After receiving all necessary regulatory approvals, Guinness Nigeria Plc has confirmed that the sale of Diageo’s stake in Guinness Nigeria to Tolaram has been completed, effective Monday 30 September 2024.
In June 2024, Diageo and Tlalum announced a proposed transaction under which Diageo would transfer a 58.02% stake in Guinness Nigeria to Tlalum, with Tlalum becoming the new major shareholder.
The successful completion of the transaction marks the beginning of a new chapter in the company’s long-standing presence in Nigeria, which has been deeply ingrained in Nigerian culture and society for over 70 years.
Renowned for its iconic brands such as Guinness, Malta Guinness and Origin, Guinness Nigeria remains committed to Nigeria. Leveraging Tolaram’s rich experience and presence, we are ready to continue our historic journey in the country.
Exit and new board
Following the completion of the transaction, Guinness Nigeria Limited announced fresh resignations and appointments to the Board of Directors in a corporate action announcement approved for publication on the NGX Publisher Portal by the Nigerian Exchange Limited.
Reacting to the completion of the share transfer transaction and the newly established Board of Directors, Dr. Omobola Johnson, Chairman of the Board, indicated that the Company is eager to embrace the significant opportunities presented by this new era.
Dr Johnson also thanked the outgoing directors for their contribution to the growth of Guinness Nigeria and their efforts in ensuring a smooth transition of the share transfer transaction.
Additionally, Dr. Johnson welcomed the newly appointed directors to the Board and looked forward to their contribution in taking the company’s business to new heights of growth, sustainability and value creation for all stakeholders. I did.
In the newly announced appointment, Girish Sharma, an experienced business leader with a track record of innovative leadership, will assume the role of Managing Director and CEO.
Mr. Sharma holds an MBA in Marketing from the University of Kent and Executive Leadership Certifications with a focus on Leadership, Sustainability and Business Management from Harvard, Stanford and Cambridge Universities.
Prior to his appointment, Mr. Sharma served as CEO of the Tolaram and Colgate-Palmolive joint venture, where he achieved an impressive 70% year-over-year compound annual revenue growth rate over five years.
Mr. Sharma also previously held the role of Chief Operating Officer of Dufil, the manufacturer of Tola Lam, where he oversaw the growth of Tola Lam’s flagship instant noodle brand, Indomie, into a recognized market leader in Nigeria and Ghana.
Additionally, Haresh Aswani, Managing Director of Tolam Africa and newly appointed Vice Chairman of the Board of Guinness Nigeria PLC, expressed his delight at the completion of the share transfer transaction, adding that Guinness Nigeria will He expressed optimism that the country is poised for continued growth and a new era. Enhancements that provide additional value to stakeholders.
