Tinubu: Tolaram’s acquisition of Diageo’s stake in Guinness shows confidence in Nigeria’s economy

President Bola Tinubu has commended Tolaram, a Singaporean business conglomerate, for acquiring Diageo’s stake in Guinness.

Bayo Onanuga, special adviser to the president on information and strategy, made this known in a statement on Tuesday.

Earlier, Guinness Nigeria announced Tolaram has agreed to acquire Diageo’s 58.02 percent stake in the company.

Guinness said Tolaram will also enter into long-term licence and royalty agreements for the continued production of the brewer’s products and its locally manufactured Diageo ready-to-drink and mainstream brands.

According to the brewer, the transaction will be completed in 2025, subject to regulatory approvals.

Tinubu said by acquiring Diageo’s shares in Guinness, Tolaram had shown that it has a long-term view of doing business in Nigeria.

He welcomed Tolaram to Nigeria’s beverage sector and hopes the group’s business continues to thrive.

“Tolaram has been doing business in Nigeria in the last 50 years,” the president said.

“In choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.”

The president assured investors and businesses in Nigeria that his government will keep improving the operating environment to be more conducive and transparent.

Tinubu said the multi-pronged reforms and interventions implemented on the economic and financial fronts will ensure sustained growth and lasting profitability for investors.