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TOLARAM
President Bola Tinubu has commended Tolaram Group for its role in attracting a $50 million equity investment from the International Finance Corporation (IFC) into the Lagos Free Zone Company (LFZ).
Guinness Nigeria Plc has announced the resignation of Mr. Emmanuel Difom as Director, Finance and Strategy and onward appointment of Mr. Mayank Kabra in his place effective on the 1st of November, 2024.
Guinness Nigeria Plc has announced the appointment of Mr. Mr Girish Sharma as Managing Director and four other Non-executive Directors following the completion of the share sale agreement between the company and now former majority shareholder Diageo.
Tolaram has announced the appointment of Adesuwa Ladoja as the Managing Director/Chief Executive Officer of one of its subsidiaries – the Lagos Free Zone Company
Leading Nigerian law firm Templars has announced its role in advising Tolaram, a Singaporean conglomerate, on acquiring a 58.02% stake in Guinness Nigeria PLC from Diageo.
On June 11, 2024, Diageo announced it had entered a deal to sell its 58.02% stake in Guinness Nigeria Plc to Tolaram, bringing an end to over five decades of direct ownership of the Nigerian subsidiary.
Guinness Nigeria’s share price has gained over 8%, trading at N55.60 as of mid-day on June 11, 2024. The gain is coming on the heels of an announced takeover of Guinness Nigeria by Tolaram.
Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria, and enter into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.
Nigerian businesses owned by foreign nationals have thrived. Here's a look at how they did it.