Tolaram Africa, a prominent consumer packaged goods company with a five-decade presence in Africa, has acquired a significant stake in Guinness Nigeria. This major development was announced by Diageo’s Company Secretary, Abidemi Ademola, who confirmed that the agreement for Tolaram to acquire Diageo’s 58.02% shareholding in Guinness Nigeria was signed on June 11, 2024.

As part of the deal, Tolaram will enter into long-term license and royalty agreements for the continued production of the Guinness brand and Diageo’s locally manufactured ready-to-drink and mainstream spirits brands in Nigeria. The transaction, expected to be completed in Fiscal 2025, is contingent on obtaining necessary regulatory approvals in Nigeria.

Diageo remains committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria long-term, facilitating the brand's next phase of growth under Tolaram's leadership. Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria, ensuring sustained growth through its expertise in brand building and innovation.

Omobola Johnson, Board Chair of Guinness Nigeria, highlighted the partnership's potential for significant growth, combining Tolaram's manufacturing and distribution expertise with Diageo's branding prowess. Managing Director Adebayo Alli expressed excitement about the collaboration, emphasizing Tolaram’s alignment with Guinness Nigeria’s values. Tolaram Africa’s Managing Director, Haresh Aswani, celebrated the acquisition, seeing it as a strategic move to enhance their footprint in Nigeria and deliver greater value to customers and shareholders.