Following regulatory approvals, Guinness Nigeria PLC has completed the sale of Diageo’s 58.02% shareholding to Tolaram, effective 30th September 2024.
This transaction makes Tolaram the new majority shareholder while maintaining long-term licensing and royalty agreements for Guinness Nigeria to continue producing and selling the Guinness brand and other Diageo products locally.
This marks a new chapter in Guinness Nigeria’s over 70-year history as a key player in Nigerian culture. Under Tolaram’s leadership, the company is expected to build on its legacy with iconic brands like Guinness, Malta Guinness, and Orijin, leveraging Tolaram’s experience in the region.
As part of the corporate restructuring, several changes have been made to the Board of Directors. Notable resignations include Managing Director/CEO Mr. Adebayo Alli, replaced by Mr. Girish Sharma, and Non-Executive Directors Joan Hodgins, Grainne Wafer, and Leo Breen, replaced by Mr. Haresh Aswani (Vice Chair & Non-Executive Director), Mr. Deepak Singhal, and Mr. John Musunga, respectively.
Board Chair, Dr. Omobola Johnson, praised the outgoing directors for their contributions and welcomed the new appointments, expressing optimism about the future under Tolaram’s leadership.
She highlighted Mr. Sharma’s impressive track record, particularly with Tolaram’s Colgate-Palmolive joint venture and Dufil’s growth of the Indomie brand, as a key driver of Guinness Nigeria’s future success.
Newly appointed Vice Chair, Mr. Haresh Aswani, echoed this optimism, emphasizing that Tolaram’s 50 years of experience across Africa would significantly benefit Guinness Nigeria, setting the company up for growth and expanded stakeholder value.
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