Guinness’ share price firm despite N1b fine

Guinness Nigeria’s share price remained unchanged yesterday at the Nigerian Stock Exchange (NSE), despite a N1 billion fine imposed on the brewing giant.

The company is engaging the National Agency for Food and Drugs Administration and Control (NAFDAC) on the resolution of the big  fine.

In a letter to the investing public at the Exchange, the company  stated that its legal review had shown that there was no basis for the N1 billion “administrative charge” from NAFDAC and it has started discussions with NAFDAC to resolve the issue.

Managing Director, Guinness Nigeria Plc, Mr. Peter Ndegwa, in a statement, said all products from Guinness Nigeria conform to the highest standards of quality, having not only been produced in line with the globally accepted code of good manufacturing practice (GMP), but also been repeatedly so-certified by NAFDAC and the Standards Organisation of Nigeria (SON).

Ndegwa reaffirmed that Guinness Nigeria is very positive that on account of its ongoing engagement with NAFDAC, the issues will be clarified and resolved in a short while.

Guinness Nigeria established its first brewery in Ikeja, Lagos in 1962. Since then it has remained an integral player in Nigeria’s manufacturing space, opening up more breweries located in Benin City and Aba respectively. It has been commended on several occasions not only for its commitment to quality and safety but also importantly, for its contributions to the growth and development of the Nigerian economy.