Guinness Debunks Closure Rumors in Nigeria

Guinness denied closing down business in Nigeria

Guinness Nigeria debunks shutdown rumors: brewing firm denies closure Plans Amid forex crisis, reaffirms commitment to Nigerian market

Guinness Nigeria Plc, a renowned brewing firm and Diageo subsidiary, has dismissed claims that it intends to halt operations in Africa's largest market. However, these unconfirmed accusations are most likely related to the recent departure of numerous multinational corporations from Nigeria, which they have blamed on limited access to foreign exchange, exacerbating an already difficult working climate. 

In a statement denying these false rumors, the major brewer stated: “The management of Guinness Nigeria PIc has been made aware of reports from some blogs and online media platforms incorrectly claiming that the company may be shutting down operations in Nigeria, allegedly due to the impact of some reported forex losses in recent times.

“It is important to clarify that this publication and the sensational headlines being circulated by these blogs and online media platforms are baseless and misleading. Guinness Nigeria has not made any such erroneous communication nor shared any statement that could lead to such inaccurate conclusions.

“The management of Guinness Nigeria Plc. hereby categorically states that Guinness Nigeria has no plans to shut down its operations in Nigeria, contrary to orchestrated false allegations making the rounds. We find these claims misleading and mischievous.”

Further, the business noted that the prevailing forex crisis in Nigeria is a difficulty that Guinness Nigeria, like any other organization, is encountering but courageously conquering.

“As a company, we remain strong, stable, and will continue to deliver value to our esteemed shareholders, meeting the needs of our dear consumers, while providing opportunities to our valued employees. Guinness Nigeria strongly believes in the resilience of the Nigerian economy, and we look forward to a recovery supported by the measures being taken by both the government and the company, having a positive impact on consumers, communities, and the environment, just as we have done over the past seventy years of operations in Nigeria.

“We urge our employees, stakeholders, and members of the public to ignore any misleading publications that did not originate from Guinness Nigeria PLC.”

It is worth noting that the widely unverified allegations that Guinness Nigeria was intending to shut down operations may have sprung from a recent Bloomberg piece. 

According to this article, the company's management has acknowledged difficulty in obtaining dollars to settle foreign-currency loans. In that report, Guinness Nigeria's Finance and Strategy Director, Emmanuel Difom, stated: “We want to pay off the loans but can't at present owing to dollar shortage. If liquidity improves, our plan is to actually pay off everything we owe on hard currency to reduce our vulnerability. We have sufficient cash in naira to pay off, and all we need is access to hard currency.”