Peter Obi’s $12.24m investment in International Breweries now worth $5.38m

Peter Obi, in his tenure as Anambra state governor, invested $20 million in International Breweries on behalf of the state.

Obi made the investment known while responding 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 said.

“It is worth almost $100 [million] today,” Obi added.

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

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.

Ifeatu Onejeme, Anambra’s commissioner of finance, confirmed the Peter Obi administration investment.

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.

Media checks have it 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, per the company’s financial report dated March 2022.