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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.

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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.

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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.

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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.

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Naira Rebounces Against Dollar – Saturday, May 10, 2025

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By Kayode Sanni-Arewa

On Saturday, May 10, 2025, the naira is exchanging for ₦1,618 to 1 US dollar at the parallel market (black market) in Nigeria.
This reflects the current rate at which individuals are trading dollars for naira outside of official financial institutions.

This means that for every one dollar, you can get the equivalent in naira of ₦1,618 on May 10, 2025, showing a slight improvement compared to the previous day, indicating a bit more relief for the naira against the dollar.

Saturday, May 10, 2025, records a minor upward movement in the exchange rate, suggesting a brief gain in stability for the local currency among those trading in foreign exchange.

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The black market rate represents the value at which individuals can trade their dollars for naira outside official exchange channels, where the currency’s value is largely driven by supply and demand dynamics rather than government regulation.

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government and reflects a more immediate, fluctuating market response.

Today’s exchange rate has slightly improved compared to yesterday, Friday, May 9, when the naira exchanged at ₦1,627 per dollar. (This means the naira gained a bit of value in the past 24 hours, possibly due to increased dollar availability or improved forex supply conditions.)

The value of a country’s currency is determined by aggregate supply and demand, influenced by factors such as national interest rates, inflation, capital flow, and the overall money supply.

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These forces, both internal and external, affect the strength of a nation’s currency and contribute to exchange rate fluctuations. The most common method to assess a currency’s value is through exchange rates. The two main exchange rate systems are the fixed rate and the floating rate systems, with the parallel market rate offering a real-time reflection of currency trends.

Investors and market participants closely monitor parallel market rates for a more immediate and practical reflection of currency trends, often making it a reliable indicator of short-term shifts in economic conditions

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How doctor stole one of my twins during birth, Abuja housewife narrates nasty experience

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By Kayode Sanni-Arewa

When she was told sometime in April 2021,during her ante-natal registration at Divine Rain Maternity Clinic, that she was carrying a twin pregnancy,32-year old Mrs Eunice Bright Ekwok’s joy knew no bounds.

For,she only paused momentarily to contemplate how she would be able to cope in raising the expectant babies with her husband, Bartholomew Bright Ekwok, who had no stable income job.

Since she has been told her fate,Mrs Ekwok demanded for a copy of the scan result to take home but the doctor,Timothy Zeje blatantly turned it down, He told her the rule in the hospital forbids that, insisted that the result can only be put in her file in the hospital.

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She got home and disclosed what she had been told in the hospital by the doctor to her husband. At first,the husband wanted evidence for what he had just heard and so,he asked the wife to present the scan result. When she could not present it and instead told her husband the rule of the hospital, the 34-year old wanted to rush to the private medical facility to meet the doctor for an explanation. But his wife’s insistence that it wasn’t necessary to pursue the scan result made him suspend his action. They later prayed about the doctor’s disclosure and resigned to fate. With this,Mrs Ekwok started preparing herself towards the day she would give birth.

Each time she went for a follow-up check at the hospital, located at Sauka area of Abuja,the expectant twin mother would engage the medical doctor of how she was happy for the news he broke to her earlier about the status of her pregnancy. She had no inclination that she would unknowingly share her twins with the doctor who had been married for years without a child in the union. Ahead of hospital plans,he told Mrs Ekwok that her wife was pregnant and she could have conceived almost the same time with her.

When the pregnancy was due,Mrs Ekwok gave birth in the hospital through a cesarean section,though in an unconscious state. Neither the husband nor any of her relatives was in the labour room during the session,it was only the doctor and the hospital’s nurses.

The middle age woman,narrating the heart-rending experience,said some hours after she regained consciousness,she was only handed one baby instead of two since she was carrying a twin pregnancy. When she requested to see her other child,she was informed by the doctor that the other twin didn’t survive birth.

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“I told the doctor that I would like just to see how the dead child look like or his bones but he refused, They told me that my baby is dead and scattered. Okay, where are the pieces and where are the bones? I asked but they couldn’t give me an explanation. Instead, they were saying why would I not be grateful for the one that survived birth and rather be asking for another baby when we were a poor couple and could barely take care of the one we have. We let go the issue at the time,”she said,sobbing.

When Mrs Ekwok went back to the hospital for check on there wound that arose from the cesarean section, she requested to see her file but she was told her File had since been burnt even as she was seeing a heap of patients’ files in one of the offices.

“When I told them I wanted to see where it was burnt and the ashes since they claimed it was just few days they did it, they asked me to go behind the building and when I got there, there was nothing suggesting that they had burnt anything. I returned to ask them why should it be only my file they would burn out of the many others in tne hospital? They couldn’t say anything.

As God would intervene for the couple to see one of their alleged lost twin sons,on one faithful day she had gone to a nearby general hospital for a routine immunization,Mrs Ekwok met her alleged son in someone’s care.

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She explained that as she made to return home after being attended to, she saw the wife of the medical doctor of the hospital she gave birth coming into the facility for immunization. When she approached her for greeting,Mrs Ekwok saw that the baby the doctor’s brought was a spitting semblance of her own baby-same dreadlock and everything! She couldn’t identify between her child and the one the doctor’s wife brought in for immunization except how they were dressed.

Shocked, Mrs Ekwok,paused and reflected. She remembered that she had delivered of her child in a hospital owned by the woman’s husband. She also did not forget that she had twin pregnancy but saw only one baby after delivery. Although she was told the other child ‘scattered ‘ during birth. She became curious to know more about the child in the hand of the doctor’s wife.

“That fateful day, I went for immunization at AMAC Hospital at Besan. After they gave my baby the injection, I wanted to go home,so I was trying to put my baby on my back and immediately saw the wife of the doctor where I gave birth coming into the hospital with one of her brothers. They were bringing their children for immunization. When I saw the baby they brought, I was like, what is happening here?

The baby in my hand looked exactly like the one in their hand. I said ‘I’m so confused.’ I didn’t even know what to do again,so I greeted them and she sat down. And since it was a heat period, I asked her to remove the baby’s cap because the heat was too much. She removed the cap,I became confused the more because of the spitting semblance of the child and my baby. They have same leg, same face, same dada (dreadlock, same everything. I said ‘what is going on here’ to myself. I now concluded that my earlier intuition that my twin baby was taken away at birth and not dead as told by the doctor,”she narrated.

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But instead of raising alarm alerting people at the immunization facility to her claims that she had found her missing child, Mrs Ekwok took to a Plan B option. She would find out the home of the couple in possession of her ‘twin baby’ and become a regular visitor there.

How would she do it perfectly? She confided in her husband and they hatched a plan. Following this, she went tto the doctor’s home with two of her wrappers (clothes),pretending that things had not been fine with them financially and begged that they buy the material from her as their way of assisting her family. Mrs Ekwok became a regular visitor to the doctor’s house unknown to her host that her guest was on a mission to uncover the truth about their supposed baby.

But this was when peace began to elude the doorstep of the Ekwoks,because in several attempts to find out more about the child’s origin, she and her husband have been taken to police stations and detained,taken to court and sent to prison and even openly tortured and accused of attempting to steal a child.

In all the places they have been taken to,they continued to lay claim to the parenthood of the child, insisting on conduct of a DNA to prove their case but the police allegedly, through the influence of the doctor and his wife,have blatantly turned down their request and instead, been trying to prosecute them in court for theft.

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“Insisting that the child who is over two years now is theirs,the couple,called on authorities and the public to intervene so their request for a DNA can be conducted for the child in contention.

Contacted to speak on allegation by Mrs Ekwok, the accused, the doctor refused, explaining that his action was because the case was already being handled by the police, adding that it had been taken to court.

He,however, directed Vanguard to the Force Intelligence Department Abuja for more details.

“The case is already being handled by the police and it has been taken to court. If you have to investigate more about the matter,the best place to go is the Force CID,”he said.

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The Nigerian Medical Association, NMA,an umbrella body of practicing medical practitioners said even as the allegation was raised over a year ago, it had not been formally brought to its attention.

Spokesperson of the Abuja branch of NMA, Dr Bature Mannir,told Vanguard that he had just heard about it ,asking for time to confirm from the chairmen if such a complaint had been brought to his table. But at the time of filing this report, he was yet to respond.

Think Cross River calls for justice,vows no son of the state ‘ll be hijacked by anybody

Reacting to the development, Think Cross River, an initiative that aims to forster unity,responsibility and collective ownership among Cross Riverians, has called for justice to prevail.

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The group vowed to pursue the case to its logical end ,ensuring that the child was reclaimed by his alleged biological parents.
The initiator of Think Cross River, Papa Dom Cklamz Enamhe, told Vanguard that no child of the state’s origin would be allowed to be taken away by anybody under any guise.

Enamhe, who is also the convener of Who is Who platform of Northern Cross River,said:” Mr. Bartholomew Bright-Ekwok is from Cross River State. We just got to know about the story and we have moved in.”

The elder statesman said:”We will not allow any child of Cross River extraction go out. We will not stand and watch anybody intimidate any Cross Riverian. I have briefed the governor and he is on his foot on this. The senators from Cross River State extraction are all on the same case.

“No one child of Cross River extraction will be taken anywhere. We will get back the child. We will have DNA. We will go to court. We will do the right things. We, as a community, have resolved that this matter will be sorted out properly.

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“Our child will return to the immediate family and will be back home. Poverty is not a crime. No Nigerian has a right to intimidate anybody because he is richer or because by any means, he is a professional.

“If I come to your hospital to give birth, I didn’t commit a crime. If you say one of the twins was missing or dead, where are the features? And we are taking two years and 11 months and you are still ignoring just a DNA test? We will afford it. We can afford it.
We will go through the processes.

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Kano gov secures release of pregnant women, nursing mothers, others from prison

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By Kayode Sanni-Arewa

Kano State Governor, Abba Yusuf, on Friday, secured the release of eight female inmates from the Goron-Dutse Correctional Centre by settling their fines and compensation debts.

Among those freed were two pregnant women and two nursing mothers.

This development was contained in a press statement issued by the Governor’s spokesperson, Sanusi Tofa, who noted that the governor made the intervention during an unscheduled visit to the facility, accompanied by key government officials.

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According to the statement, the Governor said the purpose of his visit was to assess the living conditions of inmates and explore ways the State Government could support their welfare and rehabilitation.

Yusuf reaffirmed his administration’s commitment to improving correctional facilities and facilitating phased releases for inmates incarcerated for minor offences.

He expressed concern over the high number of inmates awaiting trial, noting that out of 1,939 inmates, only 382 had been convicted, while 1,536 were awaiting trial.

“I assure you that the state government will work with the judiciary to accelerate the dispensation of justice and ease congestion in correctional centres.

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“I also urged you to remain hopeful and view their current situation as a test of fate. He encouraged them to embrace positive change in anticipation of their eventual reintegration into society,” he said.

To support the welfare of inmates, the governor ordered the immediate provision of cows, foodstuffs, mattresses, blankets, and assorted beverages.

In a related development, the governor paid a surprise visit to the Janguza Maximum Security Correctional Facility, where he announced plans to relocate inmates from the Kurmawa Correctional Centre to Janguza.

He expressed satisfaction with the infrastructure and general conditions at the Janguza facility and urged able-bodied inmates to reflect on their experiences and apply the lessons learned for better outcomes upon release.

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The governor also appreciated former Minister of Interior, General Abdulrahman Bello Dambazau (Rtd.), for his instrumental role in facilitating the establishment and construction of the Janguza Correctional Centre during his tenure.

He reiterated his administration’s dedication to facilitating the release of eligible inmates, supporting students to return to school, and empowering others through vocational training.

According to the statement, several inmates at both facilities expressed gratitude to the Governor for his visit and commitment to improving their conditions.

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