…becomes major shareholder of the company
By the Editor
Tolaram Group, one of foremost multinationals in Nigeria has bought into Guinness Nigeria, an iconic Fast Moving Consumer Goods, FMCG manufacturing company and a major player in the alcoholic and non-alcoholic beverages sector of the nation’s economy.
This, Tolaram Group has done through the acquisition of Diageo’s 58.02% shareholding in Guinness Nigeria.
In a signed agreement made available to the public today (Tuesday, June 11, 2024), the company disclosed that the deal included long-term license and royalty agreements for the continued production of the Guinness brand and Diageo’s locally manufactured ready-to-drink and mainstream spirits brands.
However, the transaction is expected to be finalized during 2025 fiscal year; and is subject to relevant regulatory approvals in Nigeria.
The statement, signed by Mrs. Abidemi Ademola, Legal Director/Company Secretary, Guinness Nigeria Plc states that “Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram”; adding that “In partnership with Guinness Nigeria and Tolaram, Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria, to ensure Diageo’s exceptional capabilities in brand building and innovation continue to drive long-term growth for Guinness in Nigeria”.
While reflecting the expressed views of leaders of the two partnering companies, Ademola quoted Omobola Johnson, Chair of the Board of Guinness Nigeria as stating that “This collaboration combines Tolaram’s manufacturing and distribution expertise with Diageo’s brand-building and innovation prowess, positioning Guinness Nigeria for significant growth”; and Adebayo Alli, Managing Director/CEO of Guinness Nigeria, as submitting that “We are excited to partner with Tolaram, a highly respected consumer goods company in Africa, and align with their values to build a sustainable business”; while Haresh Aswani, Managing Director of Tolaram Africa was quoted to have said that “This strategic move will expand our (Tolaram’s) presence in the Nigerian market and leverage our combined strengths to foster innovation and deliver value to customers and shareholders”.
