President Bola Tinubu has commended the decision of Tolaram Group to acquire Diageo’s 58.02% shareholding in Guinness Nigeria Plc.
The President said the move is proof that the Indonesian business conglomerate has confidence in Nigeria’s economy
Tinubu made this known in a statement released on Tuesday by his special adviser on information and strategy, Bayo Onanuga, following the news that the foreign majority shareholder in Guinness Nigeria Plc, Diageo, has agreed to sell its controlling equity stake of 58.02 per cent to a multinational group, Tolaram.
According to an agreement signed on Tuesday, Tolaram will take over Diageo’s 58.02% ownership in Guinness Nigeria and establish long-term licensing and royalty contracts to maintain production of the Guinness brand and Diageo’s locally produced ready-to-drink and mainstream spirits brands.
Reacting to the development, the Nigerian President said Tolaram, which has been doing business in Nigeria for over fifty years, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in the country.
Tinubu also gave assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent.
The 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 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.”