Read what Guinness Nigeria MD has to say on company plans to leave Nigeria

• Guinness Nigeria Plc has addressed reports suggesting it is considering exiting Nigeria due to forex challenges
• These reports emerged after Diageo announced the sale of its majority stake in Guinness Nigeria to Tolaram
• The company's popular brands include Harp, Guinness, Johnnie Walker, Baileys, Smirnoff, Gordon’s Dry Gin, and Malta Guinness, among others

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Guinness Nigeria Plc has again reiterated that it has no plans to close its operation in Nigeria despite the economic challenges.

Adebayo Alli, Managing Director of Guinness Nigeria Plc, stated this in response to rumours of plans to close shop following Diageo's decision to sell its majority stake to Singapore-based conglomerate Tolaram.

Guinness Nigeria reteirates its commitment to do business. Photo credit: Brian Ach
Source: Getty Images

The rumours were also strengthened following reports of heavy forex losses.

Bloomberg, in a recent report, had said Guinness Nigeria's management complained that it was struggling to obtain dollars to pay back foreign currency loans.

Guinness Nigeria not closing shop

Despite the challenges, Alli noted that Guinness is improving and hailed the firm’s trade partners for their collaboration toward its objectives, which have sustained its growth.

Speaking at a two-day event to mark Guinness Nigeria's Trading Year 2024, which featured a conference/business meeting in Lagos, he applauded the partners for their doggedness despite the challenging economic climate, saying Guinness has continued to experience exponential growth.

The Nation reports that the MD also unveiled Guinness Nigeria’s new mission: “GN Transformed: Winning Differently,” allaying fears that it may leave Nigeria.

Alli said:

“We want to thank our partners for dedication to our business this past year. “We know it hasn’t been smooth sailing, but your support has sustained our growth. “Despite a challenging economic climate with inflation, currency issues, and lower consumer spending, Guinness Nigeria has grown.“Moving forward, we will work with our partners to create products for Nigerians…’’

Guinness Nigeria take over

Legit.ng previously reported that the Tolaram group took over Guinness Nigeria in a similar development.

The new buyer will continue producing Guinness major spirits brands and locally-made Diageo ready-to-drink.

The transaction is expected to be completed in Fiscal 2025, subject to obtaining all necessary regulatory clearances in Nigeria.

Source: Legit.ng