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Guinness Nigeria gets lifeline loan to bridge FX shortages

Guinness Nigeria Plc, said on Wednesday that it had received a $95m loan from parent company Diageo to help bridge dollar shortages caused by a decline in crude oil prices.

The company’s chief financial officer, Ronald Plumridge disclosed this during an analyst call. He said the company’s dollar needs were far much bigger than they could source locally or through exports, so Diageo stepped in with the loan.