President Bola Ahmed Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in her economy.
Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc.
According to an announcement at the Nigerian Exchange on Tuesday, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands.
According to a press release by Mr. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, President Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.
He noted that Tolaram has been doing business in Nigeria in the last 50 years and in choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.
President Tinubu, Bayo Onanuga further revealed, welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.
President Tinubu also assured investors and businesses in Nigeria that his government will continue to make the operating environment more conducive and transparent.
He added that the multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.
Tolaram Group, the promoters of Indomie Noodles, Power Oil, Hypo, Kellogg’s, Dano, Colgate, and many more household brands in Nigeria, have been in Nigeria for decades. It has also invested in developing the Lekki Free Trade Zone in Lagos as well as the Lekki Deep Sea Port.