Tinubu Commends Tolaram For Taking Over Guinness Nigeria

President Bola Tinubu has praised Tolaram Group’s decision to acquire Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.

The President highlighted that this move demonstrates the Indonesian business conglomerate’s confidence in Nigeria’s economy.

President Bola Tinubu has expressed his approval of the Tolaram Group’s acquisition of Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc. This endorsement was articulated in a statement released on Tuesday by his special adviser on information and strategy, Bayo Onanuga.

The statement followed the announcement that Diageo, the primary foreign shareholder in Guinness Nigeria Plc, has agreed to sell its controlling stake to Tolaram, a multinational conglomerate.

The agreement, signed on Tuesday, stipulates that Tolaram will take over Diageo’s 58.02% ownership in Guinness Nigeria and enter into long-term licensing and royalty contracts.

These contracts will ensure the continued production of the Guinness brand and Diageo’s locally produced ready-to-drink and mainstream spirits brands.

Reacting to this development, President Tinubu highlighted Tolaram’s long-term commitment to doing business in Nigeria, emphasizing that the conglomerate’s acquisition of Diageo’s shares in Guinness is a strong vote of confidence in Nigeria’s economy.

Tolaram has been operating in Nigeria for over fifty years, including partnerships like the Lekki Free Trade Zone and the country’s first deep sea port.

The full statement reads:

“President Bola Ahmed Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in her economy.

“Tolaram, which partnered with Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc.

“According to an announcement at the Nigerian Exchange on Tuesday, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands.

“President Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.

“Tolaram has been doing business in Nigeria in the last 50 years.

“In choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.

“President Tinubu welcomes Tolaram to the alcoholic beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.

“President Tinubu gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent.

“He said that the multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.”