Tolaram Group has signed an agreement to acquire 58.02% of Diageo’s shareholding in Guinness Nigeria. The completion of this transaction is expected during fiscal 2025 which is pending the necessary regulatory approvals in Nigeria.
With a five-decade presence in Africa, Tolaram is one of the largest consumer packaged goods companies on the continent and has forged joint venture partnerships with several leading consumer multinational companies.
In partnership with Guinness Nigeria and Tolaram, Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria. This will ensure that Diageo’s exceptional capabilities in brand building and innovation continue to drive long-term growth for Guinness in Nigeria
President Bola Ahmed Tinubu has commended the Singaporean business conglomerate Tolaram for acquiring Diageo’s 58.02% equity interest in Guinness Nigeria Plc thereby showing faith in the Nigerian economy.
This was contained in a State House press release signed by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Tolaram, which partnered with Nigeria to build the Lekki Free Trade Zone and the country’s first deep seaport, has acquired Diageo’s 58.02% shareholding in Guinness Nigeria Plc.
According to an announcement at the Nigerian Exchange Limited (NGX) on Tuesday, Tolaram will also enter into a long-term license and royalty agreement to continue producing the Guinness products and its locally manufactured ready-to-drink mainstream brands.
President Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.
Tolaram has been doing business in Nigeria for the last 50 years.
“By expanding its investment footprints in Nigeria, Tolaram has demonstrated its strong faith and confidence in the economy.”
President Tinubu welcomed Tolaram to the beverage sector of Nigeria’s business landscape and hoped the group’s business would continue to flourish.
President Tinubu assured investors and Nigerian businesses that his government would continue to improve the operating environment and make it more conducive.
