Guinness Nigeria has announced the appointment of Girish Sharma as the new Managing Director and Chief Executive Officer, following the completion of Tolaram's acquisition.

Guinness Nigeria Plc has revealed the appointment of Mr. Girish Sharma as Managing Director, along with four additional Non-executive Directors, following the finalization of the share sale agreement with the previous majority shareholder, Diageo.

In a notification to the Nigerian Exchange (NGX), the company announced the resignation of Mr. Adebayo Alli as Managing Director, Ms. Joan Hodgins as Vice Chair & Non-Executive Director, and Non-Executive Directors Mrs. Grainne Wafer and Mr. Leo Breen.

Additionally, Mr. Harkishin Aswani has been appointed as Vice Chair & Non-Executive Director, while Messrs. Deepak Singhal and John Musunga will serve as Non-Executive Directors.

The company indicated that these appointments took effect upon the completion of the majority share acquisition from Diageo.

The announcement stated, “Guinness Nigeria Plc. (the Company) hereby informs the Nigerian Exchange Limited and the investing public of the following changes to its Board of Directors, effective upon the completion of the sale of the majority shares from Guinness Overseas Limited and Atalantaf Limited (Diageo) to N Seven Nigeria Limited (Tolaram) (“Completion”) on 30th September 2024.”

It is noteworthy that Diageo has confirmed the completion of its shareholding sale in Guinness Nigeria PLC to Tolaram, a transaction initially disclosed in July 2024.

Diageo will continue to produce and distribute Guinness and other locally manufactured brands in Nigeria under a licensing and royalty agreement, which is consistent with its efficient and adaptable beer operating model.

Following the recent changes to the Board of Directors of Guinness Nigeria Plc, the new Board is as follows:

  • Dr Omobola Johnson – Board Chair & Independent Non-Executive Director
  • Mr Harkishin Aswani – Vice Chair & Non-Executive Director
  • Mr Girish Sharma – Managing Director (Executive)
  • Mr Emmanuel Difom – Finance & Strategy Director (Executive)
  • Mr Deepak Singhal – Non-Executive Director
  • Mr John Musunga – Non-Executive Director
  • Prof Fabian Ajogwu, OFR, SAN – Independent Non-Executive Director
  • Ms Ngozi Edozien – Independent Non-Executive Director
  • Mrs Vivien Shobo – Independent Non-Executive Director
In June 2024, Diageo announced its decision to divest its controlling interest of 58.02% in Guinness Nigeria Plc to the Nigerian company Tolaram, marking Diageo's withdrawal from the Nigerian market.
  • This transaction, expected to finalize in fiscal 2025 subject to regulatory approvals, will allow Tolaram to forge long-term licensing and royalty agreements for the ongoing production of the renowned Guinness brand, along with Diageo’s ready-to-drink and mainstream spirits in the region. 
  • At the time of the announcement, Guinness had a market capitalization of N110.7 billion, based on a share price of N50.5 per share, suggesting that the total value of the deal could surpass N64 billion.