Following the grant of all necessary regulatory approvals, Guinness Nigeria PLC is pleased to announce that Diageo’s sale of its shareholding in the company to Tolaram has been completed as of 30th September 2024.
In June 2024, Diageo and Tolaram announced a proposed transaction where Diageo would transfer its 58.02% shareholding in Guinness Nigeria to Tolaram, making Tolaram the majority shareholder. This deal establishes long-term licensing and royalty agreements for the continued production, marketing, and sale of Guinness and other locally manufactured Diageo brands in Nigeria.
The completion of this transaction marks the start of a new chapter in the company’s longstanding presence in Nigeria. Guinness Nigeria, known for its iconic brands like Guinness, Malta Guinness, and Orijin, remains deeply embedded in Nigerian culture. With Tolaram’s vast experience, the company is poised to continue its historic journey.
On 30th September 2024, Guinness Nigeria PLC made a corporate announcement on the Nigeria Exchange Limited (NGX) portal regarding changes to its Board of Directors, following the share transfer transaction:
Resignations:
- Mr. Adebayo Alli – Managing Director/CEO
- Ms. Joan Hodgins – Non-Executive Director
- Mrs. Grainne Wafer – Non-Executive Director
- Mr. Leo Breen – Non-Executive Director
Appointments:
- Mr. Girish Sharma – Managing Director/CEO
- Mr. Haresh Aswani – Vice Chair & Non-Executive Director
- Mr. Deepak Singhal – Non-Executive Director
- Mr. John Musunga – Non-Executive Director
Board Chair Dr. Omobola Johnson expressed the excitement of the Board, Management, and employees about the future, noting the opportunities presented by Tolaram’s extensive experience in Nigeria. She also thanked the outgoing directors for their contributions, particularly Mr. Adebayo Alli, who delivered a solid platform for future growth during his tenure. She wished him well in his new role within Diageo Africa.
Dr. Johnson welcomed the new directors and looked forward to their contributions in driving the company’s growth, sustainability, and value creation.
Mr. Girish Sharma, the new Managing Director/CEO, brings a wealth of experience in transformative leadership. He holds an MBA in Marketing from the University of Kent and has executive leadership qualifications from Harvard, Stanford, and Cambridge Universities. Mr. Sharma previously served as CEO of Tolaram’s joint venture with Colgate-Palmolive, where he achieved significant growth, and also held the position of Chief Operating Officer at Dufil, overseeing the success of Indomie in Nigeria and Ghana.
Mr. Haresh Aswani, Managing Director of Tolaram Africa and newly appointed Vice-Chair of the Board, expressed his optimism that Guinness Nigeria is poised for a new era of growth and value for stakeholders.