Diageo, the British beverage giant behind popular alcoholic brands such as Guinness and Johnnie Walker, has become the latest multinational company to announce the sale of its Nigerian subsidiary.
Diageo will sell its 58.02 percent stake in Guinness Nigeria to Singapore-based Tolaram for N81.6 (U.S.$0.05) or about U.S. $70 million.
The sale, expected to finalize in 2025 after regulatory approval in Nigeria, comes with a twist: Diageo will retain ownership of the Guinness brand, licensing it to the newly independent Guinness Nigeria. This ensures Guinness remains available in Nigeria but with a different owner at the helm.
This news follows a trend of other international corporations such as Unilever Plc, Procter & Gamble Co., GSK Plc and Sanofi exiting Nigeria, which is facing its worst cost-of-living crisis in decades, in recent months.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
