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    Rivers holds  thanksgiving service as emergency rule ends next week

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    FULL TEXT: Tinubu lifts Rivers state of emergency

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    Obi calls for immediate end to violence against Benue communities

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  • Welcome
  • Special reports
    • All
    • Unedited for the record
    Rivers holds  thanksgiving service as emergency rule ends next week

    Ibas makes final broadcast as he formally hands over to reinstated Rivers governor

    FULL TEXT: Tinubu lifts Rivers state of emergency

    FULL TEXT: Tinubu lifts Rivers state of emergency

    Nepal lifts social media ban after deadly protest

    Nepal lifts social media ban after deadly protest

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    UN strongly condemn Borno attack that claimed 63 lives, including soldiers

    PANDEF back Tinubu’s state police proposal

    PANDEF back Tinubu’s state police proposal

    Canada’s economy sheds over 60,000 jobs in August

    Canada’s economy sheds over 60,000 jobs in August

  • Metro News
    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    FCTA clears 1,000 shanties in Abuja district

    FCT set up committee to probe sales of FG houses, parks

    FCT set up committee to probe sales of FG houses, parks

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

  • Latest News
    • All
    • Crime watch
    Court restrains NUPENG, truck drivers from blocking roads, disrupting Dangote refinery

    Court restrains NUPENG, truck drivers from blocking roads, disrupting Dangote refinery

    UNICEF trains Kaduna officials on budget tracking for education

    UNICEF trains Kaduna officials on budget tracking for education

    Rivers holds  thanksgiving service as emergency rule ends next week

    Ibas makes final broadcast as he formally hands over to reinstated Rivers governor

    FULL TEXT: Tinubu lifts Rivers state of emergency

    FULL TEXT: Tinubu lifts Rivers state of emergency

    Osun JUSUN issues 3-day warning strike

    Osun JUSUN issues 3-day warning strike

    Zamfara establishes board for persons with disabilities

    Zamfara establishes board for persons with disabilities

    Trending Tags

  • Infotech
    NIMC partners online publishers to boost digital security through NIN enrollment

    NIMC partners online publishers to boost digital security through NIN enrollment

    Facebook set new monetization rules for creators who uses other people content

    Facebook set new monetization rules for creators who uses other people content

    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

  • World conflict & diplomacy
    Hamas accepts new Gaza truce plan – Official

    Hamas accepts new Gaza truce plan – Official

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

    Israel bombs Iran’s heavy water reactor, says state television

  • Security
    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Police, Omatekun, confirms the kidnap of seven farmers in Ondo

    Fear of attack grips Kwara NYSC over suspicious movements around camp

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

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Guinness joins other multinationals exiting Nigeria since Tinubu took office

Daily Intel Newspaper by Daily Intel Newspaper
June 11, 2024
ECONOMIC CRISIS: Nigerian Breweries records net loss of N106 billion
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Diageo, owner of Nigerian Guinness Plc on Tuesday announced it is exiting Nigeria following the sell of its controlling shares to Singaporean conglomerate, Tolaram Group.

In a statement by Abidemi Ademola, Guinness’s legal director, the Company said it has offloaded 58.02% of its controlling shares to Tolaram, signalling an end to its 75 year operations in Nigeria.

The statement said Guinness would leave Nigeria next year when it would hand over to the new owners.

“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 transaction is expected to be completed during fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria”.

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 such as GlaxoSmithKline and Microsoft that have left Nigeria in the last one year, citing harsh economic climate.

Some of Diageo’s popular brands in Nigeria include Smirnoff Ice, Smirnoff Vodka, Orijin Bitters, Malta Guinness, Gordons Orange Sunset, and Dubic Malt.

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 Company had in recent time introduced a number of measures, which includes upward adjustment of prices, staff retrenchment and posting, to curb the impact of inflation and high cost of operation.

Despite that, the company 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.

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