Another multinational operating in Nigeria has been slammed with a fine. This time around it is Guinness Nigeria Plc, fined N1 billion 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.
First it was MTN Nigeria being fined N1.04 trillion by the NCC for failing to disconnect 5.2 unregistered SIMs on its network.
Stanbic IBTC Holdings Plc may however escape its own N1 billion fine after the CBN absolved it of alleged financial misstatement of its 2013 and 2014 accounts brought against it by the Financial Reporting Council of Nigeria (FRC).
Skye Bank also has a N4 billion fine to deal with, after the CBN fined it for failing to render appropriate returns on accounts of some government institutions and agencies into the Treasury Single Account (TSA).
Diageo, owners of Guinness, on Thursday 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.