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Girish Sharma Emerges as new MD/CEO Of Guinness Nigeria…..as Tolaram completes acquisition

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Guinness Nigeria Plc has announced the appointment of Mr. Girish Sharma as Managing Director and four other Non-executive Directors following the completion of the share sale agreement between the company and now former majority shareholder Diageo.

 

In a statement on the NGX, the company informed the public of the resignation of Mr Adebayo Alli – Managing Director, Ms Joan Hodgins as Vice Chair & Non-Executive Director, Mrs Grainne Wafer and Mr Leo Breen as Non-Executive Directors of the company.

 

Furthermore, Mr Harkishin Aswani was appointed as Vice Chair & Non-Executive Director while Messrs Deepak Singhal and John Musunga as Non-Executive Directors.

 

 

The company noted that the appointments were effective on the completion of the majority share purchase from Diageo.

 

The statement reads, “Guinness Nigeria Plc. (the Company) hereby gives the Nigerian Exchange Limited and the investing public notice of the following changes to its Board of Directors effective at the completion of the sale of the majority shares from Guinness Overseas Limited and Atalantaf Limited (Diageo) to N Seven Nigeria Limited (Tolaram) (“Completion”) i.e. 30th September, 2024”

 

 

It is important to note that Diageo today announced the completion of the sale of its shareholding in Guinness Nigeria PLC to Tolaram which was announced in July, 2024.

 

It stated that it would continue producing and distributing Guinness and its other locally manufactured brands across Nigeria under a licence and royalty agreement, which aligns with Diageo’s efficient and flexible beer operating model.

 

Following the changes made to the Board of Directors of Guiness Nig Plc, its new Board is as follows;

 

 

Dr Omobola Johnson – Board Chair & Independent Non-Executive Director

Mr Harkishin Aswani – Vice Chair & Non-Executive Director

Mr Girish Sharma – Managing Director (Executive)

Mr Emmanuel Difom – Finance & Strategy Director (Executive)

Mr Deepak Singhal – Non-Executive Director

Mr John Musunga – Non-Executive Director

Prof Fabian Ajogwu, OFR, SAN – Independent Non-Executive Director

Ms Ngozi Edozien – Independent Non-Executive Director

Mrs Vivien Shobo – Independent Non-Executive Director

What you should know

In June 2024, Diageo reached an agreement to sell its controlling stake of 58.02% in Guiness Nigeria Plc to a Nigerian firm- Tolaram- signalling Diageo’s exit from Nigeria.

 

 

The transaction, anticipated to close in fiscal 2025 pending regulatory approvals, will enable Tolaram to establish long-term licensing and royalty agreements for the continued production of the iconic Guinness brand, as well as Diageo’s ready-to-drink and mainstream spirits locally.

 

Guinness at the time of the announcement had a market capitalisation of N110.7 billion, based on a share price of N50.5 per share, indicating that the deal could exceed N64 billion.

 

 

 

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Just In: Tinubu Set To Embark on  Two-weeks Annual Leave.

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20 hours ago

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October 2, 2024

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President Bola Ahmed Tinubu has announced a two-week annual leave

 

According to Bayo Onanuga Special Adviser to the President (Information & Strategy) President Bola Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

 

He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.

 

He will return to the country after the leave expires.

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Alleged Corruption : El-Rufai denies allegations, vow to swear on Quran….

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1 day ago

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October 2, 2024

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A former Governor of Kaduna State, Nasir El-Rufai, has asserted that his entry into politics was driven solely by a desire to serve the people, not to amass wealth or siphon public funds.

 

El-Rufai made this declaration on Tuesday during a Hausa program aired on Freedom Radio, Kaduna.

 

Speaking candidly, the former governor dismissed allegations of financial misconduct during his administration, maintaining that he was already financially content before assuming office.

 

The Kaduna State House of Assembly had earlier indicted El-Rufai’s administration for the misappropriation of over N423 billion during his eight-year tenure.

 

 

However, El-Rufai and his associates have categorically denied the accusations, labeling them as politically motivated.

 

“I did not join politics to steal money or enrich myself. I was satisfied with what I had before becoming governor,” El-Rufai stated, adding that he is ready to swear on the Quran to prove his innocence if other former governors and current leaders do the same.

 

 

“I have always prayed for guidance in all I do, and I strive not to betray the trust of the people. Whenever the former governors of Kaduna State and other leaders are ready to swear with the Quran that they never misappropriated public funds, I will join them. I have no fear because I know I never took money that belonged to the people,” he said.

 

 

The former governor expressed dismay over the allegations, saying his administration has been accused without any clear evidence of where the money went missing or who took it.

 

He further claimed that his allies were being targeted and invited by the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission as part of a smear campaign against him.

 

“I have left everything to God’s judgment. I have prayed and will remain silent on the issue. I have instructed my lawyers to take legal action against those tarnishing my name, but for now, I’m focused on my activities like reading and writing,” he said.

 

 

El-Rufai emphasised that service to the people continues even after leaving office, stating, “You don’t need to hold a position in government to serve. We are still working with like-minded individuals who genuinely want to serve the people, not those seeking to enrich themselves.”

 

Looking ahead, El-Rufai revealed that he intends to return to politics in 2027 after completing his studies, remarking, “There is no retirement in politics. God willing, we will return and continue serving the people.”

 

 

 

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Alleged N27bn fraud: Ex-Taraba Gov., Ishaku, Spends 5th Night in EFCC Cell

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2 days ago

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October 1, 2024

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A FCT  High Court in Maitama, Abuja, on Monday remanded former Taraba State Governor, Darius Ishaku and former Permanent Secretary of the Bureau for Local Government and Chieftaincy Affairs, Bello Yero, in the custody of the Economic and Financial Crimes Commission.

 

The duo was arrested on September 27 for allegedly diverting N27bn belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

In the suit, marked CR/792/24, filed before the Federal Capital Territory High Court, the EFCC accused the defendants of diverting N1,010,000,000 to their personal use between August 25, 2015, and March 21, 2016, in Abuja.

 

The anti-graft agency stated that this amount formed part of the 2.5 percent contingency funds belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

 

The EFCC further alleged that the duo committed an offense contrary to Section 315 of the Penal Code A, Cap 532, Laws of the Federal Capital Territory of Nigeria 2007, which is punishable under the same section.

Other sums allegedly diverted by the defendants as part of the contingency fund include N650,686,369.99 between January 6, 2019, and April 29, 2021; N193,030,000 between January 2019 and April 29, 2021; and N170,549,842.00 between January 6, 2019, and April 29, 2021, among others.

 

Upon their arraignment, the defendants, according to a statement by the EFCC spokesperson, Dele Oyewale, pleaded not guilty. Oyewale stated that the prosecution counsel, Rotimi Jacobs (SAN), asked the court for a trial date and an accelerated hearing of the matter.

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