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Wobbling economy, inflation, force Guinness’ exit from Nigeria after 74 years
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By Kayode Sanni-Arewa
Guinness will join a long list of multinationals, like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate as making business unprofitable.
The brewery brand 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.
But the move backfired and caused many multinational companies to suffer huge financial setbacks including Guinness Nigeria whose N61.7 billion loss after tax in Q3 was a 1,000 per cent decrease from the N5.9 billion profit generated in the same period last year.
The loss exacerbated by the naira’s continued downward trend may have informed Diageo, Guinness’ parent company, to sell its 58.02 per cent majority stake to the Singaporean group.
“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 in a statement Tuesday.
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 Guinness brand has operated in Nigeria since 1950, but with Tolaram’s controlling stake acquisition expected to conclude by 2025, the global brewery brand will have spent 75 years in Nigeria.
In the statement, Guinness said the firm would leave Nigeria next year and hand over to a third-party venture.
“The transaction is expected to be completed during fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria,” said the statement signed by Abidemi Ademola, Guinness’s legal director.
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, like GlaxoSmithKline and Microsoft, that have left Nigeria in the last one to two years, citing the harsh economic climate as making business unprofitable.
Some of Diageo’s popular brands in Nigeria include Smirnoff Ice, Smirnoff Vodka, Orijin Bitters, Malta Guinness, Gordons Orange Sunset, and Dubic Malt.
News
Northern Bloodshed: Reps Minority Caucus Demands Tinubu’s Immediate Action
… commend recent increase in salaries of Armed Forces
By Gloria Ikibah
The Minority Caucus of the House of Representatives has called on President Bola Tinubu to take immediate and decisive action to end the worsening terrorism and banditry attacks across Northern Nigeria.
The caucus said the scale of killings and abductions had become intolerable, with Nigerians being attacked in their homes, farms, communities and places of worship.
In a statement signed by the Minority Leader, Rep. Fredrick Agbedi, and Spokesperson, Rep. Afam Victor Ogene, on Thursday, the caucus said the country needed more than condemnation after every attack.
“This is no longer a situation that can be addressed principally through statements of condemnation after every attack. Nigeria requires a sustained, coordinated and overwhelming security response,” it said.
The lawmakers cited recent attacks in Plateau, Niger, Sokoto, Kaduna, Katsina and Borno states, saying dozens of Nigerians had been killed while many others remained in captivity.
They urged President Tinubu to replicate on a larger scale the intelligence-led operation that secured the rescue of schoolchildren and teachers abducted in Oriire Local Government Area of Oyo State.
“We are calling on the President to lock down the affected theatres of operation, dominate the territory and sweep the forests, hideouts and criminal enclaves where terrorists and bandits operate.
“Such an operation must be intelligence-led, professionally executed and sustained until the criminal elements are neutralised and the abducted citizens rescued,” the caucus said.
The caucus clarified that its call for a lockdown was targeted at the operational areas of terrorists and bandits, rather than innocent Nigerians.
“We are not asking the President to lock down innocent Nigerians. We are asking the Commander-in-Chief to lock down the operational space of terrorists and bandits, deny them freedom of movement, cut off their supply lines and communications and deploy overwhelming force against those who have turned parts of the North into killing fields and centres of mass abduction,” it said.
The lawmakers also urged the President to visit Zamfara State and travel to Illela to engage directly with communities affected by insecurity.
“Nigerians need to see their President physically present in the places where their fellow citizens are being killed and abducted. Leadership in a national emergency requires visibility, courage and direct engagement,” they said.
On funding, the caucus asked the Federal Government to consider drawing $5 billion from the nation’s external reserves for an extraordinary security intervention if necessary.
“If funding is an issue, the government should draw $5 billion from the nation’s external reserves for an extraordinary national security intervention,” it said.
The lawmakers welcomed the recent increase in the salaries of members of the Armed Forces but urged Tinubu to immediately forward the necessary appropriation amendments and supplementary budget to the National Assembly.
“The welfare of our soldiers cannot be subjected to avoidable procedural delays when the nation is at war with terrorists and bandits,” the caucus said.
The Minority Caucus also called for the immediate release of former Kaduna State Governor, Mallam Nasir El-Rufai, alleging that his continued detention had taken on the character of political persecution.
“We therefore regard Mallam Nasir El-Rufai as a political prisoner and demand his immediate release.
“The fight against corruption must be a fight against corruption, not a fight against political opponents,” it said.
The lawmakers said Nigerians were tired of condolences and promises, demanding concrete action to protect citizens.
“Nigerians do not need more condolences; they need action. They do not need promises; they need security.
“President Tinubu has the constitutional authority, the military capacity and the national mandate to act. He must act now.
“The bloodshed in Northern Nigeria must stop. The abducted must be rescued. The terrorists and bandits must be defeated. And every Nigerian, regardless of where they live, must be able to sleep, farm, travel, worship and send their children to school without fear,” the caucus stated.”
News
Partial lunar eclipse expected to light up skies on Friday
Sky watchers across Africa and other parts of the world are expected to witness a partial lunar eclipse on Friday, according to the National Aeronautics and Space Administration.
The phenomenon, popularly known as a “blood moon,” will occur as the Moon passes through the Earth’s shadow, creating a striking reddish appearance during the eclipse.
NASA said the event will be visible in parts of the Americas, Europe, Africa and Western Asia between August 27 and 28, 2026.
According to the space agency, the eclipse will begin at 9:23pm Eastern Time when the Moon enters the outer region of the Earth’s shadow.
By 10:33pm ET, the Earth’s darker shadow will begin moving across the lunar surface, producing the appearance of a section of the Moon being gradually covered.
The eclipse is expected to reach its peak at about 12:12am ET, when more than 96 per cent of the Moon will be covered by the Earth’s shadow.
The celestial event will then gradually recede, with the Moon expected to completely leave the outer edge of the Earth’s shadow at about 3:01am ET.
NASA, in a notice published on its website, listed the August 27–28 event as a partial eclipse visible across the Americas, Europe, Africa and Western Asia.
News
ICPC reveals identities of four govt officials who aided ‘fake’ PFIPC
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed the identities of some civil servants who allegedly helped Adeniyi Adeyemi, the director-general of the now-disowned Presidential Foreign Intervention Promotion Council (PFIPC), to obtain government approvals and gain access to official financial and administrative systems.
This was contained in the ICPC interim investigation report on the PFIPC saga.
The findings by the ICPC revealed that Adeyemi was able to penetrate government structures through the help of forged documents and officials in several government institutions who processed its requests and facilitated approvals despite gaps in the required procedures.
Adeyemi began seeking formal recognition within government structures in November 2024 when he approached the Office of the Accountant-General of the Federation (OAGF) for an administrative code, self-accounting status and approval to open accounts with the Central Bank of Nigeria (CBN), supporting the applications with purported official documents, including an appointment letter, an establishment instrument, and a letter on State House letterhead allegedly signed by one Akanbi Adewale.Geographic Reference
However, ICPC investigators found that Akanbi Adewale did not exist. Forensic examination also showed that the letter attributed to him was signed by Adeyemi.
Despite these irregularities, the documents were used to process the applications.
According to Premium Times, the investigation probes the critical roles played by three civil servants in securing an authorised establishment and recruitment waiver for the PFIPC.Local News
The civil servants include Rose Achem, senior administrative officer to the director-general of the Budget Office of the Federation; Patricia Akhigbe, an assistant director in the Ministry of Budget and Economic Planning; and Mimi Abu, director of organisation design and development at the Office of the Head of the Civil Service of the Federation (OHCSF).
The findings revealed that Achem introduced Akhigbe to Abu as the head of human resources of the PFIPC, even though Akhigbe was an assistant director in the Ministry of Budget and Economic Planning.
The ICPC found that Achem, Akhigbe and Abu subsequently facilitated the purported council’s application for authorised establishment and recruitment waiver through the OHCSF.
Adeyemi, it was found, paid Akhigbe 500,000 naira during Easter in 2025. The payment was described in the evidence as a “thank you for your support.”
According to the anti-corruption agency, the authorised establishment was granted on the same day the three officials met.
No evidence existed that the PFIPC had formally applied for an authorised establishment and recruitment waiver. Instead, the three government officials proceeded with the approvals outside the required process.
The ICPC examined Abu’s role because her department is responsible for authorised establishment, manpower requirements and recruitment waivers for federal government organisations.
It said Abu oversees four units responsible for establishment and workforce planning, organisation design, job design and development, and rules and regulations.
The investigation found that Achem and Akhigbe met Abu on behalf of the PFIPC and presented what investigators described as forged establishment instruments and a forged appointment letter for Adeyemi.
Speaking to investigators, Abu reportedly described the controversial appointment letter, said to have been issued by the Chief of Staff to the President, as an “aberration”.Executive Branch
She added that she could not recall another government organisation presenting an appointment letter signed by the Chief of Staff.
The ICPC also examined the role of an official responsible for office allocation within the Office of the Secretary to the Government of the Federation (OSGF) named Aminu Abdullahi.
According to the ICPC findings, Abdullahi was responsible for coordinating the allocation of offices to political appointees within the OSGF.
Requests for office allocation are submitted to the Secretary to the Government of the Federation, processed through the Permanent Secretary, General Services Office, and subsequently referred to the Director, General Services, for necessary action.
It was gathered that a deputy director in General Services, Ibrahim Abdulkadir introduced Abdullahi to Adeyemi in March 2025 to guide the PFIPC ‘DG’ through the process of obtaining office accommodation at the Federal Secretariat after a request made on behalf of the PFIPC to the Economic and Financial Crimes Commission (EFCC) had not produced the expected result.
Investigators found that Abdullahi allocated offices previously occupied by the former Chief Economic Adviser to the President, Doyin Salami, at the Federal Secretariat Phase III for temporary use by the PFIPC without written approval.
An analysis of Abdullahi’s bank statement by Investigators showed that he received 3.25 million naira from Adeyemi in three tranches between March and November 2025.
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