After obtaining all necessary regulatory approvals, Guinness Nigeria Plc has confirmed the completion of the sale of Diageo’s shareholding in Guinness Nigeria to Tolaram, effective Monday, September 30, 2024.
In June 2024, Diageo and Tolaram unveiled a proposed transaction under which Diageo would transfer its 58.02% shareholding in Guinness Nigeria to Tolaram, making Tolaram the new majority shareholder.
The successful conclusion of the transaction marked the start of a new chapter for the Company’s longstanding presence in Nigeria, where it has been deeply ingrained in Nigerian culture and society for over seven decades.
Guinness Nigeria, renowned for iconic brands like Guinness, Malta Guinness, and Orijin, remains firmly committed to Nigeria. It is poised to continue its historic journey in the country, leveraging Tolaram’s extensive experience and presence.
Exits and New Board
Following the completion of the transaction, Guinness Nigeria Plc announced new resignations and appointments to its Board of Directors in a corporate action announcement approved by the Nigeria Exchange Limited for publication on the NGX Issuers portal.
In response to the completion of the share transfer transaction and the newly constituted Board, Board Chair Dr Omobola Johnson expressed that the firm will embrace the significant opportunities presented in this new era.
Dr. Johnson also expressed gratitude to the departing directors for their contributions to Guinness Nigeria’s growth and their efforts to ensure a smooth transition for the share transfer transaction.
Additionally, Dr. Johnson welcomed the newly appointed Directors to the Board and looked forward to their contributions in driving the company’s business to new heights of growth, sustainability, and value creation for all stakeholders.
In the newly announced appointments, Mr. Girish Sharma, a seasoned business leader with a track record of transformative leadership, will assume the Managing Director/CEO role.
Mr. Sharma holds an MBA in Marketing from the University of Kent and executive leadership qualifications from Harvard, Stanford, and Cambridge Universities, focusing on leadership, sustainability, and business management.
Before his appointment, Mr Sharma served as CEO of Tolaram’s joint venture with Colgate-Palmolive, achieving a remarkable 70 per cent compound annual growth rate in top-line revenue year-on-year over five years.
Mr Sharma also previously held the position of Chief Operating Officer of Tolaram’s manufacturing company, Dufil, where he oversaw the growth of Tolaram’s flagship instant noodle brand, Indomie, to a household name and market leader in Nigeria and Ghana.
Furthermore, Mr Haresh Aswani, Managing Director of Tolaram Africa and newly appointed Vice-Chair of the Board of Guinness Nigeria PLC, expressed his delight at the completion of the share transfer transaction and optimism that Guinness Nigeria is poised for a new era of growth and expansion that offers stakeholders enhanced value.