Tolaram takes over Guinness Nigeria

Tolaram has announced a new management and board for Guinness Nigeria Plc in a move that affirmed the formal takeover of the management of the breweries.

The appointment of new board and management came as Tolaram completed acquisition of 58.02 per cent controlling stake in Guinness Nigeria Plc.

In a regulatory filing at the Nigeria Exchange (NGX), Guinness Nigeria announced the resignations of several directors including Mr Adebayo Alli – Managing Director; Ms Joan Hodgins – Non-Executive Director; Mrs. Grainne Wafer- Non-Executive Director and Mr. Leo Breen.

The company also confirmed the appointment of Mr Girish Sharma as the new Managing Director, Mr Haresh Aswani – Vice Chair and Non-Executive Director, Mr Deepak Singhal – Non-Executive Director, and Mr John Musunga – Non-Executive Director.

In June 2024, Diageo and Tolaram had announced a proposed transaction that would have Diageo transfer ownership of its 58.02 per cent  shareholding in Guinness Nigeria to Tolaram, making Tolaram the new majority shareholder, while establishing long-term license and royalty agreements for the company’s continued production, marketing and sale of the Guinness brand and all its locally manufactured Diageo ready-to-drink and mainstream spirits brands in Nigeria.While commenting on the completion of the share transfer transaction and the newly constituted board, Chairman, Guinness Nigeria Plc, Dr. Omobola Johnson said the entire company is excited about what the future holds in this new era as it embraces the tremendous opportunities presented by the vast experience and decades of remarkable presence of Tolaram in Nigeria building great brands.“We thank all the directors that are exiting the board for their contributions to the growth of Guinness Nigeria and their tireless efforts to ensure a smooth transition for the share transfer transaction. We commend Mr. Adebayo Alli, the outgoing Managing Director who during his short but remarkable tenure delivered a solid platform for the future growth of Guinness Nigeria. We wish him well as he moves into his exciting new role within Diageo Africa,” Johnson said.

She welcomed all the newly appointed directors to the board as the board looks forward to their contributions in taking the business of the company to new heights of growth, sustainability, and value creation for all stakeholders.

Sharma, a seasoned business leader with a track record of transformative leadership, 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.

Until his appointment, Sharma was CEO of Tolaram’s joint venture with Colgate-Palmolive, delivering a remarkable 70 per cent compound annual growth rate in top-line revenue year-on-year in the five-year period since the inception of the Colgate-Palmolive Tolaram joint venture.

Sharma was also Chief Operating Officer of the Tolaram’s manufacturing company, Dufil, in which capacity he oversaw the growth of Tolaram’s flagship instant noodle brand, Indomie, to a household name and market leader in Nigeria and Ghana.

Also commenting on the new changes in the business, Mr. Haresh Aswani, Managing Director, 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 the optimism that Guinness Nigeria is poised for a new era of growth and expansion that offers stakeholders enhanced value.He said: “This is indeed a remarkable milestone in the history of two great businesses in Guinness and Tolaram. We are excited about the possibilities that this partnership will bring for everyone associated with Guinness Nigeria including its shareholders, employees, and trade partners. The experience of Tolaram across the African continent over the last 50 years will inevitably be a positive boost to Guinness Nigeria in the coming years.”

Tolaram takes over Guinness Nigeria - The Nation Newspaper (thenationonlineng.net)