The Lekki Free Trade Zone and Nigeria's first deep-water port were constructed in collaboration with Tolaram, which has now purchased Diageo's 58.02 percent stake in Guinness Nigeria Plc.     The Tolaram Group, an Indonesian conglomerate, has received praise from President Bola Ahmed Tinubu for its unwavering belief in Nigeria and its economy.

The Lekki Free Trade Zone and Nigeria's first deep-water port were constructed in collaboration with Tolaram, which has now purchased Diageo's 58.02 percent stake in Guinness Nigeria Plc.

Tolaram will also enter into long-term license and royalty arrangements for the continuous production of Guinness products as well as its locally created Diageo ready-to-drink and mainstream brands, according to an announcement made at the Nigerian Exchange on Tuesday.   According to a statement released on Tuesday by Bayo Onanuga, Special Adviser to the President on Information & Strategy, President Tinubu stated that Tolaram had demonstrated that it had a long-term vision for conducting business in Nigeria by purchasing Diageo's shares in Guinness.   Tolaram has spent the last fifty years conducting business in Nigeria.

The President stated that Tolaram has shown great faith and confidence in Nigeria's economy by increasing its investment footprints.   "President Tinubu wishes the group's business continued success and welcomes Tolaram to the Nigerian alcoholic beverage industry."Insuring investors and Nigerian companies, President Tinubu pledges that his administration would keep improving the business climate by fostering greater transparency and favorability.  

According to the release, "he said that investors would experience sustained growth and enduring profitability as a result of the multifaceted reforms and interventions being implemented on the economic and financial fronts." Earlier on Tuesday, SaharaReporters said that Guinness Nigeria Plc had declared that Tolaram will buy Diageo's 58.02% stake in the company.

It was announced that it would sign long-term license and royalty contracts to keep producing its domestically produced Diageo ready-to-drink and mainstream spirits brands in addition to the Guinness brand.     This was stated in a statement made on Tuesday by Mrs. Abidemi Ademola, the company secretary and legal director, soon after the conditions of an agreement were signed on June 11, 2024. Mrs. Ademola clarified that provided the necessary governmental permissions were obtained in Nigeria, the deal was anticipated to be finalized in Fiscal 2025.   "Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for an extended period, allowing Guinness Nigeria to move forward with its next phase of growth and development under Tolaram's direction," the statement read.

Tolaram is a prominent consumer packaged goods company in Africa that has been there for five decades. It has formed joint venture ties with several top multinational consumer corporations.   "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."  

"Guinness Nigeria will remain listed on the Nigerian Exchange Ltd. and, subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements," Ademola added after the transaction was completed.

Omobola Johnson, the board chair of Guinness Nigeria, was reported as stating that the announcement of the acquisition gives a big opportunity for Guinness Nigeria's next stage of expansion.   As a result of the country's economic instability and high cost of living, Diageo sold its interest in Guinness Nigeria and joined other global corporations in leaving. American multinational corporations and "Huggies" creators Kimberly-Clark withdrew from the Nigerian market in May, citing the challenging economic climate.  

The corporation made its decision following 14 years of operations in Nigeria. The business stated that it planned to modify its global strategic priorities in light of Nigeria's current economic circumstances. Huggies and Kotex product production, marketing, and sales in Nigeria would cease when the company announced that it would close its manufacturing plants and corporate office in Lagos State.