Did Peter Obi Use Anambra State Funds to Fund His Family's Enterprise?
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Did Peter Obi Use Anambra State Funds to Fund His Family’s Enterprise?

by SG News Desk
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I ran with someone who insisted that Peter Obi used the funds from Anambra State to fund his family business.

As a scholar of international business, I have attempted to explode the facts as they are currently available so that readers can make up their own minds. I have heard two versions of this, both online and offline (claiming the investment was made in NEXT International or that SABMiller is a Peter Obi family business).

Prior to being acquired by Anheuser-Busch InBev on October 10, 2016, THE PARTIES SABMILLER PLC (formerly South African Breweries) was a South African international brewing and beverage corporation with its headquarters in Woking, England (AB InBev).

Prior to that time, it was a significant Coca-Cola bottler as well as the second-biggest brewer in the world by revenues (AB InBev being the largest). It was active in 80 different nations and sold about 21 billion liters of beverages in 2009.

INTAFACT BEVERAGES – SABMiller Africa, a Mauritius-registered SPV, purchased a stake in Intafact in 2008 despite the fact that company was founded in Nigeria in February 2007.

International Next: Fast-moving consumer goods (FMCG) brand creation and distribution have been a part of NEXT International Nigeria Limited since it was founded in Nigeria on May 26, 1988. The business operates in all of Nigeria’s main cities with registered Directors who are Peter Obi’s relatives (previous governor of Anambra State and Labour Party presidential candidate in the 2023 presidential elections).

ANAMBRA STATE Administration – On August 27, 1991, the government of Anambra, a state in Nigeria’s southeast, was established. Anambra State is bordered to the west by Delta State, to the south by Imo State, to the east by Enugu State, and to the north by Kogi State. Between 2006 and 2014, Peter Obi served as governor of the state three times.

TIMELINE OF THE CURRENT EVIDENCE.
To conduct the business of brand development and distribution of fast-moving consumer goods, Next International Nigeria Ltd. was established as a private limited company on MAY 26, 1988. (FMCG).
Peter Obi becomes the next governor of Anambra State on March 17, 2006.
Peter Obi is fired from his position on November 2, 2006.
Intafact Beverages was incorporated in Nigeria in FEBRUARY 2007.
Peter Obi is back in office as of FEBRUARY 9, 2007.
Peter Obi leaves office on May 29, 2007.
Peter Obi is back in charge as of June 14, 2007.
APRIL 26, 2008 – Intafact Beverages issued 9,987,500 ordinary shares at a par value of N1.00 to SABMiller Africa, a Mauritius-registered SPV. Intafact Beverages appears to be a Special Purpose Vehicle (SPV) employed by SABMiller as part of their entry strategy into the lucrative Nigerian brewery market, which was once dominated by Heineken Nigerian Breweries and Guinness Nigeria Diageo.

APRIL 2011 – According to a formal decision of the Intafact Beverages board of directors dated April 12, 2011, SABMiller Nigeria Holdings BV received shares in the company.
APRIL 2011 – According to a written decision of the Intafact Beverages board of directors dated April 12, 2011, Next International invested received shares in the company.
MAY 2012 – According to a press release from Peter Stuttard, Business Development Manager of SABMiller, the second-largest brewer in the world at the time, Intafact Beverages was owned 77.5 percent by SABMiller, 22.5 percent by indigenous investors, 10 percent by the Anambra State government, and 12.5 percent by other parties after the approximately US$120 million deal was completed.

2014 – It was decided to invest an extra US$110 million to boost the Intafact Beverages/SABMiller Brewery’s yearly capacity from 700,000 to 2.1 million hectolitres. In 2015, the capacity improvement was finished.
Peter Obi’s term as governor of Anambra State comes to a conclusion on March 17, 2014.
2016 saw the acquisition of SABMiller’s subsidiaries in Africa by AB InBev, the largest brewer in the world.
2017 saw the merger of International Breweries PLC, the only entity from the three merging entities to be listed on the NSE, with AB InBev’s majority shareholding in Intafact Beverages Limited and Pabod Breweries Limited (companies with similar goals). This merger was made possible by the acquisition of SABMiller by AB InBev.

The value of Anambra State’s 407,321,264 shares in International Breweries Plc, which were acquired for US$20,000,000 or roughly N3.1 billion at N155/US$1, peaked at N64 per share on June 23, 2018, valued at N26.1 billion or roughly US$72.4 million at N360/US$1. This occurred nine years after the initial investment and four years after Peter Obi left office.

Once more, how does Peter Obi’s family-owned SABMillier or Intafact Beverages operate, and where or how did Peter Obi put Anambra State funds in NEXT International?

Did Peter Obi Use Anambra State Funds to Fund His Family's Enterprise?

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