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Guinness Considers Exit from Nigeria After 75 Years Due to Economic Challenges

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After operating in Nigeria since 1950 and enduring a torrid economic climate on the back of President Bola Tinubu’s administration, Guinness has announced it will exit the Nigerian market and sell off its controlling shares to Singaporean conglomerate Tolaram Group on Tuesday.

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 1000 per cent increase from the N5.9 billion revenue 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.

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Pastor Ogundipe Decries Lack of Integrity Among Educated Nigerians

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By Samson Adeyanju

Pastor Alex Ogundipe, Chairman of the Governing Board of Christian Heritage International Bible College, Kubwa, Abuja, has expressed concern over the growing number of educated Nigerians who lack the character and integrity required to make meaningful contributions to society.

Ogundipe raised the concern during the matriculation ceremony of the institution’s 60 pioneer students, stressing that academic qualifications without moral discipline and upright character could undermine national development.

According to him, Nigeria has many knowledgeable and academically accomplished individuals whose inability to demonstrate integrity has negatively affected their contributions to their families, workplaces and communities.

“We have too many people in this country who are knowledgeable and wise in their own ways, but they do not have character and integrity. That affects their ability to impact their communities,” he said.

The cleric emphasised that education must go beyond the acquisition of certificates to the development of individuals who demonstrate honesty, accountability, faithfulness and commitment to serving humanity.

He explained that true integrity required consistency in personal conduct, whether at home, in the church, at work or within the larger society.

Ogundipe said the college was established not merely to impart biblical knowledge but to raise men and women whose lifestyles reflect Christian values and whose contributions would positively influence society.

He urged Christian leaders to demonstrate their faith through practical actions rather than mere religious declarations.

Speaking on Nigeria’s future, the cleric encouraged citizens to remain hopeful, pray for the country and contribute meaningfully to national peace, unity and development.

Earlier, the Rector of the institution, Pastor Samson Olukayode Aliyu, challenged the matriculating students to prioritise spiritual maturity and moral discipline alongside academic excellence.

Aliyu warned against examination malpractice, plagiarism, dishonesty and other forms of misconduct, stressing that academic certificates could demonstrate knowledge but could not substitute for good character.

“The Church does not only need gifted people; it needs godly people. We need leaders who will choose integrity over compromise, humility over pride, faithfulness over convenience and service over self-interest,” he declared.

He explained that the college offers six-month certificate programmes in theology and one-year diploma programmes in theology, leadership and prophetic studies.

One of the matriculating students, Akeem Omobolanle, who enrolled in the Diploma in Leadership programme, commended the institution’s approach to biblical education and expressed optimism that the training would strengthen his understanding of the Scriptures and prepare him for greater service in Christian ministry.

The ceremony marked the formal admission of the college’s pioneer students into its academic community.

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Economy

Private Capital Critical To Nigeria’s Industrial Future -Omoyele

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By Samson Adeyanju 

Private capital will be critical to Nigeria’s industrial future as the country seeks to address infrastructure gaps, improve energy supply and strengthen economic productivity, Bayonle Omoyele has said.

Omoyele, a PhD student and guest speaker at the Abuja Economic Dialogue organised by the Faculty of Management Sciences, Nile University of Nigeria, Abuja, said the discussion would examine Nigeria’s economic situation and trade outlook in simple, everyday language.

The dialogue, scheduled for October 6, 2026, has as its theme, “Powering the Next Economy: Energy, Infrastructure & the Private Capital Imperative for Nigeria’s Industrial Future.”

Omoyele said the dialogue would also examine why people in the informal sector and at the bottom of the economic pyramid continue to struggle despite various microeconomic and macroeconomic policies.

He said the discussion would interrogate the gap between economic policies and their impact on the daily lives and businesses of ordinary Nigerians.

A major focus will be the role of private investment in addressing energy and infrastructure challenges affecting productive activities and industrial development.

The dialogue is also expected to examine how Nigeria can create conditions that encourage private capital to flow into productive sectors while expanding economic opportunities for businesses and individuals in the informal sector.

The discussion will further consider Nigeria’s trade outlook and the structural issues affecting the country’s prospects for sustainable and inclusive economic growth.

The event is scheduled to hold from 10 a.m. to 12 noon at the Block A, second-floor Conference Hall, Nile University of Nigeria, Abuja.

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Judiciary

Chamber Commissioning: Every Empire Will Expire, Akintola Tells Nigerian Leaders

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By Samson Adeyanju

A Senior Advocate of Nigeria, Chief Adeniyi Akintola, has cautioned Nigerian leaders and public office holders against abusing power, stressing that no position of authority or political influence is permanent.

Akintola gave the warning at the commissioning of Dayo Ajibola & Associates, also known as SBA Chambers, where he urged those in positions of authority to remain humble, remember their roots and prepare for life after office.

“Every empire will expire. Let those who are holding public office get this into their heads. Every empire will expire. Every person in a position of authority will come to a time when he will no longer be relevant,” he said.

The legal practitioner also warned politicians against sacrificing people for political interests, urging professionals who interact with political leaders to be cautious and maintain clear boundaries between their principles and political relationships.

He said money should not be allowed to determine a person’s values or professional decisions, urging young lawyers to resist the temptation of seeking immediate financial rewards.

According to him, younger lawyers should focus on building credibility, relationships and professional competence rather than demanding large fees from every client.

“The younger generation lawyers are making the mistake of wanting that money now, now, now. It doesn’t work that way,” Akintola said.

He advised lawyers to carefully assess the clients they represent and avoid fraudulent individuals and activities.

“We have a standard in our office. No room for 419,” he said, stressing that professional reputation remained more valuable than short term financial gains.

Akintola further urged young professionals not to live beyond their means, saying proper financial planning was necessary for sustainable careers and businesses.

He explained that his law office makes provisions for the maintenance and replacement of office equipment, noting that professionals must plan for unforeseen expenses instead of spending all their earnings.

“If you take good care of your job, your job will take good care of you,” he said.

The Senior Advocate also emphasised discipline and commitment to legal practice, particularly punctuality and diligence in handling clients’ briefs.

“The court will not wait for you. You should be in court latest by 8:30. The client that gives you a brief is not waiting for stories. He wants results,” he said.

Akintola urged senior lawyers to continue mentoring younger practitioners and advised employees to remain loyal and committed to their employers.

He also encouraged the new generation to remain prayerful, disciplined and patient, saying genuine professional success is built over time.

Speaking at the occasion, Senator Abdulfatai Buhari, representing Oyo North Senatorial District, commended Akintola for his commitment to mentoring younger professionals.

Buhari, who said he had adjusted his international travel plans to attend the event, congratulated Dayo Ajibola on the commissioning of the chambers.

He said the presence of senior practitioners and other distinguished personalities at the event demonstrated the respect Akintola had earned through his character and professional relationships.

Buhari urged Akintola to remain focused despite betrayal, blackmail and disappointment, saying the growth of people he had mentored should give him satisfaction.

“People will still continue to betray. People will continue to blackmail. People will continue to misbehave, but just be happy that the people you are training are coming up, and you are seeing them growing,” he said.

In his vote of thanks, Barrister Dayo Ajibola, principal of the newly commissioned chambers, expressed appreciation to Akintola, senior lawyers, public officials, friends and other guests for honouring the occasion.

Ajibola, who became emotional while recounting some of the challenges he had overcome, attributed his survival and progress in life to God’s protection, prayers and the support of family, mentors and friends.

He disclosed that he had obtained bachelor’s and master’s degrees before returning to study law, describing his journey into the legal profession as one marked by several challenges and near tragedies.

Ajibola thanked Akintola for his mentorship and described his presence at the commissioning as a significant honour.

He also expressed appreciation to the senior members of the legal profession who attended the ceremony, saying their support had encouraged him to continue building the new law firm.

The commissioning marked a significant milestone for Dayo Ajibola & Associates and brought together members of the legal profession, political figures, friends and associates.

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