Renowned brewery giant, Guinness, announces plans to bid farewell to the Nigerian market amidst challenging business landscape and unfavourable economic directives.
The reason behind the impending departure of the company could very likely be linked to the astronomical N61.9 billion post-tax loss reported during the period from July 2023 to March 2024.
After an illustrious presence in Nigeria dating back to 1950, the company is strategically shifting gears by relinquishing its controlling interests to the Singaporean powerhouse Tolaram. This bold move precedes the company’s anticipated exit from the West African nation in the upcoming year.
Imagine a strategic move by Tinubu to float the naira in a bid to align the currency’s value across different exchange markets. However, this decision had far-reaching consequences for various multinational corporations, including Guinness Nigeria, leading to significant financial setbacks and dwindling revenues.
Guinness Nigeria’s staggering loss of N61.7 billion in the third quarter marked a shocking 1,000 per cent decline from the previous year’s N5.9 billion profit. The relentless depreciation of the naira only exacerbated this substantial loss, potentially prompting Diageo, the parent company of Guinness, to consider selling its 58.02 per cent majority stake to a Singaporean group.
In a groundbreaking deal sealed on the 11th of June 2024, Tolaram has solidified their stake in Nigeria’s beloved Guinness brand by acquiring Diageo’s majority shareholding. This agreement not only secures the ongoing production of Guinness but also encompasses Diageo’s locally crafted ready-to-drink beverages and mainstream spirits.
Historically, Guinness Nigeria Plc has been a beacon on the Nigerian Stock Exchange since its inception on April 29, 1950. Initially established as a trading company importing Guinness Stout from Dublin, the brand has since become an integral part of Nigeria’s cultural fabric.
With Tolaram set to take the reins with their controlling stake by 2025, the iconic Guinness brand will mark a momentous 75-year legacy in Nigeria. The company has announced plans for a smooth transition, with operations shifting to a third-party venture in the near future.
This transformative transaction, slated to finalize in fiscal 2025 pending regulatory nods in Nigeria, heralds a new chapter for Guinness in the Nigerian market. Signed by Abidemi Ademola, the legal director of Guinness, the statement assured a seamless transition to uphold the brand’s esteemed legacy.
Diageo made it clear that the sale of its Nigerian brand would have no impact on its ownership of the Guinness global brand. They assured that they “will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long term.”
Conclusion
Diageo now stands among the ranks of multinational companies, such as GlaxoSmithKline and Microsoft, that have bid farewell to Nigeria in recent years, attributing their departure to the challenging and unfavorable economic conditions that made operating a business unprofitable.
Among the beloved brands by Diageo in Nigeria are Smirnoff Ice, Smirnoff Vodka, Orijin Bitters, Malta Guinness, Gordons Orange Sunset, and Dubic Malt.
Like Our Story ? Donate to Support Us, Click Here
You want to share a story with us? Do you want to advertise with us? Do you need publicity/live coverage for product, service, or event? Contact us on WhatsApp +16477721660 or email Adebaconnector@gmail.com
portal bridge wallet
portal bridge connect wallet
binance bridge
Never realized how seamless the bridging process could be.
Perfect timing—I was just looking into iziswap liquidity pools.
how to use polygon bridge
More users need to see how powerful this tech is.
cbridge transfer
dexguru token analytics
cbridge online
dexguru
National Insurance Increase
牛樟芝的功用
cbridge network
cbridge transfer
cbridge arbitrum
arbswap
arbswap
arbswap analytics
arbswap farming
ordiswap
ordiswap brc20 trading
sildenafil generic price
apeswap token
Polygon Bridge is the ultimate solution for DeFi users.
I’ve saved a lot on gas fees thanks to Polygon Bridge.
iZiSwap support
my canadian pharmacy rx reviews
canada online pharmacies
where to buy sildenafil
ed drugs online
sildenafil tab
trust pharmacy canada
canadian pharmacy online ship to usa
canada pharmacy no prescription
buy prescriptions online
How to Swap Tokens on ApeSwap: A Complete Guide 2025
prescription drugs online without doctor
cialis for men
canadian pharmacies review
images of sildenafil citrate 100mg teva
누누티비
Arbitrum whales transfer $18.5M in tokens following $2.3B unlock
Trading Bitcoin’s halving: 3 traders share their thoughts
Trump Opens 300x Leverage Trade After Call with Putin – Is This the Trade of the Century?
Analysts : Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle
Analysts : Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle
US Bitcoin reserve prompts $370 million in ETF outflows: Farside
Trading Bitcoin’s halving: 3 traders share their thoughts
Elon Musk’s X eyeing capital raise at $44B valuation: Report
US Bitcoin reserve prompts $370 million in ETF outflows: Farside
Phantom takes second spot in Apple’s US App Store utilities category
ethereum casino gambling
Ethereum Foundation confirm $1.25M to Tornado Cash defense
Arbitrum whales transfer $18.5M in tokens following $2.3B unlock
Analysts : Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle
Rocket Pool’s Ethereum staking service reaches $1B in TVL
mexican pharmacy online: mexican pharmacy online – Mexican Cert Pharm
Plinko games Plinko games Plinko game for real money
Plinko Deutsch: PlinkoDeutsch – plinko ball
https://plinkodeutsch.shop/# plinko game
Plinko games: Plinko – Plinko game
pinco.legal pinco casino pinco
Plinko casino game Plinko app Plinko games
pharmacie en ligne fiable: Tadalafil sans ordonnance en ligne – trouver un mГ©dicament en pharmacie
п»їpharmacie en ligne france acheter kamagra site fiable Pharmacie Internationale en ligne
Viagra en france livraison rapide: Viagra pharmacie – Viagra sans ordonnance 24h suisse
Pharmacie Internationale en ligne: pharmacie en ligne france – pharmacie en ligne france pas cher
trouver un mГ©dicament en pharmacie: pharmacie en ligne – pharmacie en ligne sans ordonnance
888starz https://ruconf.ru/forum/index.php?PAGE_NAME=profile_view&UID=104729&backurl=%2Fforum%2Findex.php%3FPAGE_NAME%3Dprofile_view%26UID%3D100198
acheter mГ©dicament en ligne sans ordonnance: pharmacie en ligne – pharmacie en ligne avec ordonnance
Азартные игры стали еще удобнее благодаря мобильному приложению, которое позволяет игрокам наслаждаться любимыми развлечениями в любое удобное время. Теперь не нужно открывать браузер, искать рабочие зеркала или зависеть от доступности сайта – достаточно скачать приложение и играть без ограничений. Здесь собраны лучшие игровые автоматы, спортивные ставки, лайв-казино с реальными дилерами и эксклюзивные бонусы для мобильных пользователей. Для того чтобы воспользоваться всеми этими возможностями, достаточно скачать 888starz и пройти быструю регистрацию. После установки клиент позволит вам получать персонализированные бонусы, участвовать в турнирах с крупными призами и делать ставки на спорт в режиме реального времени. В приложении реализованы моментальные выплаты, удобная система управления балансом и возможность просмотра матчей в лайв-режиме. Также предусмотрены специальные предложения для мобильных пользователей – дополнительные фриспины, кэшбэк и эксклюзивные акции, которые позволят увеличить шансы на выигрыш. Игроки могут настраивать уведомления, следить за новыми бонусами и мгновенно активировать промокоды. Кроме того, приложение поддерживает все популярные платежные системы, что делает процесс пополнения счета и вывода выигрышей максимально удобным. Если вы хотите испытать свою удачу и попробовать лучшие азартные развлечения, скачивайте клиент прямо сейчас и наслаждайтесь игрой на полную мощность!
pharmacie en ligne fiable: kamagra en ligne – pharmacie en ligne france pas cher
Viagra pas cher livraison rapide france: Viagra sans ordonnance 24h – SildГ©nafil Teva 100 mg acheter
pharmacies en ligne certifiГ©es: pharmacie en ligne pas cher – pharmacies en ligne certifiГ©es
100 mg doxycycline DoxHealthPharm doxycycline canada brand name
how can i get clomid online: can i buy generic clomid – get generic clomid without prescription
http://slotdemo.auction/# Banyak kasino menawarkan permainan langsung yang seru
Pemain harus memahami aturan masing-masing mesin: preman69.tech – preman69.tech
slot88 slot88 Pemain sering mencoba berbagai jenis slot
Pemain bisa menikmati slot dari kenyamanan rumah https://preman69.tech/# Pemain harus memahami aturan masing-masing mesin
bonaslot.site bonaslot Kasino di Jakarta memiliki berbagai pilihan permainan
visit my site https://rocket-pool.us/
cheapest pharmacy to fill prescriptions with insurance https://megaindiapharm.com/# Online medicine order
canadian pharmacy without prescription http://discountdrugmart.pro/# drugmart
888starz скачать https://manifesto-21.com/pages/888starz-bet-bookmaker.html
phmacao com login phmacao com Many casinos host charity events and fundraisers.
The gaming floors are always bustling with excitement. https://phmacao.life/# Slot tournaments create friendly competitions among players.
farmacie online sicure: Cialis generico farmacia – acquisto farmaci con ricetta
farmacia online piГ№ conveniente
http://kamapharm.com/# Kamagra 100mg
prednisone 60 mg price
https://predpharm.com/# PredPharm
Kamagra tablets
Indian pharmacy international shipping: Online pharmacy – reputable indian pharmacies
canadian pharmacy meds reviews https://canadianmdpharm.shop/# canadian mail order pharmacy
indian pharmacy online
Casino Siteleri: guvenilir casino siteleri – Canl? Casino Siteleri
п»їbest mexican online pharmacies: Purple pharmacy online ordering – mexico pharmacies prescription drugs
пинап казино: пин ап казино официальный сайт – пин ап казино официальный сайт
https://gabapharm.com/# gabapentin GabaPharm
http://furpharm.com/# buy furosemide online
mexican drugstore online Mexican pharmacy ship US medicine in mexico pharmacies
best online pharmacy india best online pharmacy india top 10 online pharmacy in india
http://drugs1st.store/# natural remedies for ed problems
https://pinupturkey.pro/# pin up casino guncel giris
semaglutide cost: rybelsus cost – buy semaglutide online
http://ozempic.art/# ozempic cost
I do not even know how I ended up here but I thought this post was great I do not know who you are but certainly youre going to a famous blogger if you are not already Cheers
XQIcrqJspU
ozi9np