Guinness Nigeria’s Holding Statement

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Friday, 17thFebruary 2017, Lagos, Nigeria – Guinness Nigeria Plc confirms that it has responded to a court process at the instance of Pharma Deko Plc which alleges that Guinness Nigeria is contractually indebted to Pharma Deko Plc in the sum of N175, 699, 317.99 representing an arbitral award made against the company and in favour of Pharma Deko Plc and also suggests that Guinness Nigeria is unable to pay this debt.

Guinness Nigeria denies that it is indebted to Pharma Deko Plc in the stated amount or any amount at all and its solicitors have filed a robust defence to Pharma Deko’s claims in court. The amount claimed by Pharma Deko Plc in the court process is an insignificant amount when compared with the revenue, cashflow and balance sheet of the company and management is very confident of being able to repudiate the claims in court.

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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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