Nestle Nigeria Shareholders’ Funds Purportedly Wiped Out, Posts N104b loss in 2023

In developing stories, Nestle Nigeria Plc has reported a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion same time in 2022. This was indicated in the global company’s 2023 financial statement published on the NGX on Wednesday, 28th February 2024. Nestle reported a foreign exchange loss of N195 billion as the principal reason for the overall loss reported by the company. The losses also resulted in a wipeout of the company’s shareholder funds, which are now a negative N78 billion from N30.2 billion a year earlier. Making Nestle incapable of paying dividends based on the status of its shareholder’s funds.