Unilever looks to invest €200M in its Nigeria business to maximize equity stake

Unilever CEO Paul Polman (L) and Lagos Governor Babatunde Fashola: Polman visited Nigeria last year to reaffirm the company’s commitment to the country.

Unilever Overseas Holdings B.V. has announced its intention to make an offer to increase its equity stake in Unilever Nigeria PLC as it looks to grow its business in the country and continue its long term commitment in African markets.

The proposed move will see Unilever up its equity stake in the Nigeria business from 50.04% up to a maximum of 75%, with the aim to maintain the company’s listing on the Nigerian Stock Exchange as well.

If accepted at the maximum level, the value of the deal could reach €200 million (based on prevailing foreign exchange rates).

Unilever Nigeria has a 91-year history in the country, and is present in the Nigerian market in foods, refreshment, household and personal care products, where its brands include Lux, Lifebuoy, Vaseline and Pears.

Read more: Unilever announces intention to increase equity in Nigeria business in potential €200m deal.