Guinness Nigeria Plc has updated the Nigerian Exchange Limited and the Investing Public on its change in distribution model for imported Diageo International Premium Spirit (IPS) brands. The announcement was initially made on 5th October, 2023.
In a notice signed by the Company Secretary Abidemi Ademola (Mrs), the company stated thus:
“Guinness Nigeria Plc and Diageo have, since the said announcement, taken preliminary steps towards the implementation of the business separation, which was initially scheduled to be completed by April 2024. However, the transition to the new arrangements is taking longer than expected, hence the April 2024 completion date is no longer feasible. Accordingly, Guinness Nigeria Plc hereby gives notice of the extension of the separation of the imported International Premium Spirit (IPS) brands from Guinness Nigeria Plc’s business to now become effective during the course of Guinness Nigeria Plc’s Financial Year 2025.
This update is to advise that Guinness Nigeria Plc will continue to import and distribute Diageo International Premium Spirits products, including Johnnie Walker, Singleton, and Baileys and others which are imported under its 2016 Sale & Distribution Agreement with Diageo plc until the transition process is completed.
We reiterate that the separation is in line with Guinness Nigeria’s long-term growth strategy, and Diageo Plc’s decision to establish a new, wholly owned spirits-focused business to manage the importation and distribution of its international premium spirits portfolio in West and Central Africa. Nigeria will serve as a key hub of that business.
There are no changes to Diageo Plc’s shareholding in Guinness Nigeria Plc as a result of this separation. Guinness Nigeria Plc remains a strong Nigerian company committed to ensuring that its strategic and operational activities deliver sustainable value to our esteemed stakeholders”.