARE TIRED OF SUFFERING. ABI U NEVER TIRE? SPREAD THE WORD ABOUT PETER OBI.

  • Comment Link CLEM Thursday, 23 June 2022 17:00 posted by CLEM

    Nobody takes Sega Link, Sowore, and Seun Osewa seriously. Seun has been paid. Look at Nairaland, all you'll see are posts promoting BAT. Peter Obi is the man. He's not wasteful. He will turn this country around. They don't like the change that is coming and they can't deal with it. Power oil that they were selling for #50 Naira in Delta state is now #200 naira. I almost cried this money. Nigerians, your destiny is in your hands now. Sell your votes and you'll regret it. ON PETER OBI'S MANDATE I STAND!