By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Brewer, Guinness Nigeria Plc said on Thursday it has been fined $5.0 million (N1.0 billion) by the National Agency for Food and Drug Administration and Control (NAFDAC) over expired raw materials, according to a Reuters report.

Guinness Nigeria said the fine came on the heels of alleged infractions relating to the destruction and re-validation of expired raw materials without prior approval, the report affirmed.

According to the report, Guinness Nigeria did not fully understand the basis for the fine, nor the particular regulations infringed, but were in talks with NAFDAC to resolve the matter.

At the close of today’s trading on the Nigerian bourse, share price of the brewer remained constant at N137.27 per share.