Guinness denies exiting Nigeria

Guinness Nigeria Plc has refuted recent speculations that it plans to exit the Nigerian market.

Recent reports of Tolaram Group’s acquisition of a 58.02% majority stake in Guinness Nigeria have sparked misconceptions about the company’s exit.

The company, however, in a statement on Saturday, dismissed the rumours, stating that it remains committed to the Nigerian market and has no intention of exiting the dynamic Nigerian market.

Guinness also confirmed Tolaram’s 58.02% majority stake, stating that the partnership will allow them to tap into and leverage Tolaram Group’s extensive manufacturing and distribution expertise.

Guinness added that it will retain its status as a listed company on the Nigerian Stock Exchange, maintaining its prime status in the Nigerian beverage industry.

“Since commencing operations in April 1950, Guinness Nigeria boasts of a proud and eventful 74-year legacy intricately woven into Nigeria’s cultural and economic fabric,” Guiness said.

“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.

“Under the partnership announced, Tolaram Group will acquire a 58.02% majority stake in Guinness Nigeria, enabling us to harness and leverage Tolaram Group’s extensive expertise in manufacturing and distribution.

“Importantly, Guinness Nigeria will retain its status as a listed company on the Nigerian Stock Exchange, maintaining its prime status in the Nigerian beverage industry. Diageo’s establishment of a wholly-owned international premium spirits company in Nigeria is also a noteworthy demonstration of its continuing dedication to sustaining its operations across West and Central Africa, with Nigeria as a pivotal operational hub.”