Tolaram Group, a holding company with diversified business interests in consumer goods, fintech, infrastructure and industrials has announced that Guinness Nigeria is now officially part of the company’s growing portfolio.
In June 2024, Tolaram and Diageo announced a proposed transaction that would have Diageo transfer ownership of its 58.02% shareholding in Guinness Nigeria to Tolaram.
This target was to make Tolaram the new majority shareholder while establishing 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.
This historic milestone, according to Tolaram marks a pivotal moment in the company’s journey of growth and diversification. In the words of the company, “We are committed to upholding the rich heritage and quality that Guinness is known for while exploring new avenues for sustainable growth.”
The successful completion of the transaction marks would also be the beginning of a new era for Guinness longstanding presence in Nigeria where it has for over seven decades been intricately woven into the fabric of Nigerian culture and society.
Guinness Nigeria, one of the most reputable corporate entities in Nigeria known for iconic brands like Guinness, Malta Guinness and Orijin remains firmly rooted in Nigeria and is set to continue its historic journey in the country, leveraging the vast experience and footprints of Tolaram.
Commenting on the completion of the share transfer transaction and the newly constituted Board, Board Chair, Dr. Omobola Johnson remarked that “The Board, Management and employees of Guinness Nigeria are excited about what the future holds in this new era as we embrace the tremendous opportunities presented by the vast experience and decades of remarkable presence of Tolaram in Nigeria building great brands.
“We thank all the directors that are exiting the Board for their contributions to the growth of Guinness Nigeria and their tireless efforts to ensure a smooth transition for the share transfer transaction.”