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Guinness Nigeria to Adopt New Distribution Model for Imported Brands 2025

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By Aduragbemi Omiyale

The implementation of a new distribution model for imported Diageo International Premium Spirit (IPS) brands like Johnnie Walker, Singleton, and Baileys will no longer be the 2024 fiscal year but the next, Guinness Nigeria Plc has disclosed.

The brewer had earlier said it was changing the distribution model of the importation of spirits produced by Diageo from this year due to some reasons.

Guinness Nigeria intends to separate the two businesses and had fixed April 2024 for the commencement of this.

However, in a statement on Tuesday, it said this has become unachievable because “the transition to the new arrangements” was taking longer than anticipated.

In view of this, it will “continue to import and distribute Diageo IPS products” until the transition process is completed, probably by 2025.

“Guinness Nigeria Plc and Diageo have, since the said announcement, taken preliminary steps towards the implementation of the business separation, which was initially scheduled to be completed by April 2024.

“However, the transition to the new arrangements is taking longer than expected, hence the April 2024 completion date is no longer feasible.

“Accordingly, Guinness Nigeria Plc hereby gives notice of the extension of the separation of the imported International Premium Spirit (IPS) brands from Guinness Nigeria Plc’s business to now become effective during the course of Guinness Nigeria Plc’s Financial Year 2025.

“This update is to advise that Guinness Nigeria Plc will continue to import and distribute Diageo International Premium Spirits products, including Johnnie Walker, Singleton, and Baileys and others which are imported under its 2016 Sale & Distribution Agreement with Diageo plc until the transition process is completed.

“We reiterate that the separation is in line with Guinness Nigeria’s long-term growth strategy, and Diageo Plc’s decision to establish a new, wholly owned spirits-focused business to manage the importation and distribution of its international premium spirits portfolio in West and Central Africa.

“Nigeria will serve as a key hub of that business,” parts of the statement signed by the company secretary, Mrs Abidemi Ademola, said.

Meanwhile, Guinness Nigeria said it remains a strong Nigerian company committed to ensuring that its strategic and operational activities deliver sustainable value to its stakeholders.

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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Economy

Bulls Tighten Grip on Nigerian Exchange With 0.48% Growth

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Nigerian Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated further by 0.48 per cent on Friday after market participants showed no signs of slowing down in their hunt for stocks with sound fundamentals.

During the session, all the key sectors of the bourse witnessed bargain-hunting activities, with the banking counter growing by 1.72 per cent.

Further, the insurance index expanded by 1.64 per cent, the industrial goods sector jumped by 0.77 per cent, the consumer goods industry rose by 0.11 per cent and the energy space also gained 0.11 per cent.

Consequently, the All-Share Index (ASI) increased by 502.88 points to 105,933.03 points from the 105,430.15 points it ended a day earlier, and the market capitalisation gained 0.47 per cent or N305 billion to settle at N65.592 trillion compared with Thursday’s N65.287 trillion.

A total of 37 equities ended on the gainers’ chart yesterday and 17 equities on the losers’ table, implying a strong investor sentiment and positive market breadth index.

Academy Press appreciated by 9.93 per cent to N2.99, Cadbury Nigeria also improved its value by 9.93 per cent to N29.35, Eterna rose by 9.90 per cent to N36.65, Livestock Feeds expanded by 9.85 per cent to N5.80, and UPDC soared by 9.75 per cent to N2.59.

On the flip side, Multiverse lost 9.95 per cent to close at N9.05, MeCure Industries shed 9.71 per cent to N12.55, NPF Microfinance Bank slumped by 7.94 per cent to N1.74, Learn Africa declined by 4.44 per cent to N4.30, and Tantalizers soured by 3.85 per cent to N2.00.

Investors transacted 468.2 million shares worth N13.2 billion in 12,612 deals on the last trading session of the week compared with the 537.2 million shares valued at N23.0 billion traded in 15,450 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 12.84 per cent, 42.61 per cent and 18.37 per cent, respectively.

The busiest stock for the day was Zenith Bank with a turnover of 108.8 million units worth N5.0 billion, Cutix traded 24.3 million units valued at N58.7 million, Access Holdings exchanged 23.6 million units for N657.7 million, Sterling Holdings transacted 22.8 million units valued at N136.0 million, and Fidelity Bank sold 20.4 million units worth N426.3 million.

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