Toba Owojaiye reportingÂ
Abuja , NigeriaÂ
Unilever Nigeria Plc has ceased production and sales of its prominent home care and skin cleansing items, like Omo, Sunlight, Lux, according to the unaudited interim financial statements for the year ending December 31, 2023.
Truth Live News gathered that the decision, announced ten months after signaling market exit, was reflected in a 45.1% YoY revenue decline to N16.48 billion and increased losses of N3.72 billion in 2023.
Unilever Nigeria’s shift away from these markets has prompted the leasing of its production facility for these products to a third party for ten years.
Simultaneously, the company revealed the appointment of Mr. Michael Ikpoki as the interim Chairman, succeeding the retiring His Majesty, Nnaemeka A. Achebe, Obi of Onitsha.
This strategic move aligns with Unilever Nigeria’s commitment to its remaining sectors, comprising foods, beauty and wellbeing, and personal care products. The company’s Senior Counsel and Company Secretary, Mrs. Afolasade Olowe, conveyed this information to the Nigerian Exchange Limited, stating that Mr. Ikpoki would serve until the appointment of a substantive chairman.
The restructuring marks a pivotal moment for Unilever Nigeria, emphasizing its decision to realign business focus and resources.