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Guinness Nigeria Debunks Exit Rumors, Announces New Growth Phase

June 15, 2024

 

 

 

Lagos, Nigeria – In response to recent speculations about its alleged departure from the Nigerian market, Guinness Nigeria Plc has firmly denied any plans to exit and emphasized its continued commitment to the country. In a press release issued yesterday, the company debunked what it called “false and malicious misinformation” circulating in the media.

Guinness Nigeria, a subsidiary of Diageo, has been a significant player in Nigeria’s economy since it began operations in April 1950. Over its 74-year history, the company has become deeply integrated into Nigeria’s cultural and economic landscape through substantial investments in infrastructure, employment, and community development 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,” the press release stated. The new partnership involves Tolaram Group acquiring a 58.02% majority stake in Guinness Nigeria, a move that the company believes will strengthen its position in the market.

Under this new arrangement, Guinness Nigeria will continue its operations without any adverse effects on jobs or factories. The company will maintain its status as a listed entity on the Nigerian Stock Exchange, continuing its prominence in the local beverage industry. The partnership aims to leverage Tolaram Group’s extensive expertise in manufacturing and distribution, promising a robust future for Guinness Nigeria.

Diageo’s strategy also includes the establishment of a wholly-owned international premium spirits company in Nigeria, highlighting its commitment to maintaining and expanding its operations across West and Central Africa, with Nigeria serving as a central hub.

As part of a long-term licensing and royalty agreement, Guinness Nigeria will keep producing and selling its iconic brands such as Guinness Foreign Extra Stout (FES), Guinness Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness. Additionally, Diageo’s MSS brands, including Smirnoff X1, Gordon’s Moringa, and Captain Morgan Gold Rum, will continue to be available to Nigerian consumers.

“We are excited to embark on this new chapter of growth and development in Nigeria,” the company concluded, expressing optimism about its future in the Nigerian market.

This press release comes as a reassurance to stakeholders and consumers alike, reaffirming that Guinness Nigeria is here to stay and is looking forward to a promising era of innovation and growth.

 

Credit: ChannelsTV

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