Guinness Nigeria denies indebtedness to firm

Guinness Nigeria Plc has refuted the claim by Pharma Deko Plc that it (Guinness) is contractually indebted to her in the sum of N175, 699, 317.99 representing an arbitral award.

The pharmaceutical firm, Pharma Deko had approached a Federal High Court, Lagos praying for the winding up of Guinness Nigeria over its alleged inability to pay the debt.

But a statement by Sesan Sobowale, Corporate Relations Director, Guinness Nigeria Plc, said the firm is not indebted to Pharma Deko.

He said: “The amount claimed by Pharma Deko Plc 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.”