Tolaram completes Guinness acquisition, unveils new leadership
By Felicia Nwosu
In a more strategic step and in line with its vision to boost its sustainability, Tolaram Group has finalized its acquisition of a majority stake in Guinness Nigeria Plc, marking a new chapter for the iconic brewery.
As part of the transition, the company has appointed Girish Sharma as Managing Director and Chief Executive Officer.
The acquisition, valued at over N64 billion, sees Tolaram acquire a 58.02% stake in Guinness Nigeria from Diageo, the global spirits giant. The deal, announced in July 2024, has received regulatory approvals and taken effect as of September 30, 2024.
In the recent time, Guinness Nigeria’s Board of Directors has undergone a transformation, with the departure of Adebayo Alli, Joan Hodgins, Grainne Wafer, and Leo Breen. The new board members include:
– Harkishin Aswani, Vice Chair and Non-Executive Director
– Deepak Singhal, Non-Executive Director
– John Musunga, Non-Executive Director
Dr. Omobola Johnson retains her position as Board Chair and Independent Non-Executive Director, while Emmanuel Difom continues as Finance and Strategy Director.
The global company reaffirmed that, following this new strategic move under a licensing and royalty agreement, Diageo will continue to produce and distribute Guinness and other locally manufactured brands across Nigeria.
Tolaram’s acquisition is expected to bolster Guinness Nigeria’s operations and growth prospects, leveraging the company’s extensive distribution network and local market expertise.
Girish Sharma, the incoming MD/CEO explained that, this transition marks an exciting new era for Guinness Nigeria.
“We’re committed to building on the brand’s rich legacy, driving innovation, and delivering value to our stakeholders.”
The development is seen as a strategic move by Tolaram to expand its footprint in Nigeria’s beverage industry, while Diageo focuses on its global priorities.
With this acquisition, Tolaram reinforces its commitment to Nigeria’s economic growth and job creation, ensuring the continued production of iconic brands like Guinness.
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