Tolaram completes take-over of Guinness Nigeria

Tolaram has completed the take-over of Guinness Nigeria with effect from September 30, 2024, following the grant of all requisite regulatory approvals.

In an announcement published on the Nigeria Exchange Limited (NGX) Issuers portal, yesterday, the company stated: “Following the grant of all requisite regulatory approvals, Guinness Nigeria PLC is pleased to announce that the sale of Diageo’s shareholding in Guinness Nigeria to Tolaram has now been completed, effective 30th September 2024.

The successful completion of the transaction marks the beginning of a new era for the company’s 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.

The company also announced the reconstitution of its Board of Directors Commenting on the completion of the share transfer transaction and the newly constituted Board, Board Chair, Dr. Omobola Johnson remarked: “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.”

Recall that in June, Diageo and Tolaram announced a proposed transaction that would have Diageo transfer ownership of its 58.02% shareholding in Guinness Nigeria to Tolaram, making 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.