Guinness Not Leaving Nigeria

Guinness Nigeria Plc says the company is not exiting the country contrary to reports to that effect.

A Singapore-based Tolaram Group recently acquired the 58 percent stake of the company from the original owner Diageo, a British multinational alcoholic beverage company, steering up controversy over whether Guiness is still interested in doing business in Nigeria.

Those making the suggestion said what is happening in the company has further added impetus to reports that multi-nationals are leaving the country due to the current unfavorable economic situation.

But in a statement on Sunday, Guiness described reported “plan to exit from the Nigerian market,” as “false/malicious misinformation”.

The statement said in part: “Contrary to rumours being peddled on various media platforms, Guinness Nigeria remains firmly committed to its operations in Nigeria and is poised for a new phase of growth and innovation.

“Our unwavering commitment to Nigeria is evident in the substantial investments in infrastructure, employment, backward integration and our community development and social responsibility initiatives.

“The recent announcement of the partnership between Diageo and Tolaram Group further reinforces unequivocally that Guinness Nigeria remains committed to Nigeria and has no intention of exiting the dynamic Nigerian market. Our business will continue strongly, and no jobs or factories will be adversely affected as a result of this new partnership.”

Instructively, Guiness Nigeria in January this year declared over N5 billion profit loss for the year ended December 2023. The company had blamed the loss on Nigeria’s foreign exchange problem.