Yemisi Izuora
Singaporean business conglomerate, the Tolaram, has made further investment in Nigeria with the acquisition of stake in Guinness Nigeria Plc.
Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc.
According to an announcement at the Nigerian Exchange on Tuesday, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands.
Reacting to the development, President Bola Ahmed Tinubu commended the firm for believing in Nigeria and having absolute faith in her economy.
Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.
Tolaram has been doing business in Nigeria in the last 50 years.
In choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.
Tinubu welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.
The President also gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent.
He said that the multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.