Guinness Nigeria PLC Refutes Relocation Plans

Guinness Nigeria PLC has debunked a report that it is moving its facilities to Ghana from Nigeria amid a harsh business environment in the West African Country.

Varying reports had disclosed earlier that the beer brand was moving out of Nigeria over the harsh realities of doing business in Nigeria. These reports claim that Nigeria’s harsh economic conditions that eventually stifles businesses are one of the major reasons for the move.

Keeping in mind the ongoing rise in fuel scarcity coupled with perpetual power blackout and collapsing national electricity grid, the reports claimed that Guinness PLC was now experiencing difficulties running their business hassle-free. The reports claimed that the beverage brand will sell its assets in Nigeria and move its headquarters to neighbouring Ghana.

Investors King recalls that earlier in the week, diesel, which is used to power most industrial power generators was sold as high as N540 per litre.

The reports also claim that while Guinness PLC may be leaving the country, it will still continue investing in the country.

However, responding to these reports, Guinness PLC has disclosed that the reports are not true. The beverage drink giant, which has operated in Nigeria for over 60 years, reacted to these reports making rounds on social media and some media publications in a press release addressed to the public.

Responding to the falsehood, Rotimi Odusola, the company secretary and corporate relations director, said “The attention of the management of Guinness Nigeria Plc has been drawn to some false, malicious, and misleading publications trending on some social media platforms, falsely alleging that Guinness Nigeria is relocating out of Nigeria and consequently planning to sell some assets. This falsehood is being irresponsibly circulated by faceless persons purporting to be property agents and unfortunately being amplified by some online news media without proper checks with the Management of the Company”

Rotimi expressed his disappointment in the way the report was circulating as he hinted that the company’s primary intention is to continue to work in service of Nigerians. “Guinness Nigeria Plc. certainly has no plans to exit Nigeria, contrary to the orchestrated false publication making the rounds. We are strong, stable, and deliver value to our esteemed stakeholders,” the statement reads in part.

While the report claiming the exit of the beer brand in Nigeria has been stamped as falsehood, it was coming at a time when the company had only recently posted its six-month unaudited financial statements. A financial statement that experts have tagged as an ‘impressive financial growth.’ The statement had shown that Guinness PLC’s operating profit grew by 266% to N13.6 billion, which represented one of the largest in the country for the period in review.