Guinness Nigeria Plc has announced new leadership under Tolaram management. Accordingly, Girish Sharma has been named the Managing Director (CEO), alongside Mr. Haresh Aswani as Vice Chair & Non-Executive Director, Mr. Deepak Singhal as Non-Executive Director, and Mr. John Musunga as Non-Executive Director.
Following the grant of all requisite regulatory approvals, Guinness Nigeria Plc (the “Company”) is pleased to announce that the sale of Diageo’s shareholding in Guinness Nigeria to Tolaram has now been completed, effective September 30, 2024.
In June 2024, Diageo and Tolaram announced a proposed transaction that would see Diageo transfer ownership of its 58.02% 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, along with all its locally manufactured Diageo ready-to-drink and mainstream spirits brands in Nigeria.
The successful completion of the transaction marks the beginning of a new era for the Company, which has been intricately woven into the fabric of Nigerian culture and society for over seven decades. Guinness Nigeria, one of the most reputable corporate entities in Nigeria, is known for iconic brands like Guinness, Malta Guinness, and Orijin, and remains firmly rooted in Nigeria, set to continue its historic journey while leveraging the vast experience and footprint of Tolaram.
Following the completion of the transaction on September 30, 2024, in a corporate action announcement approved by the Nigeria Exchange Limited for publication on the NGX Issuers portal, Guinness Nigeria Plc announced the following resignations from and appointments to its Board of Directors:
| Resignations | Appointments
|————————————-|—————————————————|
| 1. Mr. Adebayo Alli – Managing Director/CEO | Mr. Girish Sharma – Managing Director/CEO |
| 2. Ms. Joan Hodgins – Non-Executive Director | Mr. Haresh Aswani – Vice Chair & Non-Executive Director |
| 3. Mrs. Grainne Wafer – Non-Executive Director | Mr. Deepak Singhal – Non-Executive Director |
| 4. Mr. Leo Breen – Non-Executive Director | Mr. John Musunga – Non-Executive Director |
Commenting on the completion of the share transfer transaction and the newly constituted Board, Board Chair Dr. Omobola Johnson remarked, “The Board, Management, and employees of Guinness Nigeria are excited about what the future holds in this new era as we embrace the tremendous opportunities presented by Tolaram’s vast experience and decades of remarkable presence in Nigeria, building great brands. We thank all the directors 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 especially 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.”
Dr. Johnson also welcomed all the newly appointed Directors to the Board, as it looks forward to their contributions in taking the business to new heights of growth, sustainability, and value creation for all stakeholders.
In the new appointments announced, Mr. Girish Sharma, a seasoned business leader with a track record of transformative leadership, will assume the role of Managing Director/CEO. Mr. Sharma 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, Mr. Sharma was CEO of Tolaram’s joint venture with Colgate-Palmolive, achieving a remarkable 70% compound annual growth rate in top-line revenue year-on-year over a five-year period since the inception of the Colgate-Palmolive Tolaram joint venture. Mr. Sharma was also the Chief Operating Officer of Tolaram’s manufacturing company, Dufil, where 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 of 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 optimism that Guinness Nigeria is poised for a new era of growth and expansion that offers stakeholders enhanced value.
He stated, “This is indeed a remarkable milestone in the history of two great businesses: 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.”
Guinness Nigeria is the foremost total beverage alcohol company in Nigeria, with a wide portfolio of non-alcoholic and alcoholic beverages, including Guinness Foreign Extra Stout, Guinness Smooth, Malta Guinness, Orijin Bitters, Dubic Malt, Gordons Pink Berry, Gordons Orange Sunset, Smirnoff Ice, Smirnoff X1 Choco Vodka, and Smirnoff Pineapple Punch, among others.
With a clear ambition “to be one of the best performing, most trusted, and respected consumer products companies in Nigeria,” Guinness Nigeria delivers on its sustainability and responsibility commitments focused on three areas: Promoting Positive Drinking, Championing Inclusion and Diversity, and Pioneering Grain to Glass sustainability. The company continues to champion responsible drinking and community development.
Established in 1950, Guinness Nigeria is home to the first Guinness brewery outside of the British Isles, making it one of the oldest manufacturing companies in Nigeria. The first bottle of Guinness Foreign Extra Stout in Nigeria was brewed in the Ogba Brewery in 1962, and in 1965, Guinness Nigeria was listed on the Nigerian Stock Exchange. In 1974, the company built its second brewery in Benin and expanded it in 1978 to accommodate a second stout brewery. In 1982, a fourth Guinness brewery was built in Ogba, Lagos, and both the Benin and Ogba breweries were expanded to further increase capacity and meet the growing demand for Guinness Nigeria products. In 2011, the company also expanded its installed spirits production capacity at the Benin and Ogba breweries, enhancing its capacity for innovative local spirits brands.
