Sale of Guinness Nigeria Stake
Diageo has sold its 58.02% stake in Guinness Nigeria to Singapore-based Tolaram Group for ₦81.60 per share (approx. ₦103 billion or $70 million)
Deal Mechanism & Strategic Shift
Tolaram, a longtime consumer-goods player in Nigeria, will gain majority control of Guinness Nigeria under the deal The Exchange Africa.
Diageo will retain ownership of the Guinness brand, entering into long-term licensing and royalty agreements so the brewer can continue producing and distributing Guinness and other Diageo spirits locally
The agreement was signed in June 2024, and the transaction closed in Diageo’s 2025 fiscal year, finalized around September 30, 2024 upon regulatory approvals The Wall Street Journal+5The Nation Newspaper+5foodbusinessafrica.com+5.
Guinness Nigeria remains listed on the Nigerian Exchange (NGX). Following the acquisition, Tolaram launched a mandatory takeover offer to acquire shares held by minority investors, per Nigerian law
Why the Sale? Economic and Strategic Drivers
Diageo’s decision aligns with broader efforts to reduce risk in Nigeria, amid a severe currency crisis, high inflation (~33–34%), and restricted FX access. SemaforThe TimesFinancial Times
Other multinationals like Unilever, GSK, Kimberly‑Clark, and PZ Cussons have also scaled back operations in Nigeria due to economic instability Financial Times+4Financial Times+4The Times+4.
Diageo’s CEO Debra Crew emphasized that it’s moving toward a flexible, asset‑light beer model and shifting investment toward premium spirits in West and Central Africa
