Victor Ezeja
Tolaram Group, an international business conglomerate has finally completed the acquisition of Diageo’s shareholding in Guinness Nigeria.
Diageo had in June 2024, proposed to sell its 58.02 per cent shareholding in Guinness Nigeria to Tolaram.
Join our WhatsApp ChannelWith the completion of the transaction, Tolaram has now become a majority shareholder in the popular brewery company domiciled in Nigeria with various product brands.
In a statement following the completion of the deal, Guinness Nigeria announced that it has established “a long-term license and royalty agreements for the company’s continued production, marketing and sale of the Guinness brand and all its locally manufactured Diageo ready-to-drink and mainstream spirits brands in Nigeria.”
It said that the successful completion of the transaction “marks the beginning of a new era for the Company’s longstanding presence in Nigeria.” The company which has been in Nigeria for over seven decades has brands like Guinness, Malta Guinness and Orijin among others.
The company said it is set to continue its historic journey in Nigeria while “leveraging the vast experience and footprints of Tolaram.”
New Board members
The company said that following the completion of the transaction on 30th September 2024, in a corporate action announcement approved by the Nigeria Exchange Limited for publication on the NGX Issuers portal, new board members have been appointed while some old members have resigned.
According to the company, Mr Girish Sharma was appointed as Managing Director/CEO. Others are Mr Haresh Aswani, Vice Chair & Non-Executive Director; Mr Deepak Singhal, Non-Executive Director; Mr John Musunga, Non-Executive Director. Mr Adebayo Alli resigned as Managing Director/CEO, according to the statement.
READ ALSO: Tolaram To Acquire Diageo’s 58% Stake In Guinness Nigeria
New Board Chair, Dr. Omobola Johnson, said the Board, Management and employees of Guinness Nigeria are excited about the new development as they “embrace the tremendous opportunities presented by the vast experience and decades of remarkable presence of Tolaram in Nigeria building great brands.”
Dr Johnson thanked all the directors that are exiting the Board for their contributions to the growth of Guinness Nigeria and their tireless efforts towards ensuring a smooth transition for the share transfer transaction.
The new board chair specifically commended Mr. Adebayo Alli, the outgoing Managing Director working during his short tenure to create “a solid platform for the future growth of Guinness Nigeria.”
Dr. Johnson also welcomed all the newly appointed Directors to the Board, adding that the Board looks forward to their contributions in taking the business of the Company to new heights of growth, sustainability, and value creation for all stakeholders.
