At the end of the 2022 fiscal year, Nestle Nigeria Plc’s total interest-bearing obligations increased by 102.05 percent to N155 billion from N76.864 billion in 2021.
During Nestle’s annual general meeting, which was conducted last week in Lagos, stakeholders of the company expressed concerns about this.
One of the business’s owners raised concerns regarding the obligations of the company and the interest that had accrued on the loans, mentioning the intercompany loans that Nestle Nigeria had taken.
Former Nestle Chairman David Ifezulike addressed the worries expressed by the shareholders by stating that the borrowings were caused by the demand for foreign exchange. “We need forex for machinery,” he remarked.