July 25, 2024

Unilever Nigeria suspends Omo production and sales, among other things.

According to Unilever Nigeria Plc, it is no longer making or selling products for skin care and cleaning at home. About ten months have passed since it declared its intention to leave both markets.

This was revealed by the corporation in its unaudited interim financial accounts for the year that ended on December 31, 2023, which were sent over the weekend to the Nigerian Exchange Limited (NGX).

The business revealed in a different statement that it has named an acting chairman of the board for Unilever Nigeria Plc.

This was stated in a letter that Mrs. Afolasade Olowe, Senior Counsel and Company Secretary, Unilever Nigeria, submitted to the NGX and that Vanguard was able to get.

The statement read as follows: “Mr. Michael Ikpoki has been named as the Unilever Nigeria Plc board’s temporary chairman while the board’s permanent chairman is being appointed.

“His Majesty, Nnaemeka A. Achebe, Obi of Onitsha, retires from the Board effective December 31, 2023, and is replaced by Ikpoki.”

Production by Unilever

Recall that Unilever Nigeria announced on March 17, 2023, that it would be stopping the manufacturing of its skin-cleaning and homecare brands. These consist of Lux, Sunlight, and Omo.

Unilever Nigeria stated in a statement included in the business’s results report that sales and production “ceased in December 2023.”

“A third party has been leased out of the factory that produced the skin cleansing and home care products,” Unilever stated.

“A third party has been leased the industrial buildings following the company’s departure from the Home Care and Skin Cleansing sectors. Ten years are involved, including yearly rent payments.

“Unilever Nigeria now only sells meals, beauty and wellness goods, and personal care items after leaving the homecare and skin-cleansing markets.”

Prior to its withdrawal from both markets, Unilever Nigeria recorded a drop in sales and an increase in losses.

In 2023, revenue dropped by 45.1% on an annual basis to N16,48 billion. This is from N23,92 billion in revenue that was made in 2022 from January to December.

In addition, last year’s loss rose to N3.72 billion from N1.49 billion the year before.



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