Business
Diageo sells majority stake in Guinness Ghana to Castel Group for $81 Million
Group CEO Gregory Clerc expressed enthusiasm for the acquisition, stating: “This purchase underscores Castel’s entrepreneurial spirit and represents a significant step forward in our growth ambitions across the African continent.”
Diageo has announced the sale of its majority stake in Guinness Ghana Breweries to the Castel Group for $81 million.
The transaction will see the UK-based beverage giant part with its 80.4% shareholding in the Ghanaian unit while retaining ownership of its Guinness brand and other key labels produced by Guinness Ghana.
These will continue to be licensed to the brewery under the new ownership. This move aligns with Diageo’s ongoing strategy to adopt a “flexible and asset-light” beer operating model, which is designed to adapt to local market conditions and enhance operational efficiency and profitability.
“Guinness Ghana has consistently delivered strong performance, driven by an exceptional team,” said Dayalan Nayager, President and Chief Commercial Officer of Diageo Africa.
“Through this transaction, we anticipate the Guinness brand continuing to flourish and achieving sustained growth under Castel’s leadership.”
The sale follows a series of divestments by Diageo in its African beer business, including its stakes in Guinness Nigeria in 2024 and Guinness Cameroon in 2022, both of which were also acquired by Castel.
In January 2022, Diageo sold its Meta Abo Brewery in Ethiopia to the Castel Group as part of its broader portfolio reshaping in Africa.
Marketing Edge, reported that Group CEO Gregory Clerc expressed enthusiasm for the acquisition, stating: “This purchase underscores Castel’s entrepreneurial spirit and represents a significant step forward in our growth ambitions across the African continent.”
The announcement comes amid recent media speculation about Diageo’s potential divestment of its Guinness business and its 34% stake in LVMH’s beverage alcohol division, Moët Hennessy.
However, Diageo has firmly denied such rumors.
“We want to address the recent speculation regarding the Guinness brand and our stake in Moët Hennessy,” Diageo said in a statement issued on January 26.
“We can confirm that we have no intention of selling either. We look forward to providing further updates during our interim results announcement on February 4 and at our Guinness investor and analyst day on May 19-20.”
This latest sale marks a continuation of Diageo’s strategic focus on streamlining its operations while ensuring the Guinness brand remains a cornerstone of its African business portfolio.
Business
Nigeria’s oil minister orders marketers to reduce fuel price
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .
At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.
He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
Business
Naira Exchange Rates Tuesday, 30 June 2026
BLACK MARKET RATES
US DOLLAR (USD) ₦1, 390
GREAT BRITISH POUND (GBP) ₦1,855
EURO (EUR) ₦1, 585
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,855 Sell: ₦1,870
EURO (EUR) Buy ₦1, 585 Sell ₦1,605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,383. 63
GREAT BRITISH POUND (GBP) ₦1,831.64
EURO (EUR) ₦1,578. 03
SWISS FRANC (CHF) ₦1,710.71
JAPANESE YEN (JPN) ₦8.55
CHINESE YUAN (CNY) ₦203. 65
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,872. 07
SAUDI RIYAL (SAR) ₦368.43
SOUTH AFRICAN RAND (ZAR) ₦84.24
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,380. 93
GREAT BRITISH POUND (GBP) ₦1,824.90
EURO (EUR) ₦1,577. 58
SWISS FRANC (CHF) ₦1,710.13
JAPANESE YEN (JPN) ₦8.54
CHINESE YUAN (CNY) ₦203. 13
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05
SAUDI RIYAL (SAR) ₦367.72
SOUTH AFRICAN RAND (ZAR) ₦83. 89
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
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