Stanbic IBTC advises Tolaram on successful Mandatory Takeover Offer to Guinness minority shareholders

Stanbic IBTC Capital, a leading investment banking and capital markets solutions provider, acted as sole financial adviser to Tolaram (acting through N Seven Nigeria Limited) on its recently completed Mandatory Takeover Offer (MTO) to the minority shareholders of Guinness Nigeria Plc.

The MTO was undertaken by Tolaram to comply with regulatory requirements following its acquisition of a 58.02 percent stake in Guinness Nigeria last year.

The MTO was completed on May 20, 2025, and Guinness Nigeria minority shareholders successfully tendered a total of 283,099,431 shares (N22.94 billion transaction value), thus increasing Tolaram’s shareholding in Guinness Nigeria from 58.02 percent to 70.85 percent.

Stanbic IBTC provided comprehensive end-to-end support across both transactions, delivering a full suite of investment banking and capital markets solutions to facilitate the successful completion of the complex corporate action.

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“We thank Tolaram for the longstanding partnership and for trusting Stanbic IBTC Capital to handle this important MTO, having also advised Tolaram on its acquisition of Guinness Nigeria last year” said Oladele Sotubo, Chief Executive of Stanbic IBTC Capital.

Dinesh Rathi, Group Finance Director, Tolaram, stated, “We are grateful for the end-to-end support Stanbic IBTC Capital provided Tolaram throughout the MTO process. Their on-the-ground presence and expertise were invaluable in navigating the regulatory landscape and ensuring that interested Guinness Nigeria minorities were given the opportunity to sell their shares at the same price that Tolaram acquired the Guinness Nigeria stake from Diageo plc. Guinness Nigeria has sufficient free float despite the MTO, and Tolaram intends to continue to maintain Guinness Nigeria’s listing on Nigerian Exchange Limited”.

As the Nigerian business landscape continues to evolve, this deal marks a significant milestone for Stanbic IBTC Capital, underscoring its expertise in advising on complex transactions and delivering comprehensive financial solutions to clients.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.