Diageo has agreed to sell a majority shareholding in Guinness Nigeria as it becomes the latest western company to reduce its presence in the African country, which is suffering an economic and currency crisis.
The drinks powerhouse, which owns brands including Johnnie Walker, Baileys and Smirnoff, will sell its 58 per cent stake in the Lagos-listed business to Tolaram, a Singapore-based consumer goods group, for about 103 billion Nigerian naira (£55 million).
Diageo will retain ownership of the Guinness brand in the country, which it will licence to Guinness Nigeria, along with locally manufactured Diageo ready-to-drink and mainstream spirits.
Guinness Foreign Extra Stout is sold in Europe, Africa, the Caribbean, Asia and the United States
PZ Cussons, Unilever and GSK are among the western businesses that have been retreating from Nigeria amid currency turmoil that has resulted in a dramatic fall
