Tolaram gets $51 million loan to refinance its Guinness Nigeria business
Image Source: Tenor
Tolaram, the Singapore-headquartered consumer goods group with businesses across Africa and Asia, has secured another $51 million in financing for its Nigerian business, this time from Mauritius Commercial Bank (MCB), the country’s largest commercial lender.
Catch up: The company took a medium-term loan to partly refinance the $90 million in short-term funding it got from Standard Bank of South Africa to acquire Guinness Nigeria in 2024. Standard Bank later replaced the short-term bridge funding with a term loan in July 2026. The new MCB loan will refinance part of that debt, giving Tolaram more time to repay the money it borrowed for the acquisition.
Explain like I’m new here: Tolaram bought Diageo’s 58.02% stake in Guinness Nigeria for about $70 million in 2024, taking control of one of Nigeria’s biggest beer businesses. It later increased its stake to about 71% after buying shares from minority investors. Guinness Nigeria has since returned to profit, posting ₦41.2 billion ($31.1 million) in profit after tax for the 18 months ended December 2025.
