One of Nigeria’s brewing giants, Guinness Nigeria Plc, has been fined N1 billion (5 million dollars) by the National Agency for Food and Drug Administration and Control (NAFDAC).
Guinness, in a letter Thursday, informed the management of the Nigerian Stock Exchange (NSE) of the fine.
In the letter, signed by Sesan Sobowale, its company secretary, Guinness said it was still not clear what offence it committed to deserve such a punishment.
“We don’t understand the basis for the computation of the administrative charges nor the particular regulations alleged to have been infringed,” the company lamented.
Guinness said while it waits for clarification from NAFDAC, “we have been advised that there is no legal basis for the demand for the payment of the said sum”.
Premium Times
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