By Adedapo Adesanya
Guinness Nigeria has said it is not exiting the Nigerian market after a British multinational alcoholic beverage company, Diageo, agreed to sell its 58 per cent majority shareholding in the company.
In a statement, Guinness Nigeria Plc said it “wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market.”
Last week, Guinness Nigeria entered a deal with Singapore-based Tolaram Group to acquire the 58 per cent stake but Diageo will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria in the long term.
It clarified that under the partnership announced, it will harness and leverage Tolaram Group’s extensive expertise in manufacturing and distribution.
Now, Guinness Nigeria, which commenced operations in April 1950, noted that, “Contrary to rumours being peddled on various media platforms, Guinness Nigeria remains firmly committed to its operations in Nigeria and is poised for a new phase of growth and innovation.”
“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.”
“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,” the statement further said.
The company explained that under a long-term license and royalty arrangement, Guinness Nigeria will continue to produce and sell all brands including Guinness FES and Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness as well as Diageo MSS brands like Smirnoff X1, Gordon’s Moringa and Captain Morgan Gold Rum.
“We are excited to embark on this new chapter of growth and development in Nigeria,” the 74-year-old company noted.
