Following the completion of all regulatory approvals, Guinness Nigeria PLC has confirmed that Diageo’s 58.02% shareholding in the company has been officially transferred to Tolaram as of September 30, 2024. This acquisition marks the start of a new chapter for the Nigerian beverage giant, known for its iconic brands like Guinness, Malta Guinness, and Orijin.
The transaction, initially announced in June 2024, sees Tolaram becoming the majority shareholder of Guinness Nigeria, while Diageo retains long-term licensing and royalty agreements. This arrangement ensures that Guinness Nigeria will continue to produce, market, and sell the Guinness brand and other Diageo products, including ready-to-drink and spirits, in the Nigerian market.
Dr. Omobola Johnson, Chair of the Board of Guinness Nigeria, expressed optimism about the company’s future under Tolaram’s stewardship, citing the group’s extensive experience in the Nigerian market. “We are excited about what the future holds in this new era as we embrace the tremendous opportunities presented by Tolaram’s vast experience and presence in Nigeria.”
As part of the transition, Guinness Nigeria has announced several changes to its Board of Directors. Notable resignations include outgoing Managing Director/CEO, Mr. Adebayo Alli, who is being replaced by Mr. Girish Sharma, a seasoned leader with a track record of driving growth across Africa. Mr. Sharma previously led Tolaram’s joint venture with Colgate-Palmolive, achieving remarkable success in the Nigerian market.
Other new appointments include Mr. Haresh Aswani, who will serve as Vice Chair and Non-Executive Director, along with Mr. Deepak Singhal and Mr. John Musunga, both joining the board as Non-Executive Directors. Dr. Johnson expressed gratitude to the outgoing directors for their contributions and welcomed the new appointees.
Mr. Haresh Aswani, Managing Director of Tolaram Africa and newly appointed Vice Chair of the Board, shared his enthusiasm for the future of Guinness Nigeria under Tolaram’s leadership. “This is a remarkable milestone in the history of two great businesses. We are excited about the possibilities this partnership will bring for all stakeholders, including shareholders, employees, and trade partners.”
The completion of this transaction is expected to strengthen Guinness Nigeria’s position in the market, leveraging Tolaram’s extensive experience across Africa to drive future growth, sustainability, and value creation.
