Guinness will join a long list of multinationals, like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate as making business unprofitable.
After operating in Nigeria since 1950 and enduring a torrid economic climate on the back of President Bola Tinubu’s administration, Guinness has announced it will exit the Nigerian market and sell off its controlling shares to Singaporean conglomerate Tolaram Group on Tuesday.
The brewery brand recorded a staggering N61.9 billion loss after tax between July 2023 and March 2024, just a few months after Mr Tinubu floated the naira in an effort to unify the currency’s value on the official and parallel foreign exchange markets.
But the move backfired and caused many multinational companies to suffer huge financial setbacks including Guinness Nigeria whose N61.7 billion loss after tax in Q3 was a 1,000 per cent decrease from the N5.9 billion profit generated in the same period last year.
The loss exacerbated by the naira’s continued downward trend may have informed Diageo, Guinness’ parent company, to sell its 58.02 per cent majority stake to the Singaporean group.
“Under the terms of an agreement signed today, 11 June 2024, Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands,” the company said in a statement Tuesday.
Guinness Nigeria Plc, a public limited liability company quoted on the Nigerian Stock Exchange, was incorporated on April 29, 1950, as a trading company importing Guinness Stout from Dublin.
The Guinness brand has operated in Nigeria since 1950, but with Tolaram’s controlling stake acquisition expected to conclude by 2025, the global brewery brand will have spent 75 years in Nigeria.
In the statement, Guinness said the firm would leave Nigeria next year and hand over to a third-party venture.
“The transaction is expected to be completed during fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria,” said the statement signed by Abidemi Ademola, Guinness’s legal director.
Diageo, however, stated that the sale of its Nigerian brand would not in any way affect its ownership of the Guinness global brand.
Diageo “will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long term.”
Diageo’s exit adds to a long list of other multinational companies, like GlaxoSmithKline and Microsoft, that have left Nigeria in the last one to two years, citing the harsh economic climate as making business unprofitable.
Some of Diageo’s popular brands in Nigeria include Smirnoff Ice, Smirnoff Vodka, Orijin Bitters, Malta Guinness, Gordons Orange Sunset, and Dubic Malt.
medication from mexico pharmacy
https://cmqpharma.online/# п»їbest mexican online pharmacies
buying prescription drugs in mexico online
п»їbest mexican online pharmacies: mexican pharmacy – mexican pharmacy
mexican drugstore online: mexico pharmacies prescription drugs – purple pharmacy mexico price list
https://canadapharmast.com/# best online canadian pharmacy
cheapest online pharmacy india: cheapest online pharmacy india – mail order pharmacy india
mail order pharmacy india: mail order pharmacy india – indian pharmacy
india pharmacy mail order: Online medicine order – п»їlegitimate online pharmacies india
https://foruspharma.com/# п»їbest mexican online pharmacies
mexico drug stores pharmacies: mexico pharmacies prescription drugs – buying prescription drugs in mexico
mexico pharmacy: mexican pharmaceuticals online – mexican pharmaceuticals online
reliable canadian pharmacy reviews: online canadian pharmacy – canadian pharmacy antibiotics
canadian pharmacy prices best mail order pharmacy canada canadian pharmacy 24 com
safe canadian pharmacy: canadian world pharmacy – canadian pharmacy 365
https://indiapharmast.com/# online shopping pharmacy india
mexican pharmacy: mexican rx online – medicine in mexico pharmacies
https://ciprodelivery.pro/# п»їcipro generic
buy amoxicillin over the counter uk: amoxicillin 500mg capsules uk – buy amoxicillin without prescription
http://ciprodelivery.pro/# cipro ciprofloxacin
http://clomiddelivery.pro/# where to buy cheap clomid online
can i buy cheap clomid price: buy generic clomid without prescription – where to buy cheap clomid
http://doxycyclinedelivery.pro/# doxycycline 50 mg india
http://ciprodelivery.pro/# buy ciprofloxacin over the counter
amoxicillin buy no prescription: can i purchase amoxicillin online – medicine amoxicillin 500mg
https://clomiddelivery.pro/# cost cheap clomid without insurance
paxlovid india: paxlovid for sale – paxlovid covid
https://ciprodelivery.pro/# ciprofloxacin order online
https://doxycyclinedelivery.pro/# doxycycline uk pharmacy
prescription for amoxicillin: generic amoxicillin cost – how much is amoxicillin prescription
http://amoxildelivery.pro/# amoxicillin 500 mg without a prescription
can i buy cheap clomid tablets: can you buy clomid without insurance – where to buy clomid tablets
paxlovid cost without insurance: paxlovid buy – Paxlovid buy online
http://mexicandeliverypharma.com/# pharmacies in mexico that ship to usa
mexican mail order pharmacies: medication from mexico pharmacy – buying prescription drugs in mexico
mexican pharmaceuticals online: buying prescription drugs in mexico online – buying prescription drugs in mexico
mexico drug stores pharmacies: medicine in mexico pharmacies – mexican online pharmacies prescription drugs
mexican rx online: mexico drug stores pharmacies – mexican mail order pharmacies
mexican drugstore online mexican border pharmacies shipping to usa mexico drug stores pharmacies
buying prescription drugs in mexico online: mexican rx online – mexico drug stores pharmacies
pharmacies in mexico that ship to usa: mexico drug stores pharmacies – medicine in mexico pharmacies
https://mexicandeliverypharma.online/# mexico drug stores pharmacies
п»їbest mexican online pharmacies: purple pharmacy mexico price list – best online pharmacies in mexico
mexican drugstore online buying prescription drugs in mexico mexico drug stores pharmacies
mexican pharmaceuticals online: buying prescription drugs in mexico – mexican pharmaceuticals online
reputable mexican pharmacies online: buying prescription drugs in mexico online – pharmacies in mexico that ship to usa
mexico pharmacy purple pharmacy mexico price list buying from online mexican pharmacy
mexican border pharmacies shipping to usa: п»їbest mexican online pharmacies – mexican mail order pharmacies
best online pharmacies in mexico: medication from mexico pharmacy – buying prescription drugs in mexico online
mexico drug stores pharmacies: mexico drug stores pharmacies – mexican border pharmacies shipping to usa
pharmacies in mexico that ship to usa mexican mail order pharmacies medication from mexico pharmacy
buying prescription drugs in mexico: buying from online mexican pharmacy – reputable mexican pharmacies online
best online pharmacies in mexico: mexican drugstore online – pharmacies in mexico that ship to usa
reputable mexican pharmacies online: mexico pharmacies prescription drugs – reputable mexican pharmacies online
mexican drugstore online: medication from mexico pharmacy – mexican drugstore online
buying from online mexican pharmacy: mexican drugstore online – mexican rx online
mexico drug stores pharmacies: mexican border pharmacies shipping to usa – best online pharmacies in mexico
best online pharmacies in mexico: mexican online pharmacies prescription drugs – medication from mexico pharmacy
mexican border pharmacies shipping to usa: mexican pharmaceuticals online – mexican mail order pharmacies
reputable mexican pharmacies online: mexican drugstore online – buying from online mexican pharmacy
buying prescription drugs in mexico online: mexico pharmacies prescription drugs – mexico drug stores pharmacies
п»їbest mexican online pharmacies: buying prescription drugs in mexico – mexican drugstore online
purple pharmacy mexico price list: mexican rx online – mexico drug stores pharmacies
mexico drug stores pharmacies: mexican pharmaceuticals online – mexican pharmaceuticals online
mexico drug stores pharmacies: pharmacies in mexico that ship to usa – mexico drug stores pharmacies
medicine in mexico pharmacies: best online pharmacies in mexico – reputable mexican pharmacies online
mexico drug stores pharmacies: purple pharmacy mexico price list – pharmacies in mexico that ship to usa
mexican pharmaceuticals online: п»їbest mexican online pharmacies – mexican drugstore online
medication from mexico pharmacy: reputable mexican pharmacies online – mexico pharmacies prescription drugs
reputable mexican pharmacies online: reputable mexican pharmacies online – mexican rx online
mexican online pharmacies prescription drugs: mexican mail order pharmacies – mexican drugstore online
mexican online pharmacies prescription drugs purple pharmacy mexico price list mexican border pharmacies shipping to usa
mexico drug stores pharmacies: medication from mexico pharmacy – reputable mexican pharmacies online
mexican mail order pharmacies: mexico drug stores pharmacies – mexico drug stores pharmacies
buying prescription drugs in mexico: mexican pharmaceuticals online – mexican online pharmacies prescription drugs
pharmacies in mexico that ship to usa: mexico drug stores pharmacies – purple pharmacy mexico price list
mexican rx online: mexican online pharmacies prescription drugs – п»їbest mexican online pharmacies
medication from mexico pharmacy: mexico drug stores pharmacies – purple pharmacy mexico price list
mexican border pharmacies shipping to usa: п»їbest mexican online pharmacies – best online pharmacies in mexico
mexican mail order pharmacies: mexican rx online – buying from online mexican pharmacy
mexican mail order pharmacies: mexican online pharmacies prescription drugs – mexican mail order pharmacies
mexican pharmaceuticals online: mexico drug stores pharmacies – п»їbest mexican online pharmacies
mexican border pharmacies shipping to usa: mexican drugstore online – mexican online pharmacies prescription drugs
nolvadex gynecomastia nolvadex vs clomid tamoxifen and antidepressants
generic propecia no prescription: buying cheap propecia online – cost of generic propecia
https://prednisonebestprice.pro/# over the counter prednisone cream
https://propeciabestprice.pro/# order cheap propecia pills
can i buy prednisone from canada without a script prednisone pill prices buy prednisone tablets online
tamoxifen and grapefruit: п»їdcis tamoxifen – tamoxifen 20 mg
http://nolvadexbestprice.pro/# tamoxifen citrate
http://propeciabestprice.pro/# buy propecia without rx
cytotec abortion pill buy cytotec in usa buy cytotec over the counter
tamoxifen headache: nolvadex 10mg – nolvadex during cycle
http://cytotecbestprice.pro/# cytotec buy online usa
http://propeciabestprice.pro/# propecia
home generic propecia prices cost cheap propecia
1250 mg prednisone: buy prednisone online no prescription – prednisone 40mg
Cytotec 200mcg price: Cytotec 200mcg price – cytotec online
tamoxifen chemo: where can i buy nolvadex – tamoxifen lawsuit
https://nolvadexbestprice.pro/# tamoxifen hair loss
tamoxifen premenopausal: tamoxifen dose – tamoxifen rash
buying prednisone on line: prednisone pack – can i purchase prednisone without a prescription
tamoxifen buy: generic tamoxifen – low dose tamoxifen
http://nolvadexbestprice.pro/# tamoxifen effectiveness
where can i buy zithromax capsules: generic zithromax azithromycin – zithromax purchase online
tamoxifen endometrium: does tamoxifen cause menopause – tamoxifen reviews
farmacie online sicure: kamagra gel prezzo – farmacie online affidabili
acquisto farmaci con ricetta: kamagra gel – Farmacie on line spedizione gratuita
Farmacie on line spedizione gratuita: Avanafil prezzo – farmacie online affidabili
http://cialisgenerico.life/# Farmacie online sicure
pillole per erezione in farmacia senza ricetta: viagra farmacia – miglior sito dove acquistare viagra
Farmacia online piГ№ conveniente: Cialis generico prezzo – farmacie online autorizzate elenco
farmacia online: Farmacie on line spedizione gratuita – Farmacie online sicure
https://viagragenerico.site/# viagra pfizer 25mg prezzo
comprare farmaci online all’estero: Farmacie online sicure – migliori farmacie online 2024
miglior sito dove acquistare viagra: viagra online – viagra pfizer 25mg prezzo
https://cialisgenerico.life/# acquistare farmaci senza ricetta
farmacie online autorizzate elenco: Farmacia online piu conveniente – farmacia online piГ№ conveniente
viagra for women: Viagra without a doctor prescription – buy viagra pills
https://tadalafil.auction/# whats better cialis or viagra
cialis nex day delivery uk: cialis online paypal – cialis in melbourne
http://tadalafil.auction/# cialis cheap free shipping
buy medicines online in india: Online pharmacy USA – buy prescription drugs from india
http://indiapharmacy.shop/# п»їlegitimate online pharmacies india
erectile dysfunction medicine online
http://indiapharmacy.shop/# buy medicines online in india
low cost ed medication: Cheapest online ED treatment – cost of ed meds
http://edpillpharmacy.store/# cheapest ed medication
ed meds online
erectile dysfunction medicine online: Cheap ED pills online – online ed treatments
https://indiapharmacy.shop/# top 10 online pharmacy in india
https://indiapharmacy.shop/# indian pharmacies safe
erectile dysfunction pills for sale
buying from online mexican pharmacy: mexican pharmacy – mexican online pharmacies prescription drugs
http://mexicopharmacy.win/# medication from mexico pharmacy
what is the cheapest ed medication: Cheapest online ED treatment – ed medicines
п»їbest mexican online pharmacies: mexico pharmacy win – п»їbest mexican online pharmacies
reputable indian online pharmacy: Cheapest online pharmacy – online shopping pharmacy india
mexican pharmaceuticals online: Medicines Mexico – purple pharmacy mexico price list
https://mexicopharmacy.win/# pharmacies in mexico that ship to usa
best online pharmacy india: Online pharmacy – top 10 pharmacies in india
https://mexicopharmacy.win/# buying prescription drugs in mexico online
mexico pharmacies prescription drugs: mexican pharmacy – best online pharmacies in mexico
online pharmacy india: Top online pharmacy in India – indian pharmacy
http://edpillpharmacy.store/# online ed pills
ed meds online: Best ED meds online – ed drugs online
https://indiapharmacy.shop/# cheapest online pharmacy india
get ed meds online: Cheapest online ED treatment – online prescription for ed
best online pharmacy india: Cheapest online pharmacy – indian pharmacy paypal
http://edpillpharmacy.store/# what is the cheapest ed medication
indianpharmacy com: Online medicine home delivery – indian pharmacy online
buy medicines online in india: indian pharmacy – online shopping pharmacy india
lipitor 20 mg: Atorvastatin 20 mg buy online – cheapest generic lipitor
generic lipitor online: cheapest ace inhibitor – lipitor 200 mg
tamoxifen medication: buy tamoxifen online – nolvadex 10mg
lipitor generic: Atorvastatin 20 mg buy online – lipitor 40mg
lasix tablet: furosemide 40 mg – furosemide 100 mg
prinivil 10 mg buy lisinopril 50mg lisinopril
Abortion pills online https://cytotec.pro/# Abortion pills online
lasix uses
http://easyrxindia.com/# online shopping pharmacy india
buying from canadian pharmacies: canadian pharmacy online ship to usa – canada online pharmacy
reputable mexican pharmacies online: reputable mexican pharmacies online – mexican rx online
https://slotsiteleri.bid/# deneme bonusu veren siteler
sweet bonanza slot demo: sweet bonanza demo turkce – sweet bonanza slot demo
http://slotsiteleri.bid/# slot siteleri guvenilir
http://denemebonusuverensiteler.win/# bonus veren siteler
https://denemebonusuverensiteler.win/# bonus veren siteler
https://slotsiteleri.bid/# bonus veren slot siteleri
1xbet скачать: 1хбет зеркало – 1xbet официальный сайт мобильная версия
http://vavada.auction/# казино вавада
пин ап казино: pin up – пин ап казино вход
1хбет зеркало зеркало 1хбет зеркало 1хбет
1вин официальный сайт: 1win вход – 1вин сайт
http://pin-up.diy/# пин ап вход
1вин сайт: 1вин официальный сайт – 1win
https://1win.directory/# 1win официальный сайт
pin up казино: пин ап зеркало – пин ап казино
https://pin-up.diy/# пин ап казино вход
вавада зеркало: вавада зеркало – вавада