Nigeria fines Guinness $5m over expired raw materials

Nigeria’s Guinness said on Thursday it had been fined 1 billion naira ($5 million) by the local food and drug agency over alleged infractions relating to the destruction and re-validation of expired raw materials without prior approval.

The local unit of Diageo said it did not fully understand the basis for the fine, nor the particular regulations infringed, but was in talks with the National Agency for Food and Drug Administration and Control (NAFDAC) to resolve the matter.

Guinness Nigeria was incorporated in 1962 with the building of a brewery in Ikeja in the Nigerian capital Lagos.

Last month the company announced a 3 per cent increase in revenue for its first quarter ended September 30th.

Earlier this year Diageo announced plans to raise its equity stake in the group to as much as 70 per cent from 54 per cent.

Reuters