See what Guinness Nigeria is saying about rumoured exit plan

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.

"Our business will continue": Guinness Nigeria speaks on alleged exit from Nigerian market
Source: UGC

Guinness Nigeria refutes exit speculations

Speculation about Guinness Nigeria's departure emerged following Diageo's sale of its 58.02% majority stake to Tolaram Group, a Singaporean conglomerate.

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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 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."

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.

Crucially, Guinness Nigeria affirmed that it will continue to be listed on the Nigerian Stock Exchange, preserving its prominent position in the Nigerian beverage industry.

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.

Source: Legit.ng