"We Recorded N19bn Losses": Guinness Speaks on Reported Plan to Exit Nigeria After 74 Years
- Guinness Nigeria has said that it is still in business amid all odds faced in the country
- The CEO restated that the company is halting the importation of some products
- He said this would allow the company to be more efficient and enable product movement.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
The management of Guinness Nigeria Plc has stated that despite economic headwinds that harmed its businesses in the most recent operating year, the company managed to scrape by against all odds.
John Musunga, its managing director and CEO, spoke at a media session over the weekend at its corporate headquarters in Ogba, Lagos state.
The company's reaction followed an earlier report that it would stop importing some international premium spirits products from April 2024.
Source: Getty Images
Guinness is still in Nigeria
According to the Nation, in his opening remarks, Musunga dismissed rumours that company is planning to leave Nigeria.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
The company has been in the Nigerian market for 74 years. Speaking on this, Musunga said:
We’re part and parcel of the Nigerian economy, and we have no intention whatsoever to exit the country.
Musunga said the business constantly looks for what the Nigerian consumer market needs and that a solid R&D department supports this.
He said the company would continue to satisfy such needs.
Musunga lamented that due to huge forex exposure and the impact of the naira devaluation, the company made losses amounting to N19 billion.
But when we saw the results of other companies, we realised that our own N19 billion losses were not too bad because others made substantially large amounts in losses.
Musunga noted that the parent company, Diageo, which owns around 58% of Guinness Nigeria Plc, decided to alter how it distributed its spirits business, particularly imported spirits, which account for about 6% of its earnings.
He emphasised that the corporation is simply being innovative in how it markets worldwide spirit brands by utilising expertise to sell and develop those brands and not abandoning the spirit industry entirely as insinuated.
Guinness Nigeria Ex-Employee Takes Company to Court, Becomes N52.5 Million Richer
Legit.ng earlier reported that the National Industrial Court in Port Harcourt ordered the company to pay his former employee Bright Nwosu a total N52.45 million.
Nwosu, a former Sales Executive with Guinness Nigeria Plc in 2004, pursued legal action following the termination of his employment on September 18, 2019.
The lawsuit marked NICN/PHC/108/2019 was brought before Justice Nelson Ogbuanya.
Source: Legit.ng
