Diageo sells its shareholding in Guinness Nigeria

11 June, 2024

Diageo has announced that Singapore-based consumer group Tolaram is set to acquire Diageo’s 58.02% shareholding in Guinness Nigeria.

The deal will see Diageo enter a new partnership with Tolaram in which Diageo will retain ownership of the Guinness brand but license it to Guinness Nigeria for the long-term.

Guinness Nigeria will also continue to have manufacturing and distribution rights for the other Diageo brands that it currently manufactures.

“Guinness has been Nigeria’s favourite beer for nearly 75 years,” said Diageo chief executive Debra Crew.

“Tolaram share this passion for Guinness and for Nigeria, making them the perfect partners as we continue to grow our business and seek to delight even more consumers in the country.”

Dayalan Nayager, president Diageo Africa and chief commercial officer continued: “Our flexible, asset-light, beer operating model is working well in other markets, and we will unlock the full potential of Guinness in Nigeria with our new, long-term partner Tolaram.”

Diageo says its asset-light beer operating model allows it to “select the most appropriate structure and route to market for Guinness based on local conditions while retaining ownership of the iconic Guinness brand”. In Tolaram, it has a partner with five decades of presence in the African consumer packaged goods industry.

“Our partnership with Diageo to jointly grow Guinness Nigeria underscores our commitment to build on our strong presence and heritage in Nigeria, cultivated over decades of dedication and unwavering confidence in the future of Africa,” said Sajen Aswani, chief executive at Tolaram.

“We take a long-term view on all our investments and this partnership reflects our optimism on the exciting opportunities that lie ahead across the continent.”

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