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Tag: Guinness Nigeria

  • Major shareholder, Diageo to sell Guinness Nigeria

    Major shareholder, Diageo to sell Guinness Nigeria

    Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc is to be acquired by Tolaram Africa, following an agreement signed on June 11.

    Mrs Omobola Johnson, Board Chairman, Guinness Nigeria, disclosed this in a statement signed by Mrs Eniola Alli-Faweya, the Head of Corporate Communications, on Tuesday in Lagos.

    According to Johnson, Tolaram has entered a long-term license and royalty agreements for continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.

    She said that the transaction was expected to be completed during the fiscal year 2025, subject to obtaining the requisite regulatory approvals in Nigeria.

    Johnson stated that following the completion of the transaction, Guinness Nigeria would remain listed on the Nigerian Stock Exchange Ltd.

    She added that subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements.

    “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,” she said.

    Adebayo Alli, Managing Director, Guinness Nigeria, said the announcement marked an exciting moment for Guinness Nigeria, its employees and customers.

    Alli expressed readiness to work alongside Tolaram, which was described as one of the largest and most respected consumer goods companies in Africa.

    “I am pleased to note Tolaram’s alignment with Guinness Nigeria’s values and its strong commitment to build an enduring and sustainable business,” Alli said.

    Haresh Aswani, Managing Director, Tolaram Africa, said the group was thrilled to welcome Guinness Nigeria, a company with rich legacy and strong consumer loyalty into its ecosystem.

    Aswani said the strategic move would expand the company’s significant footprint in the Nigerian market and presented an opportunity to leverage their combined strengths to foster innovation and deliver immense value to customers and shareholders.

    Tolaram is one of the largest consumer packaged goods companies on the continent.

  • Guinness Nigeria announces appointment of new MD/CEO

    Guinness Nigeria announces appointment of new MD/CEO

    The board of Guinness Nigeria Plc has announced the appointment of Mr Baker Magunda as its new Managing Director/Chief Executive Officer.

    In a statement signed by the Legal Director/Company Secretary of Guinness Nigeria, Rotimi Odusola, it was disclosed that the new MD/CEO is now a member of the board of the brewery giant.

    The appointment of Mr Magunda followed the resignation of Mr Peter Ndegwa, who was said to have given notice of his resignation as the chief executive of the company via his letter dated June 30, 2018 and was accepted by the board on the same day.

    The board of Guinness Nigeria Plc approved the appointment of Mr Magunda on August 1, 2018 with effect from July 1, 2018.

    Mr Magunda holds a Bachelor of Economics [Honours] from the Makerere University Uganda. He has nearly 20 years’ experience in the consumer goods and alcohol industry and has worked across Africa in Uganda and Kenya as well as Ethiopia and the Sudan.

    He joined Diageo in 1999 as Marketing Manager, Uganda Breweries Limited and has held several increased leadership roles, including Managing Director Uganda Breweries Limited, Managing Director Kenya Breweries Limited, and Managing Director Diageo Guinness Cameroon SA.

    Mr Magunda joins Guinness Nigeria from Diageo owned Meta Abo Breweries in Ethiopia where he was the Managing Director.

  • Obaseki advocates non-punitive tax regime for local companies

    Obaseki advocates non-punitive tax regime for local companies

    The Edo State Governor, Mr. Godwin Obaseki, has made a strong case for more incentives for local companies, including a non-punitive tax regime to encourage more investments and boost the nation’s economic growth.

    Obaseki made the case while playing host to the management team of Guinness Nigeria Plc., led by the Chairman, Babatunde Savage, who paid a courtesy visit to the governor, at the Government House in Benin City, the Edo State capital.

    According to the governor, local investors who choose to contribute to the economic growth of the country must be encouraged with a tax regime that will serve as an incentive for their businesses.

    He said the state government will continue to encourage local investors, noting that “such measure will attract other investors to locate their businesses in the state.”

    He emphasised that “Without strong local investors, we cannot attract international investors,” and assured that he would take the campaign for a non-punitive tax regime to the federal government to attract more companies that will create jobs for the nation’s teeming unemployed youths.

    Obaseki commended Guinness Nigeria Plc for expanding its investment in the state with the unveiling of the company’s new product, Royal Kingdom Premium Lager Beer, noting that it is the beer for Edo people.

    He lauded the company for complementing the drive by the state government to create employment opportunities, “We commend Guinness for the direct and indirect jobs it has continued to create in the state. Local companies like Guinness Nigeria Plc. have continued to contribute to the overall development of the state.”

    Earlier, Chairman, Guinness Nigeria Plc, Mr. Babatunde Savage, expressed his company’s appreciation to the governor for supporting their operations in the state, noting, “Through the support of the state government, the company has been able to expand its business in the state.

    Savage said “The company’s new product: Royal Kingdom Premium Lager Beer, has its materials sourced locally. This was a deliberate choice to empower people in the state.”