Tolaram Group, a long established player in Nigeria’s consumer goods sector with operations spanning more than five decades, has further consolidated its majority ownership of Guinness Nigeria Plc through its vehicle N Seven Nigeria Limited. The move follows its 2024 acquisition of a controlling stake from Diageo and the subsequent Mandatory Takeover Offer (MTO) completed in 2025.
Tolaram, through N Seven Nigeria Limited, has continued to acquire additional shares on the open market in recent weeks. Between late August and early September 2026, the group purchased several hundred thousand units across multiple tranches, with total recent spending reported to exceed ₦1 billion. These purchases have further increased its majority holding above the post MTO level of about 70.9 %.
In 2024, Tolaram, acting through N Seven Nigeria Limited, acquired Diageo’s 58.02 per cent equity holding in Guinness Nigeria at ₦81.60 per share. The transaction, valued at approximately ₦103.7 billion (about $70 million), transferred operational control of the company to Tolaram. Diageo retained ownership of the Guinness brand under long-term licensing and royalty agreements.
To meet Nigerian securities regulations after crossing the control threshold, Tolaram, through N Seven Nigeria Limited, launched a Mandatory Takeover Offer to minority shareholders at the same price of ₦81.60. The MTO was completed on 20 May 2025. Minority investors tendered 283,099,431 shares valued at ₦22.94 billion, raising Tolaram’s stake from 58.02 % to approximately 71 %. Stanbic IBTC Capital (Stanbic Investment Management Services) acted as sole financial adviser on the deal, with TEMPLARS as solicitor. Guinness Nigeria retained sufficient free float and remains listed on the Nigerian Exchange (NGX).
Since the ownership change, Guinness Nigeria’s shares have undergone a significant re-rating from the levels that prevailed at the time of the acquisition. As of 12 September 2026, the stock traded at ₦384.80, within a 52-week range of roughly ₦142 to ₦499. Market capitalisation stood near ₦843 billion.
Tolaram already has a substantial presence in Nigeria through businesses including Dufil Prima Foods (makers of Indomie and Minimie noodles), Multipro (one of the country’s largest distribution companies), joint ventures producing Dano milk (with Arla), and partnerships involving Kellogg’s and Colgate-Palmolive products. It also co-developed and operates the Lagos Free Zone, linked to the Lekki Deep Sea Port. The acquisition of Diageo’s 58.02 per cent equity holding in Guinness Nigeria further deepened this already significant footprint.
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