Guinness Nigeria denies rumours of market exit, announces new growth phase

By Innocent Raphael 

Guinness Nigeria Plc has firmly denied recent speculations suggesting the company plans to exit the Nigerian market. 

In a recent statement, the company emphasized its unwavering commitment to Nigeria and outlined plans for a new phase of growth and innovation.

Operating in Nigeria since April 1950, Guinness Nigeria has integrated deeply into the country’s cultural and economic landscape over its 74-year history. 

The company highlighted its significant investments in infrastructure, employment, backward integration, and community development initiatives as evidence of its dedication to the Nigerian market.

The company also announced a new partnership between Diageo and Tolaram Group, confirming that this collaboration will not affect any jobs or factories. Tolaram Group will acquire a 58.02% majority stake in Guinness Nigeria, which is expected to enhance the company’s manufacturing and distribution capabilities.

Despite this change, Guinness Nigeria asserts it will continue to be listed on the Nigerian Stock Exchange, maintaining its prominent position in the local beverage industry.

Diageo, the parent company, plans to establish a wholly-owned international premium spirits company in Nigeria to underscore its ongoing commitment to its operations in West and Central Africa, with Nigeria serving as a crucial hub.

Under a long-term license and royalty agreement, Guinness Nigeria will continue to produce and sell its popular brands, including Guinness FES, Smirnoff Ice, Orijin Bitters, and Malta Guinness, as well as Diageo’s premium spirits like Smirnoff X1, Gordon’s Moringa, and Captain Morgan Gold Rum.

The company further expressed enthusiasm for this new chapter, highlighting the potential for growth and development in the Nigerian market.

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