Guinness Nigeria Plc, in a statement released to the media on Friday said it had responded to a court process initiated by Pharma Deko Plc, a pharmaceutical company, which alleges that the brewer owes it N176m representing an arbitral court award made against the company and in favour of Pharma Deko. The suit also suggests that Guinness Nigeria is unable to pay the debt.

In the statement released to the media, Guinness Nigeria denies owing Pharma Deko and said that its solicitors have responded to the initial claims in court.

Guinness Nigeria said that the amount claimed by Pharma Deko in court is an insignificant amount when compared with its revenue, cashflow and balance sheet and management is very confident it would be able to refute the claims in court.

The statement further said that “the management of Guinness Nigeria wishes to assure its employees, customers, shareholders and other stakeholders that it is capable of meeting its financial and other obligations to its various stakeholders and that it continues to operate as a going concern.”

The statement did not explain what business relationship, if any exists between Guinness Nigeria and Pharma Deko and what led to the alleged judgement in favour of Pharma Deko.