General News
Expert Okays GSK’s Sale of Ribena, Lucozade to Suntory
GlaxoSmithKline’s sale of Ribena and Lucozade to Japan’s Suntory Beverage & Food Ltd completes a transition for GlaxoSmithKline that started in the second half of the 20th century.
Christian Stadler, Warwick Business School associate professor of Strategic Management, Christian Stadler, analysis of the deal made available to Nigeria CommunicationsWeek said that “I don’t think it is a sign that Ribena and Lucozade have been doing badly, rather that they are really consumer goods, which are more suited to a pure consumer company that operates in that market, like Suntory”
Stadler has researched GlaxoSmithKline for his book “Enduring Success”, which looks at how long-living corporations have survived for so long.
Stadler said: “This is a question of how do you structure your portfolio, and I think this is a good idea for GlaxoSmithKline. A company is constantly assessing its portfolio and research shows that diversification into related products is best for profit. The big question for any company, though, is what are related products? And GlaxoSmithKline have decided that their core business should be in prescription drugs and consumer healthcare brands such as Panadol and Aquafresh rather than consumer goods.
“Looking at GlaxoSmithKline’s long history, since New Zealander Joseph Edward Nathan founded what was to become Glaxo Laboratories in 1861, it started out producing milk powder while Ribena was launched in the 1930s, and Lucozade in the 1920s, but the sale of them today completes a transition for GlaxoSmithKline that started in the second half of the 20th century”
According to the Professor, iIt has moved further and further into the prescription drug market and that is now its core business, with healthcare products added alongside them.
“I don’t think it is a sign that Ribena and Lucozade have been doing badly, rather that they are really consumer goods, which are more suited to a pure consumer company that operates in that market, like Suntory. By having a wider diversity you increase the complexity to manage the company, so by focusing more on prescription drugs and healthcare products it will make it easier to run the company” he added
Japan’s Suntory Beverage & Food Ltd was reported to have bought GlaxoSmithKline’s Lucozade and Ribena brands for 1.35 billion pounds to help the Japanese company expand into new markets.
The acquisition, announced by the companies on Monday, had been widely anticipated since people close to the process said last week that Suntory was in advanced talks on a deal that would preempt an auction of the iconic British drinks.
Japan’s second-largest drinks maker has plenty of cash after an initial public offering in June that raised four billion dollars.
It was always seen as the most likely buyer for the brands after GSK announced plans in April for their disposal.
Lucozade and Ribena are well-loved in Britain, but lack global reach, especially in the big emerging markets that are becoming the focus of the British drug maker’s consumer health business.
For Suntory, however, they offer a growth opportunity to counter sluggish demand at home. Suntory bought the Orangina Schweppes drinks brand for more than three billion dollars in 2009, giving it a significant presence in France and Spain.
By acquiring a new business with a focus on Britain, Suntory said it expected to further grow sales. The purchase also allows the Japanese group to extend its reach into countries where GSK already operates, such as Nigeria and Malaysia.
Despite being on the market for around 80 years, Lucozade and Ribena have combined annual sales of just over 500 million pounds a year.
That puts the transaction on a multiple of 2.7 times revenue – at the high end of recent soft drinks deals.
Suntory, which is better known for its beer and Yamazaki whisky, said the deal would have a limited effect on 2013 results and it was “currently examining the effect it will have on the performance outlook for the following business year and onward”.
The sale is expected to be completed by the end of the year, subject to regulatory approvals. For GSK, it will yield net proceeds of around 1.3 billion pounds – after tax, fees and costs – that will be used to reduce debt and for general corporate purposes.
The net gain will be excluded from 2013 core operating profit and earnings per share.
A GSK spokesman said Suntory’s bid was also attractive because it would protect jobs in Britain. Some 700 employees will transfer to the Japanese group, including around 500 workers at GSK’s Coleford factory in the west of England.
The GSK spokesman said there was expected to be very little, if any, impact on jobs as a result of the sale.
The Mayor of London, Sadiq Khan, has successfully concluded his visit to Lagos, Nigeria, aimed at strengthening the UK-Nigeria economic relationship and celebrating the deep cultural ties, shared vibrancy, and global influence of two dynamic cities – London and Lagos.
This visit marked the growing importance of Nigeria as a key partner in the UK’s global trade and investment strategy, particularly in sectors such as fintech, innovation, and the creative economy.
Alongside the visit, the Mayor of London led a trade delegation of 27 London-based companies in fintech, enterprise technology, and sustainability, supported by the Mayor’s growth agency, London & Partners. Under the leadership of Howard Dawber OBE, Deputy Mayor for Business and Growth, the agency facilitated a series of high-level engagements in Nigeria.
The delegation connected with Nigerian policymakers, investors, and creatives through curated events aimed at fostering collaboration and unlocking new business opportunities across Africa.
This visit marked the first official trip by a sitting Mayor of London to sub-Saharan Africa, underscoring London’s commitment to building long-term, cross-sector partnerships that support inclusive growth, digital transformation, and cultural exchange.
Mayor Khan’s engagements in Lagos commenced with participation in a panel discussion at the “Bridging Borders: How London and Lagos Can Shape the Future of Global Tech” tech event where he highlighted how London and Lagos can jointly shape the future of global innovation and encouraged Nigerian tech businesses to invest in London.
The Mayor of London also attended the Lagos Canvas Reception, a celebration of Nigeria’s flourishing creative sector which he co-hosted with Mo Abudu at the Ebony Life place.
The reception celebrated the status of Lagos and London as cultural and creative industry powerhouses and looked to encourage even greater ties between the creative industry ecosystems in both cities.
From the arts to fashion, music and film – central to the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) – which is expanding trade and unlocking new opportunities in the creative economy.
Wrapping up his visit to Lagos, Nigeria, the Mayor of London will continue his historic trade mission with stops in Accra, Johannesburg and Cape Town to bang the drum for the capital as a place for investment, innovation, and cultural exchange – strengthening ties with countries across the African continent for economic growth.
The Mayor of London, Sadiq Khan, said: “I am delighted to be visiting Nigeria and Africa this week – the first visit of its kind by a Mayor of London – to bang the drum for the capital and further develop the strong ties between our countries.
“Africa has the world’s fastest growing populations and is seeing major economic growth across many of its economies. Over the next decade there are huge opportunities to deepen partnerships with London. I will be working tirelessly throughout this visit to drive trade and investment across critical sectors including finance, education, health, tech creative and sustainability.
“Londoners of African heritage have played, and continue to play, a huge role in making London the greatest city in the world, and this trip is an opportunity to celebrate our shared heritage, history and culture with the African continent – as we build a better and fairer city for everyone.”
British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “The Mayor of London’s visit underscores the UK Government’s commitment to strengthening economic and cultural ties with Nigeria. From trade to fintech and fashion, our collaboration is driving innovation and growth.
“Through the UK-Nigeria Enhanced Trade and Investment Partnership, we’re committed to unlocking new opportunities that benefit both our economies, and this visit is a powerful step forward in that journey of inclusive growth.”
UK Minister for Africa, Lord Collins of Highbury, said: “Sir Sadiq’s visit marks an exciting moment for the UK’s relationship with countries across Africa and is a strong demonstration of our commitment to deepening our ties with the continent.
“Strengthening our trade, investment, and cultural ties is not only vital for shared economic growth, but also for fostering long-term partnerships that are rooted in respect and open up opportunities for all.”
The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.
According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.
In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.
It noted that after this date, all applications must be submitted exclusively through the online portal.
The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.
Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.
“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.
The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.
Tosin Eniolorunda and Felix Ike
Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.
The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.
The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.
Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.
In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.
“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”
CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.
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