Singapore-based consumer group Tolaram on Tuesday agreed to buy Diageo’s 58.02% shareholding in Guinness Nigeria and enter into long-term licence and royalty agreements, the Nigerian brewer said in a statement.
Diageo, maker of Johnnie Walker Scotch and Smirnoff vodka, will retain ownership of the Guinness brand, which it will licence to Guinness Nigeria, along with locally manufactured Diageo ready-to-drink and mainstream spirits.
“Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will 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,” the company stated.
The transaction is expected to be completed during the 2025 financial year subject to regulatory approvals in Nigeria.
Guinness declared a loss before tax of 56-billion naira ($38.23m) in the first quarter of 2024 compared with a 2.71-billion naira profit during the same period in 2023.
Tolaram has a significant presence in Africa as one of the largest consumer packaged goods companies on the continent and has partnerships with several leading consumer multinational companies. Agency reports
