Guinness Reaffirms Confidence in Nigerian Economy, Denies Leaving

March 12, 2022
guinness nigeria ogba

By Dipo Olowookere

One of the leading beer makers in the country, Guinness Nigeria Plc, has rubbished reports in the media that it plans to offload some of its assets in preparation for an alleged relocation.

In a statement on Friday, the brewer said the reports are not only false and malicious but also misleading because they are “not in tandem with our well-publicised investment and expansion drive.”

Guinness Nigeria said in late 2021, it reaffirmed its long-term strategic expansion plans in Nigeria with the acquisition of an additional 25-acre commercial property in the Ogba industrial area of Lagos and that such would not have happened if it was planning to relocate from the country.

It also stressed that the commissioning of the additional production line worth $5 million at the Ogba brewery was an affirmation of its desire to serve its revered consumers and create “more job opportunities for Nigerians.”

The brewery giant, therefore, reaffirmed its confidence in the Nigerian economy, promising to “remain a major player in the country by continually investing, developing capabilities, growing brands that most suit the consumers’ needs; and contributing positively to lives, communities and the environment.”

According to the company, the business environment in Nigeria has supported its growth trajectory as reflected in its recently-announced half-year unaudited financial result for the 6 months ended December 31, 2021, where the operating profit grew by 266 per cent to N13.6 billion.

Business Post reports that recently, there were rumours that Guinness Nigeria was putting up its Lagos facility for sale because of its alleged plan to quit the country.

The firm said this information was being “circulated by faceless persons purporting to be property agents and unfortunately being amplified by some online news media without proper checks with the management of the company.”

But Guinness Nigeria has emphasised that it has no plans to exit Nigeria because “we are strong, stable, and delivering value to our esteemed stakeholders,” urging its “shareholders, employees, stakeholders, and members of the public to ignore the false, malicious, and misleading publication in whatever form as it never emanated from the management of Guinness Nigeria Plc.”

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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