Guinness Nigeria Announces Leadership Changes as Tolaram Finalizes Takeover

...Appoints Girish Sharma as New MD/CEO

Guinness Nigeria Plc has officially completed the sale of Diageo’s majority shareholding to Tolaram, marking a significant change in the company's leadership and ownership structure. With all regulatory approvals in place, the transfer of Diageo’s 58.02% stake to Tolaram became effective on 30th September 2024.

As part of the leadership transition, Mr. Girish Sharma has been appointed as the new Managing Director/CEO, succeeding Mr. Adebayo Alli, who has stepped down after a notable tenure. Joining Sharma on the newly structured board are Mr. Haresh Aswani, Vice Chair & Non-Executive Director; Mr. Deepak Singhal, Non-Executive Director; and Mr. John Musunga, Non-Executive Director.

The completion of this transaction was first announced in June 2024 when Diageo and Tolaram disclosed plans for the transfer of Diageo’s shares. The agreement also includes long-term license and royalty arrangements, ensuring Guinness Nigeria continues to produce, market, and sell iconic Diageo brands like Guinness, Malta Guinness, and Orijin, as well as other ready-to-drink beverages and spirits in the Nigerian market.

This change marks the beginning of a new chapter for Guinness Nigeria, which has been a key player in the country’s economy and culture for over 70 years. The company is well-known for its strong portfolio of products and its deep-rooted presence in Nigeria, and Tolaram’s extensive experience in the African market is expected to strengthen Guinness Nigeria’s growth trajectory.

Board Chair Dr. Omobola Johnson expressed optimism about the future under Tolaram’s leadership. “The Board, Management, and employees are excited about the opportunities ahead as we leverage Tolaram’s decades of experience in building great brands across Africa. We extend our gratitude to the outgoing board members, particularly Mr. Adebayo Alli, whose tenure has laid a strong foundation for future growth.”

Dr. Johnson also welcomed the newly appointed board members, emphasizing their expected contributions to driving growth, sustainability, and value creation for all stakeholders.

Mr. Girish Sharma, the newly appointed Managing Director/CEO, brings a wealth of experience in transformative business leadership. He holds an MBA from the University of Kent and executive qualifications from Harvard, Stanford, and Cambridge Universities. Sharma’s tenure as CEO of Tolaram’s joint venture with Colgate-Palmolive saw a 70% compound annual growth rate in revenue over five years, and he was instrumental in growing the Indomie brand to market leader status in Nigeria and Ghana.

Mr. Haresh Aswani, Managing Director of Tolaram Africa and newly appointed Vice-Chair of Guinness Nigeria, expressed his excitement about the partnership between Tolaram and Guinness Nigeria. He stated, “This is a pivotal moment for both companies. With Tolaram’s 50-year experience in Africa, we are confident that Guinness Nigeria is on the cusp of a new era of growth and expansion that will deliver greater value for all stakeholders.”

Guinness Nigeria remains the leading beverage alcohol company in the country, offering a wide range of both alcoholic and non-alcoholic beverages, including Guinness Foreign Extra Stout, Malta Guinness, Orijin, Gordons Pink Berry, and Smirnoff Ice, among others.