Guinness Nigeria Plc has addressed recent rumours suggesting it intends to exit the Nigerian market.
In a newly released statement, the beverage company, established in Nigeria since April 1950, categorically dismissed these reports as false and malicious misinformation.
Speculation about Guinness Nigeria’s departure emerged following Diageo’s sale of its 58.02% majority stake to Tolaram Group, a Singaporean conglomerate.
Guinness Nigeria explained that the acquisition of the majority stake enables it to benefit from Tolaram Group’s significant expertise in manufacturing and distribution.
The company emphasized that it has no plans to leave the vibrant Nigerian market, reaffirming its commitment to its Nigerian operations and its readiness for a new era of growth and innovation.
The statement partly reads:
The company highlighted its steadfast dedication to Nigeria, demonstrated through significant investments in infrastructure, job creation, backward integration, and community development as well as social responsibility programs.
Guinness Nigeria also affirmed that it will continue to be listed on the Nigerian Stock Exchange, preserving its prominent position in the Nigerian beverage industry.
This would not be the first time the company has had to shut down rumours of its planned exit from Nigeria over poor revenue and reported forex losses.
Through a long-term license and royalty agreement, Guinness Nigeria will maintain the production and sale of all its iconic brands, such as Guinness FES and Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness, along with Diageo MSS brands like Smirnoff X1, Gordon’s Moringa, and Captain Morgan Gold Rum.
This ensures that consumers across the nation can continue to enjoy their favourite beverages.
Commenting on the matter, Anthony Obi, a Lagos-based stockbroker, told TimesNow.com.ng that Guinness Nigeria is unlikely to exit the country due to its deep-rooted market presence and significant investment.
He said:
In related news, TimesNow.com.ng reported that Guinness Nigeria Plc has announced new prices across significant product lines.
Olusanya Adesanya, the acting commercial director for Guinness Nigeria, faulted the prevailing economic realities for the implemented increase.
According to him, this has significantly impacted the costs of production materials and the cost of doing business.
Source: TimesNow.com.ng
