The management of Nigerian Breweries has rejected the ruling by the Ondo State High Court which directed the company to pay N169 million as haulage fee to the state government.
In a statement released by the Nigeria Stock Exchange (NSE), Nigerian Breweries countered the order and insisted that only a haulage company should be responsible for such payment as directed by law.
The statement read: “The company does not engage in haulage business and does not own or operate any haulage truck whether in Ondo State or anywhere else. Haulage fees are by law, paid by companies in the haulage business.
“Independent third parties who are in the haulage business are wholly responsible for moving the Company’s products across the country and have always been responsible for the payment of haulage fees to the respective authorities.”
Nigerian Breweries had since appealed the judgment and applied for a stay of execution on the matter pending the ruling on its appeal by the Appeal Court.
The company also accused the Ondo State government of taking the law in its hands by sealing its depot on January 28.
However, the depot was reopened by the state government on February 2.
Since the reopening of the depot, Nigerian Breweries shares have declined from N63 on February 1 to N61.