Guinness Nigeria Plc has concluded a significant transaction marking a major shift in its ownership structure, as Diageo successfully transfers its 58.02 percent shareholding in the company to Tolaram. This transaction, first announced in June 2024, officially makes Tolaram the new majority shareholder of Guinness Nigeria. The sale represents a strategic move for both parties, reflecting Diageo’s intention to streamline its operations in Nigeria while providing Tolaram with an opportunity to expand its footprint in the region. The completion of this deal was formally recognized on September 30, following the approval from the Nigeria Exchange Limited.
In conjunction with the share transfer, Guinness Nigeria has established long-term licensing and royalty agreements that allow for the continued production, marketing, and sale of its iconic Guinness beer and other Diageo brands. This agreement ensures that local manufacturing operations will not only continue but thrive under Tolaram’s stewardship. The transition appears to be part of a larger strategic vision to solidify the presence of these brands in the Nigerian market, prevent disruption in supply chains, and reassure consumers and stakeholders about the consistency of product availability during this change in ownership.
As part of the corporate restructuring following the share transfer, several changes have been made to the Guinness Nigeria board of directors. In its official announcement on the Nigerian Exchange Group Issuers portal, the company detailed the resignations and appointments that took place as a result of the transaction. Dr. Omobola Johnson has now taken the role of Board Chair, celebrating this new chapter as a time for invigorated growth and opportunity. She expressed her gratitude to outgoing board members for their contributions while extending a warm welcome to those newly appointed, indicating a commitment to elevate the company towards new heights of growth and shareholder value.
The sentiments shared by both Tolaram and Guinness Nigeria emphasize optimism regarding the future trajectory of the company. Mr. Haresh Aswani, who has stepped in as Vice Chairman on the board following the transaction, articulated a shared vision for the potential growth and expansion of the business. He underscored Tolaram’s extensive experience in brand building in Nigeria and across Africa over the past 50 years, which he believes will be integral to Guinness Nigeria’s success in the coming years. Aswani also highlighted the anticipated benefits this partnership brings to shareholders, employees, and trade partners alike, reflecting a holistic approach to stakeholder engagement.
The leadership shifts accompanying the share transfer extend to the executive management of Guinness Nigeria as well. Mr. Girish Sharma has been appointed as the new Managing Director and Chief Executive Officer. His experience is anticipated to play a crucial role in steering the company through this transitional phase and ensuring that strategic goals align with Tolaram’s vision for the future. Sharma’s leadership, along with a restructured board, aims to position Guinness Nigeria as a growth leader in the beverage industry, further aiming to improve the local landscape and promote sustainable practices.
This transition represents not just a change in ownership, but a foundational reorientation for Guinness Nigeria as it aligns itself with Tolaram’s broader business approach. The partnership is being viewed as an exciting opportunity to innovate and enhance operational efficiency, expanding the brand’s legacy in Nigeria. By harnessing Tolaram’s established infrastructure and expertise, Guinness Nigeria is poised to explore new markets and reinforce its commitment to quality and customer satisfaction, ultimately driving value creation for all stakeholders involved.
