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.
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BLACK MARKET RATES
US Dollar (USD) Buy ₦1,423 Sell ₦1,428
Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,600 Sell ₦1,620
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦190 Sell ₦205
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
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USD / NGN₦1350.00 ₦1370.00
GBP / NGN ₦1800.68 ₦1868.46
EUR / NGN ₦1539.16 ₦1603.07
ZAR / NGN ₦82.44 ₦87.16
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Great British Pound (GBP) ₦1,838.50
EURO (EUR) ₦1,571. 10
Swiss Franc (CHF) ₦1,680.85
Japanese Yen (JPN) ₦8.56
Chinese Yuan (CNY) ₦201.61
West African CFA (XOF) ₦2. 40
West African Union Account (WAUA) ₦1,864.27
Saudi Riyal (SAR) ₦362.22
South African Rand (ZAR) ₦84.07
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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