For the third time in less than a month another multinational operating in the country has been fined by a regulator over alleged infractions, signposting an era of a no-nonsense posture by regulatory agencies under the Muhammadu Buhari administration.
This is just as the Executive Secretary, Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee, yesterday carpeted the Central Bank of Nigeria (CBN) for rushing to a conclusion and absolving Stanbic IBTC Holdings Plc of alleged financial misstatement of its 2013 and 2014 accounts brought against it by the council.
The Nigerian Commu-nications Commission (NCC) last month also imposed a N1.04 trillion on the South African telecoms subsidiary of MTN in Nigeria for failing to disconnect 5.2 unregistered SIMs on its network.
Yesterday, Guinness Nigeria Plc confirmed that it had been fined N1 billion ($5 million) by the National Agency for Food and Drug Administration and Control (NAFDAC) over alleged infractions relating to the destruction and re-validation of expired raw materials without prior approval.
Diageo, owners of Guinness, said it did not fully understand the basis for the fine, nor the particular regulations infringed, but was in talks with NAFDAC to resolve the matter, reported Reuters.
Guinness Nigeria was incorporated in 1962 with the building of a brewery in Ikeja, Lagos.
Last month, the company announced a three per cent increase in revenue for its first quarter ended September 30th.
Meanwhile, the executive secretary of FRC has flayed the CBN for absolving Stanbic IBTC of alleged financial misstatement of its 2013 and 2014 accounts brought against it by the council.
Thisdayalive reportage
They should know better na
ReplyDeleteSuing spree. Who's next?
DeleteEvery sector in this country is sick.
DeleteNigeria is in dare need of money by all means
ReplyDelete*Larry was here*
Ok.Good to know
ReplyDeleteDont seem to understand what's happening....Everybody wannu sue
ReplyDeleteAlso Check www.vabadon.com
Hmmm...instead of payingvtheir fines everyone seem to be in talks with the various agencies
ReplyDeleteNigerians as everything in Nigeria, are very predictable. I knew thst othet agencies will follow suit after the NCC fining of Mtn. Whose next?
ReplyDeleteNo more impunity in Nigeria. If u break the laws, u bear the punishment.
ReplyDeleteHnmmm such an amount. Hope all these fines won't scare foreign investors cos we need them o and our government isn't ready to create jobs. They should be checked but not over do things, Just saying.
ReplyDeleteSeems like everyone is on the money sue scheme/spree this year, it was MTN b4
ReplyDeleteHmmmmmmmm.
ReplyDeleteThey should fined them all,if they like
ReplyDeleteThey should fine them. Any company that misbehaves should pay hefty fines.
ReplyDeleteGuinness that did their promo sometimes 3 or 4 years ago, My brother won a number they were looking for. The amount is about N100,000.00. He went there, this yeye Guinness just pretended as if they dont know what he was saying.
I just pray they will ask for a reduction on this Fine. But why use expired things just to make gain
Good.
ReplyDeleteMaybe all of these big names will start sitting up now.
Ok na!
ReplyDeleteGood.
ReplyDeleteBillion for Guinness?
ReplyDeleteThat's way to small joor,we should be talking thrillions here.it's
High time dis white ass dudes start taking dis country serious.
As oil price don fall, Nigeria must survive anyhow. But it happens everywhere in d world. Am still waiting for standard organization of Nigeria (SON) to start doing something about the substandard goods in the market. They should start with makers of Tin tomatoe. I don't know if we are cooking with colours tomatoes. Another product is nestle water. The chlorine in that water is just too much.
ReplyDeleteI agree with that tin tomatoe own..
DeleteYou'll use some to cook and people will start asking if it's colorants you used..
Smh
I agree with that tin tomatoe own..
DeleteYou'll use some to cook and people will start asking if it's colorants you used..
Smh
They should increase it to One Trillion so that I can show up.
ReplyDeleteabeg dis huge fine slammed on Guinness shud not affect the price of small staut.
ReplyDelete