Guinness to Exit Nigerian Market After 75 Years, Sells Controlling Shares to Tolaram Group (Document) | #NwokeukwuMascot

 News 

 File Image 

Guinness, the renowned global brewer, has announced its decision to exit the Nigerian market, marking the end of its 75-year presence in the country. On Tuesday, June 11, the company confirmed that it will sell its controlling shares to the Singapore-based conglomerate Tolaram Group.


The decision by Guinness to leave Nigeria is part of a broader trend of multinational companies withdrawing from the Nigerian market. Companies such as GlaxoSmithKline and Microsoft have also exited the country, attributing their departures to the increasingly challenging economic environment.


The departure of these multinationals highlights significant concerns about the economic conditions in Nigeria, including regulatory challenges, currency instability, and other market pressures. For Guinness, the sale to Tolaram Group represents a strategic move to divest from a market where operational difficulties have outweighed business prospects.


Tolaram Group, a diversified conglomerate with interests in various sectors including consumer goods, digital services, and infrastructure, will take over Guinness's operations in Nigeria. This acquisition is expected to bring a new direction for the brand's presence in the region.

The exit of Guinness, a company with deep historical ties to Nigeria, underscores the need for improvements in the country's business climate to retain and attract international investments. The Nigerian government faces increasing pressure to address these economic challenges to foster a more stable and inviting environment for foreign businesses.

Comments

Post a Comment

Popular posts from this blog

BREAKING: Governor Otti Suspends Health Commissioner Over Financial Impropriety | #NwokeukwuMascot

Image
  News   Governor Otti Suspends Health Commissioner Over Financial Impropriety | #NwokeukwuMascot Dr Alex Chioma Otti Umuahia, Abia State - In a decisive move to address concerns of financial mismanagement, Governor Alex Otti of Abia State has indefinitely suspended Dr. Ngozi Okoronkwo, the Commissioner for Health. The suspension, reportedly due to allegations of financial impropriety and mismanagement of funds, was announced during a state executive council meeting held today at the Governor’s private residence in Isiala Ngwa South Local Government Area. Dr. Okoronkwo's suspension marks the second high-profile dismissal in Governor Otti's administration. Earlier, Pastor Dike Nwankwo, the Director General of the Abia State Orientation Agency, was removed from office under similar circumstances. The Otti administration has been under increasing scrutiny, with widespread calls for the investigation of other officials over allegations of corruption.  Dr. Ngozi Okoronkwo Notably, w
Read more

Otti Adds More Names on Transition Committee List, Following Social Media Outcry on Plans To Disfranchise Ukwa-Ngwa People | #NwokeukwuMascot

Image
Dr Alex Chioma Otti More Names Emerge, As Igwe, Eziuche, Ahia, Umeh Kalu, Etiaba, Nwokocha, Ubani, Others Makes Otti’s Transition Council List The Abia Governor-Elect, Dr. Alex Otti OFR, has unveiled a Crack Team of his Transition Committee Members ahead of his inauguration as the Governor of Abia state on May 29, 2023. The Transition Committee list which contains many eminent Nigerians from different backgrounds, has Mr. Victor Onyenkpa, Partner and COO, KPMG, as Chairman, and cochaired by Mrs. Ifueko Omogui Okauru, former Executive Chairman of the Federal Inland Revenue Service (FIRS). Ms. Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC); former Treasurer and Vice President of the World Bank and currently a Director at FSD Africa, and resident scholar at Oxford University’s Said Business School, is also on the Council; Professor Ndubuisi Ekekwe, a Nigerian-born inventor who helped Apple design a semiconductor for the iPhone; Mr Uche Orji, the
Read more

VIDEO: Mixed reactions as controversial, crossdresser, James Brown s3x tape leaks.

Image
James Brown who is believed to be gay,  In a video all over the Internet was seen having unprotected s3x with a female whose face was not shown. In the video, Brown’s face was boldly seen. Many have now reacted on twitter, wondering what Brown is doing with a woman. Some even mocked him for having long nails on during the not so pleasant intercourse, scroll down for video. Below are some reactions of twitter users; ”Seeing James Brown having s3x is yet another proof that the real gay people don’t make noise on social media, the ones making noise are just hustling. ”James Brown still fix nails dey bang woman, Princess of Africow o purrrr. ”That James Brown video has to be the most traumatizing thing I’ve seen this year. ”Thought James brown was g@y? See as the werey burst sperrm full that girl body. ”I’m not surprised James Brown is having s3x with a female but unprotected sex?? 1f633.svg Not trying to be a stereotype but has he forgotten he has retroviral disease?? ”James brown S3x Tap
Read more