Tolaram Africa, a consumer packaged goods company with about five-decade presence in Africa, has acquired a major stake in Guinness Nigeria.
Updating the Nigerian Exchange Group of recent developments within the bank, Diageo’s Company’s Secretary, Abidemi Ademola, said the terms of an agreement for the acquisition of the shares by Tolaram was signed today, June 11, 2024.
Ademola said Diageo remained deeply committed to Nigeria and would retain ownership of the Guinness brand, which would be licensed to Guinness Nigeria for the long term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.
Meanwhile, President Bola Tinubu has commended the Singaporean business conglomerate, the Tolaram Group for believing in Nigeria and having absolute faith in her economy.