Guinness Nigeria Gets $95bn Loan From Diageo - 9JAOlofofo | Nigeia #1 gossip site.

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Thursday, 22 September 2016

Guinness Nigeria Gets $95bn Loan From Diageo

Guinness Nigeria disclosed yesterday that it had received a $95 million loan from mother body Diageo to help it cope with dollar shortages in the West African country.
This followed after the company reported revenues of N102billion resulting in an overall Loss after tax of N2 billion, its first loss in 30-years, hit by declining sales, dollar shortages and domestic inflation running at 11-year high of 17.6 percent.
Disclosing this, Peter Ndegwa, Managing Director/Chief Executive Officer, Guinness Nigeria Plc said “Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of FX policy and the devaluation of the Naira.
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