When British drinks giant Diageo agreed to sell control of Guinness Nigeria in June 2024, few expected the deal to become one of Nigeria’s most profitable corporate investments in such a short time.
The brewer was reeling from foreign exchange losses, inflation was squeezing consumers and several multinational companies were retreating from Africa’s largest economy. Yet while many investors were cutting their exposure to Nigeria, Singapore-based Tolaram Corporation doubled down.
Less than two years later, the family-owned conglomerate best known for building Indomie into Nigeria’s dominant noodle brand has seen the value of that investment soar.
Tolaram acquired Diageo’s 58.02 per cent stake in Guinness Nigeria for about $70 million (N103.7 billion) in 2024. At Tuesday’s closing share price of N383, the holding is now worth about $355 million (N486.8 billion), more than five times its purchase price.
The investment is also beginning to generate steady cash.
