Mr Verlvede, according to a statement signed by Kufre U. Ekanem, Corporate Affairs Adviser of the company, Vervelde submitted his resignation letter to Nigeria breweries Board of Directors at a board meeting held on May 3, 2017.

According to the statement, “The Board accepted the resignation which will take effect on the 16th of June 2017 and has informed The Nigerian Stock Exchange of the development.”

The resignation, which is coming shortly after the company’s Annual General Meeting, has raised concerns among major stakeholders in the industry.

But the company said the resignation was in “anticipation of and preparatory to Vervelde’s assumption of a new role within the Heineken Group outside Nigeria.”

Vervelde, who had previously served on the Nigerian Breweries board as a Non-Executive Director, rejoined the board on August 1, 2010 as Managing Director/CEO.

Under his leadership, the company expanded its operations through the acquisition of additional breweries.

Through a twin agenda of cost leadership and market leadership supported by innovation, the company also expanded its portfolio of brands while equally focusing on internal efficiencies.

Nigerian Breweries has ensured a consistently good return on investment for its shareholders throughout Verlvelde’s tenure in spite of the recent challenges of the operating environm