NAIJABIZ NEWS 1: Ribena & Lucozade Brands in Nigeria Acquired by Africa FMCG

Ribena and Lucozade brands in Nigeria will operate under Africa FMCG Distribution Ltd (AFDL) following their acquisition from Suntory Beverage & Food Limited (SBF) at a cost of $14 million.

The deal reportedly cost $7 million each for transfer of shares/ loans and it will be completed in Q2 – 2022 subject to Nigerian regulatory approval.

AFDL is a subsidiary of Chanrai Summit Group which is a multi-faceted distribution company.

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