Tolaram Group Completes 58.02% Acquisition of Guinness Nigeria PLC, Announces New Board
Following the successful acquisition of a 58.02% controlling stake in Guinness Nigeria PLC, effective from Monday, 30th September 2024, Tolaram Group has unveiled a new management board for the company.
In a corporate action approved by the Nigerian Exchange Limited (NGX), Guinness Nigeria PLC confirmed the resignation of several board members, including Mr. Adebayo Alli (Managing Director/CEO), Ms. Joan Hodgins (Non-Executive Director), Mrs. Grainne Wafer (Non-Executive Director), and Mr. Leo Breen. The newly appointed board members include Mr. Girish Sharma as the new Managing Director/CEO, Mr. Haresh Aswani as Vice-Chair & Non-Executive Director, Mr. Deepak Singhal as Non-Executive Director, and Mr. John Musunga as Non-Executive Director.
This acquisition follows the June 2024 announcement by Diageo and Tolaram regarding the transfer of Diageo’s 58.02% shareholding in Guinness Nigeria to Tolaram. The agreement also includes long-term licensing and royalty arrangements for the continued production, marketing, and sale of the Guinness brand and Diageo’s ready-to-drink and mainstream spirits in Nigeria.
Commenting on the new developments, Board Chair Dr. Omobola Johnson expressed optimism, stating, “The Board, Management, and employees of Guinness Nigeria are excited about the future as we embrace the vast experience of Tolaram in Nigeria. We thank the outgoing directors, especially Mr. Adebayo Alli, for their contributions to the company’s growth and ensuring a smooth transition. We wish Mr. Alli the best in his new role within Diageo Africa.”
Dr. Johnson also welcomed the new board members, noting that their expertise would contribute to the company’s growth and sustainability.
Girish Sharma, the newly appointed Managing Director/CEO, brings a wealth of experience to his role. With an MBA in Marketing from the University of Kent and executive leadership training from Harvard, Stanford, and Cambridge Universities, Sharma previously led Tolaram’s joint venture with Colgate-Palmolive, achieving a 70% compound annual growth rate in revenue over five years.
Mr. Haresh Aswani, Managing Director of Tolaram Africa and Vice-Chair of Guinness Nigeria’s new board, expressed his enthusiasm for the future of Guinness Nigeria, stating, “This marks a significant milestone in the history of both Guinness and Tolaram. We are excited about the opportunities this partnership brings to shareholders, employees, and trade partners. Tolaram’s 50 years of experience in Africa will positively impact Guinness Nigeria’s growth.”
This strategic acquisition signals a new era of expansion and value creation for Guinness Nigeria, as the company looks to leverage Tolaram’s expertise in the African market.
