GUINNESS Nigeria Plc has announced plans to stop the sales and distribution of Johnnie Walker, Singleton, Baileys and other imported brands, citing Nigeria’s currency problems

The company disclosed this in a statement on Thursday, October 5, signed by its Corporate Relations Director, Rotimi Odusola.

It said the strategic change resulted from its decision to mitigate the negative impacts of lingering foreign exchange (FX) scarcity in the country.

“This strategic change reduces the Company’s foreign exchange requirements and mitigates the negative impacts of lingering foreign exchange scarcity and exchange rate volatility on the financial performance of the Company,” it stated.

Findings by The ICIR showed that Guinness Nigeria suffered a massive loss in foreign exchange by 20,601 per cent to N45.95 billion in June 2023, compared to N221.98 million in June 2022.

The losses were reported in the company’s financial statements for the year ended June 30, 2023.

In 2016, Guinness Nigeria entered into a Sale and Distribution Agreement with Diageo Plc for its international premium spirits (IPS) brands in Nigeria.

In the ‘notification of a change in distribution model’ to the investing Public on Thursday, Guinness Nigeria said it would stop the IPS brand distribution effective April 2024.

“Guinness Nigeria will no longer import or distribute certain Diageo international premium spirits products, including Johnnie Walker, Singleton, and Baileys and others imported under its 2016 Sale & Distribution Agreement with Diageo plc,” the company stated.