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    Wednesday, June 12, 2024

    Tinubu Commends Tolaram for Acquisition of 58.02% Equity in Guinness Nigeria


    President Bola Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in its economy.

    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.

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

    Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, said in a statement on Tuesday in Abuja.

    The News Agency of Nigeria (NAN) reports that 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.

    “President Tinubu welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.

    “President Tinubu gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent,” said the statement.

    Tinubu said the multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.

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