Africa’s economic reset requires moving from ambition to execution
The Africa Commerce Convergence Summit keynote address identified four elements that must converge if the continent is to achieve a meaningful economic reset.
BUSINESS TURNAROUNDS
Sharp turnaround for Guinness Nigeria as it reports strong profits
By our African Marketing Confederation News Team | 2026
Scale of the rebound under new owner Tolaram is notable in a market recovering from currency devaluation and weak consumer buying power.
Beverages company Guinness Nigeria, which was bought by the Singapore-based Tolaram group in 2024 from Diageo, has reported strong profits following a turbulent post-takeover period.
Girish Sharma (right) discussing the Guinness Nigeria turnaround at the 2025 AMC Conference
Guiness Nigeria – which has seven trademark brands including Smirnoff vodka and Captain Morgan rum in addition to Guinness beer products – reported that profit came in at N41.2-billion, reversing a N54.8-billion loss previously. Net finance costs dropped to N20.9-billion from N99.1-billion, easing pressure on the bottom line. One United States dollar is equal to 1,341 Nigerian naira
“The latest results cover 18 months, extending beyond the traditional 12-month cycle. Even so, the scale of the rebound is notable in a market just recovering from currency devaluation, surging input costs and weak consumer purchasing power,” comments Business Day Nigeria.
“With revenue at a record high and equity rebuilt, the brewer has bought itself breathing room. The next test would be proving the recovery can endure in a market where costs remain volatile and competition is fierce.”
Next phase of growth
Tolaram acquired Diageo’s shareholding in Guinness Nigeria in June 2024. At the time, Diageo commented: “Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.”
Girish Sharma, a seasoned executive with over two decades of experience within Tolaram, took over as MD and CEO in October 2024.
At the 2025 African Marketing Confederation conference held in Accra, Ghana, he took to the stage in a CEO Session to discuss the turnaround of the business since he assumed leadership.
In a frank discussion anchored by Ghanaian market researcher Ato Micah, he outlined the critical decisions and on-the-ground actions taken by the new Tolaram management team following the takeover from Diageo. In the period following the takeover, revenue rose by 66%, operating profit by 87% and net profit by 130%.
Momentum Group appoints chief marketing and communications officer
Vongani Mageza brings more than 20 years’ experience across financial services and FMCG) companies such as FNB and Diageo.
AI and algorithm-led engagement among the challenges facing marketers
AI agents will influence shopping, algorithms will supersede social connections, and the clip economy will change how brands connect.
Absa bank launches pan-African campaign with athlete Eliud Kipchoge
The brand partnership includes a new TV commercial featuring Kipchoge, digital storytelling, wellness initiatives and community programmes.
How traditional trade is being reimagined, but remains ‘traditional’
Modern retail in Africa is still dwarfed by the traditional trade. Marketers who dismiss this relationship-heavy retail model do so at their peril.
How luxury brands become a source of meaningfulness for employees
Research finds brands don’t just sell products. They can also provide employees with stories through which they feel their work is meaningful
Redefining honesty in a crisis: Why truth alone is not enough
Honesty must be demonstrated through transparency, accountability and action – shaping both reputation and future trust following a crisis.
Lesotho bank’s culturally intelligent campaign beats bigger rivals
In the funeral plan category, where most advertisements look like an obituary, Standard Lesotho Bank opted to ‘sell the cow’, not the policy.
AMC magazine brings latest news and insights for Africa’s marketers
Strategic Marketing for Africa, the publication for deep-thinking African marketing professionals, is not to be missed.
Global study of marketers and agencies is coming to Kenya for first time
CEO of Scopen says the expansion into East Africa is a natural progression following the success of the research in South Africa.
Huge African and Caribbean trade potential can be unlocked, study finds
Report says around 80% of Africa’s annual goods export potential to the Caribbean remains untapped.