Tinubu welcomes Tolaram’s acquisition of stake in Guinness Nigeria

President Bola Tinubu has praised Singapore-based business conglomerate Tolaram Group for having faith in Nigeria and having complete faith in its economy.

Tolaram, which collaborated with Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, acquired Diageo’s 58.02% stake in Guinness Nigeria Plc on Tuesday.

According to an announcement made on the Nigerian Stock Exchange on Tuesday, Tolaram will also enter into long-term licensing and license agreements to continue producing Guinness products and locally produced Diageo ready-to-drink and popular brands.

Tinubu, in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, said Tolaram by acquiring Diageo’s stake in Guinness had demonstrated that it had a long-term vision for doing business in Nigeria.

Tolaram has been operating in Nigeria for 50 years.

In deciding to expand its investment activities in Nigeria, President Tinubu said Tolaram has demonstrated strong faith and confidence in the Nigerian economy.

The President welcomes Tolaram to the beverage sector in the Nigerian business landscape and hopes that the group’s business will continue to grow.

He also assured investors and Nigerian businesses, promising that his government would continue to provide a more conducive and transparent operating environment.

The President further assured that the multi-pronged reforms and interventions implemented on the economic and financial fronts would ensure sustainable growth and sustainable profitability for investors.