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At the 13th edition of the BusinessDay CEO Forum held on Thursday in Lagos, Haresh Aswani, Managing Director of Tolaram Africa, in a fireside chat, disclosed that the company grew from selling Indomie to building a $1.5 billion deep-sea port because it needed to tackle real life challenges.
Aswani, represented by Adesuwa Ladoja, Managing Director/CEO of Lagos Free Zone, said that from modest beginnings in the 1970s as a trading business, the company has grown into one of Nigeria’s most influential investors, overseeing strategic infrastructure such as the Lagos Free Zone and the Lekki Port.
“From selling Indomie to building a port—people thought we were mad,” she said. “But it was because we were in the trenches with distribution that we understood what needed to be fixed.”
The Lekki Deep Sea Port, a $1.5 billion project, is one of Nigeria’s most transformative infrastructure investments in decades. Ladoja shared how the port’s 23-year journey from its initial approval in 2002 to operational launch in 2023 tested the company’s resilience and its commitment to Nigeria.
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“You don’t build a port without law enforcement, without partnership. It was a long, emotional process with multiple government changes, setbacks, and tough negotiations. But we stayed because we believe in Nigeria,” she said.
She credited the project’s success to Tolaram’s “owner’s mindset,” a company culture anchored on long-term thinking, integrity, and shared value. “We see ourselves as shaping the future, not being shaped by it,” she added.
She also spotlighted Tolaram’s most recent move: its acquisition of Guinness Nigeria from Diageo. The deal, which sent ripples through the global beverage industry, was described by Ladoja as “audacious but strategic.”
This was no impulse decision,” she said. “It was the result of years of credibility, built through partnerships with global brands like Colgate, Kellogg, and Indofoods. Guinness is an iconic brand, and we’re honoured to be part of its story now.”
Frank Aigbogun, Publisher and CEO of BusinessDay, who moderated the fireside chat, hailed Tolaram as an example of how foreign investors can build lasting impact in Nigeria, despite regulatory hurdles, foreign exchange crises, and political uncertainty
While others seek cover during Nigeria’s periodic disruptions, “Tolaram sees opportunity,” Aigbogun said. “From food to ports to premium beverages, they have shown that if you stay long enough, invest deep enough, and partner with the right intentions, Nigeria can work.”
