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.
Guinness Nigeria Plc has announced the appointment of Mr. John O’Keeffe as Vice Chairman of the Board of Directors.
Mr. O’Keeffe, who is the current President of Diageo Africa and had been a Non-Executive Director of Guinness Nigeria, will take over from Mr. Nick Blazquez who resigned as Vice Chairman of the board effective 4th July 2016.
Drinks maker Diageo said on Wednesday it had good momentum going into 2017 fiscal year.
Ivan Menezes, the company’s CEO said “As expected, the momentum we created last year, strengthening our business through improved marketing, innovation, and commercial execution, has set us up to deliver a stronger performance. Key drivers of improved top-line growth are our fiscal 2017 priorities: Scotch, U.S. spirits and India,” Mr. Menezes said ahead of the company’s annual general meeting on Wednesday.
