In a notable development in Nigeria’s business landscape, President Bola Ahmed Tinubu has commended Tolaram Group for its acquisition of Diageo’s majority shares in Guinness Nigeria Plc.
The move reveals Tolaram’s confidence in Nigeria’s economy and its commitment to investing in the country’s growth.
Tolaram Group, a leading conglomerate with diverse interests in consumer goods, infrastructure, and technology, has acquired 58.02% of Diageo’s shareholding in Guinness Nigeria Plc.
The transaction, expected to be completed in Fiscal 2025, includes long-term license and royalty agreements for the continued production of Guinness and locally manufactured Diageo products.
Guinness Nigeria Plc is a leading brewer and marketer of alcoholic and non-alcoholic beverages in Nigeria.
The company was established in 1962 and has since become a household name, with a portfolio of iconic brands like Guinness, Malta Guinness, and Harp Lager.
Tolaram Group is a Singapore-based conglomerate with operations in over 75 countries. The group has a strong presence in Nigeria, with investments in various sectors, including consumer goods, infrastructure, and technology.
President Tinubu’s Commendation:
President Tinubu commended Tolaram Group for believing in Nigeria and having faith in its economy.
He praised the group’s commitment to investing in the country’s growth and development, saying, “This acquisition demonstrates Tolaram’s confidence in Nigeria’s potential and its willingness to support our economic growth.”
Impact on Nigeria’s Economy:
The acquisition is expected to have a positive impact on Nigeria’s economy, creating jobs and stimulating economic growth.
The move also demonstrates the country’s attractiveness to foreign investors, despite the challenging economic landscape.
President Tinubu’s commendation of Tolaram Group’s acquisition of Guinness Nigeria Plc highlights the importance of foreign investment in Nigeria’s economic growth.
The move is a testament to the country’s potential and its ability to attract investors who share its vision for growth and development.
As Nigeria continues to navigate its economic challenges, investments like Tolaram’s will play a crucial role in shaping the country’s future.
