Guinness Nigeria : GN Property Acquisition Press Release

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31 AUG 2021

31 AUG 2021Press release

GN Property Acquisition Press Release

Guinness Nigeria consolidates its capacity expansion plans

Guinness Nigeria Plc has announced plans to expand its operations and production capacity in Lagos, over the next few months.

Following the unanimous approval of its Board and in furtherance of the strategic plan the business has been implementing over the last few years, Guinness Nigeria Plc, the country's foremost Total Beverage Company has now completed the acquisition of 25 acres of commercial property in the Ogba industrial area of Lagos.

The Managing Director Guinness Nigeria Plc., Baker Magunda highlighted this investment in a statement reaffirming the company's overarching strategy and expansion plans, describing it as a reflection of its belief in the Nigerian economy and ongoing commitment to the country's development.

He said: 'This bold acquisition comes with an ambitious investment plan of expanding our production capacity and operations in Nigeria. We remain steadfast in our commitment to Nigeria's growth and development while enhancing our shareholders value in the long term. It is also part of our strategy to optimize our production assets and thereby ensure improved operational efficiency leading to greater value for our shareholders'.

He added; 'On completion of this phase of our expansion, we will be increasing our capacity to meet the growing demand for our products while creating more opportunities for Nigerians, in addition to the over 180,000 jobs we currently support directly and indirectly in our value chain.'

Also commenting on the investment, the Corporate Relations Director and Company Secretary of Guinness Nigeria, Rotimi Odusola, said

'Guinness Nigeria, with the support of Diageo PLC, its parent company, has consistently made investments for the long-term success and growth of its business in Nigeria, especially in strategic capacity expansion projects. About 10 years ago, Diageo invested over N52 billion in capacity expansion, the single largest investment of Diageo in any single market anywhere in the world. Then just two years ago, the company invested another N2 billion naira in our 'Grow with Nigeria' programme, supporting over 27,000 farmers in our supply chain and enhancing their means of livelihood.'

'We remain committed to the development of communities where we live and operate. Our investment in capacity expansion at a time when the harsh economic reality is forcing many companies to divest or consider divesting from Nigeria shows our unwavering commitment to the long-term viability of this country. We will continue to invest in the Nigerian economy and will ensure consistent delivery of great quality products and socio-economic benefits to our revered consumers, esteemed shareholders, host communities and public' he added.

ENDS

Enquirers

Headquarters
Guinness Nigeria, 24, Oba Akran Avenue
Ikeja, Lagos
Tel: [phone]
Email: [e-mail]

Contacts
Mr. Rotimi Odusola
[e-mail]
Director, Corporate Relations

Mrs. Ayodele Alabi
[e-mail]
Corporate Communications Manager

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