Diageo Becomes Latest Multinational to Sell Its Nigeria Unit
- Will sell 58% Guinness Nigeria stake to Tolaram Group
- Singapore-based Tolaram will pay $70 million for the holding
Diageo will sell its 58% stake in Guinness Nigeria to Singapore-based Tolaram that operates in consumer goods.
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Diageo Plc is selling its stake in Guinness Nigeria Plc, joining other multinationals who are exiting or reducing their exposure to the West African nation that’s facing its worst cost-of-living crisis in decades.
UK-based Diageo will sell its 58.02% stake in Guinness Nigeria to Singapore-based Tolaram that sells consumer goods and is also an investor in the nation’s new Lekki Deep Sea Port, for 81.6 naira ($0.05) apiece or about $70 million.