JUST IN: Tolaram Takes Control Of Guinness Nigeria As Diageo Exits

Tolaram has agreed to acquire a majority stake in Guinness Nigeria Plc from Diageo, a UK-based multinational beverage company.

Gatekeepers News reports that the deal, announced on the Nigerian Exchange Limited (NGX), involves Tolaram purchasing Diageo’s58.02 % shareholding in Guinness Nigeria, valued at over N64 billion.

Despite selling its controlling stake, Diageo will retain ownership of the Guinness brand and enter into long-term licensing and royalty agreements with Tolaram.

This strategic move aligns with Diageo’s vision to maintain brand influence while leveraging Tolaram’s extensive African distribution and manufacturing capabilities.

The acquisition marks a significant expansion of Tolaram’s presence in Nigeria.

Omobola Johnson, Board Chair of Guinness Nigeria, hailed the deal as a pivotal moment for the company.

“This partnership combines Tolaram’s deep manufacturing and distribution expertise with Diageo’s exceptional brand-building and innovation capabilities. It positions Guinness Nigeria for robust growth in this dynamic market,” she said.

Adebayo Alli, Managing Director and CEO of Guinness Nigeria, echoed these beliefs, expressing enthusiasm for the collaboration.

“This announcement marks an exciting chapter for Guinness Nigeria. Tolaram’s alignment with our values and commitment to sustainability and enduring business success bodes well for our future,” “Alli stated.

Haresh Aswani, Managing Director of Tolaram Africa, expressed his excitement about the strategic acquisition.

“Welcoming Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem is thrilling. This move will expand our significant footprint in the Nigerian market and leverage our combined strengths to foster innovation,” Aswani noted.