A Nigerian-based brewing company, Guinness Nigeria PLC is set to leave Nigeria after a spell in the country for about 74 years as the incorporation sells its controlling shares to a Singaporean conglomerate, Tolaram Group.
This new development was announced on Tuesday, citing harsh conditions for operations and services.
The brewing service, since President Tinubu took office, recorded N61.9 billion loss after tax between July 2023 and March 2024.
The steady depreciation of the Nigerian currency affected the growth and elevation of the company across Nigeria.
“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.
According to Guinness Nigeria, the brand would be handed over to a third-party venture sometime next year.
“The transaction is expected to be completed during fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria,” the statement, signed by Guinness’s legal director, Abidemi Ademola read.
Tolaram group is a conglomerate based in Singapore. It is spread across Africa, Asia Europe and South America.
saharandaily