Home » Diageo has sold off a major portion of its shares in Guinness Nigeria to Tolaram

Diageo has sold off a major portion of its shares in Guinness Nigeria to Tolaram

Updating the Nigerian Exchange Group of recent development within the bank, Diageo’s Company’s Secretary, Abidemi Ademola, said the terms of an agreement for the acquisition of the shares by Tolaram was signed today, June 11, 2024.

“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.

“The transaction is expected to be completed during Fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria,” Ademola said.

Ademola said Diageo remained deeply committed to Nigeria and would retain ownership of the Guinness brand, which would be licensed to Guinness Nigeria for the long term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.

“In partnership with Guinness Nigeria and Tolaram, Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria, to ensure Diageo’s exceptional capabilities in brand building and innovation continue to drive long-term growth for Guinness in Nigeria.”

Ademola said following completion of this transaction, Guinness Nigeria would remain listed on the Nigerian Exchange Ltd. and, subject to regulatory approvals, Tolaram has plans to launch a mandatory takeover offer in compliance with local law requirements.

Board Chair of Guinness Nigeria, Omobola Johnson, said, “Today’s announcement represents a significant opportunity for the next phase of growth for Guinness Nigeria. This partnership brings together Tolaram’s deep expertise in manufacturing and distribution, and Diageo’s exceptional capabilities in brand building and innovation. I believe this is a winning combination which leaves Guinness Nigeria extremely well placed to drive further growth in this market.”

Managing Director of Guinness Nigeria, Adebayo Alli, said, “Today’s announcement marks an exciting moment for Guinness Nigeria, our employees and our customers. I look forward to working alongside Tolaram, which is one of the largest and most respected consumer goods companies in Africa, and I am pleased to note Tolaram’s alignment with Guinness Nigeria’s values and its strong commitment to build an enduring and sustainable business”.

Also, Tolaram Africa’s Managing Director, Haresh Aswani, said, “We are thrilled to welcome Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem. This strategic move will expand our significant footprint in the Nigerian market and presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation.”

President Biden’s Son Convicted On All Charges In Gun Case

The 54-year-old son of President Joe Biden was convicted on all three of the felony counts stemming from his 2018 purchase of a handgun while addicted to drugs.

The verdict comes as his father is seeking reelection and on a day when the Democratic president is scheduled to give a speech in Washington about gun violence.

The president expressed his “love and support” for his son in a statement released by the White House following the conclusion of the trial held in Biden’s hometown of Wilmington, Delaware.
“I am the President, but I am also a Dad,” Biden said. “Jill and I love our son, and we are so proud of the man he is today.”

“So many families who have had loved ones battle addiction understand the feeling of pride seeing someone you love come out the other side and be so strong and resilient in recovery,” he said.

“I will accept the outcome of this case and will continue to respect the judicial process as Hunter considers an appeal,” Biden added.

The 12-member jury deliberated for about three hours over two days before reaching a verdict.
Hunter Biden did not take the stand during the one-week trial. First Lady Jill Biden attended for several days.

Hunter Biden could face up to 25 years in prison, although as a first-time offender jail time is unlikely.

The verdict comes less than two weeks after the conviction on business fraud charges of Donald Trump, Joe Biden’s likely Republican opponent in the November presidential election.

The proceedings, along with another case in which Hunter Biden faces tax evasion charges in California, have complicated Democrats’ efforts to keep the election focus on Trump, the first former president ever to be convicted of a crime.
In addition to being a political distraction, Hunter Biden’s legal woes have reopened painful emotional wounds for the family from his time as a drug addict.

His brother Beau died from cancer in 2015, and his sister Naomi died as an infant in a 1972 car crash that also killed their mother, Neilia, Joe Biden’s first wife.

The Yale-trained lawyer and lobbyist-turned-artist were charged with falsely stating when buying a .38 calibre revolver in 2018 that he was not using drugs illegally.

He was also charged with illegal possession of the firearm, which he had for just 11 days in October of that year.

The president’s son, who has written unsparingly about his addiction, claimed that at the time he bought the revolver he did not consider himself to be an addict.

He has long been the target of hard-right Republicans, and Trump allies have investigated him at length in Congress on allegations of corruption and influence-peddling. No charges have ever been brought.

Hunter Biden’s business dealings in China and Ukraine have also formed the basis for attempts by Republican lawmakers to initiate impeachment proceedings against his father. Those efforts too have gone nowhere.

The White House has said there would be no presidential pardon for Hunter Biden.

AFP

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