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Economic Hardship: Unilever Nigeria Stops Production, Sale Of Omo, Others

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Unilever Nigeria Plc says it has stopped the production and sale of home care and skin cleansing products. This is coming about 10 months after it announced plans to exit both markets.

The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, sent to the Nigerian Exchange Limited (NGX) weekend.

In another statement, the company disclosed that it has appointed an interim Board Chairman for Unilever Nigeria Plc.

This was contained in a letter sent to the NGX and obtained by Vanguard by Mrs Afolasade Olowe, Senior Counsel and Company Secretary, Unilever Nigeria.

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It stated: “Mr Michael Ikpoki has been appointed as interim chairman of the Board of Unilever Nigeria Plc, pending the appointment of the substantive chairman of the Board.

“Ikpoki replaces His Majesty, Nnaemeka A. Achebe, Obi of Onitsha, who retired from the Board effective 31st December 2023.”

Unilever production

Meanwhile, recall that on March 17, 2023, Unilever Nigeria revealed its intention to discontinue production of its homecare and skin-cleansing brands. These include Omo, Sunlight and Lux.

In a statement in the company’s earnings report released weekend, Unilever Nigeria said production and sales “ceased in December 2023”.

Unilever said: “The factory used to produce the home care and skin cleansing products has been leased out to a third party.

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“Subsequent to the company’s exit from the Home Care and Skin Cleansing categories, the factory buildings have been leased to a third party. This is for 10 years, with annual rental payments.

“Unilever Nigeria’s exit from the homecare and skin-cleansing markets leaves the company with just the foods, beauty and wellbeing, as well as personal care products.”

Before Unilever Nigeria’s exit from both markets, the company reported a decline in revenue and an increase in losses.

Revenue fell by 45.1 percent year-on-year to N16,48 billion in 2023. This is from N23,92 billion grossed between January to December 2022.

Also, the loss increased to N3.72 billion last year, compared to the previous year’s N1.49 billion.

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Aiyedatiwa Declares Public Holidays In Ondo To Honour Late Akeredolu

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Governor Lucky Aiyedatiwa of Ondo state, has declared Thursday, 22nd and Friday, 23rd of February 2024 as public holidays in the state to honour the late governor Rotimi Akeredolu.

The two work-free days, according to the Chief Press Secretary to the governor, Ebenezer Adeniyan, in Akure, will allow the people of the State to participate in the burial activities of the former Governor.

Recall that the burial activities of the late governor Akeredolu started last Thursday.

READ ALSO: Funeral Arrangements For Akeredolu Commences Today

Other activities include Ajabue( traditional rites) slated for Owo, on Wednesday, a special court session, at the Ondo State High Court Headquarters,
Hospital Road, Akure, by 10am

The lying in State and Commendation Service, will hold same day at the Akure Township Stadium, by 1pm, Evening of Tributes, at St Andrews Church,
Imola Street, Owo, from 4pm – 7pm

On Thursday, February 22 (Public holiday), a service of songs holds at St Andrews Cathedral, Imola Street,
Owo, by 4 pm.

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The wake-keep, will hold at Maranatha Villa, Owo, by 8pm while a candlelight Procession & World Gyration by the Kegites Club, holds at 8pm till Dawn

On Friday, February 23 (Public holiday), the Funeral Service will take place at St Andrews Church, Imola Street, Owo by10 am, Interment follows immediately after the burial service at the burial site, Owo, (Strictly for immediate family) while reception follows at Mydas Hotel and Resort, Ikare Road, Owo by 1pm.

Akeredolu Memorial Friendly football match, will take place at the Akure Township Stadium, Akure, by 3 pm on Saturday, February 24, 2024.

The thanksgiving Service holds at St Andrews Church, Imola Street, Owo, by 10 am.

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JUST IN: Tinubu Appoints New CEO Of Nigerian Financial Intelligence Unit

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President Bola Tinubu on Tuesday approved the appointment of Hafsat Bakari as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit, pending her confirmation by the Senate.

Bakari replaces Modibbo Tukur who was relieved of his job by Tinubu in June 2023.

The appointment was contained in a statement by Tinubu’s Special Adviser to the President (Media and Publicity), Ajuri Ngelale.

Bakari was described as a lawyer and financial intelligence expert with years of experience in anti-money laundering, counter-terrorism financing, and counter-proliferation financing.

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Before her appointment as the Chief Executive Officer of the NFIU, she served as Deputy Director at the Nigerian Financial Intelligence Unit, and was at different times the Head of the General Services Unit; Head of the Strategy and Reorientation Unit, and Head of the Board Secretariat of the Economic and Financial Crimes Commission.

The statement added that Tinubu, “anticipates that Ms. Bakare will bring her wealth of experience and expertise to full discharge in this critical role, especially in view of his administration’s war against illicit financial flows and other sharp practices currently prevalent in segments of the nation’s foreign exchange markets”

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Petrol Tanker Drivers Suspend Nationwide Strike

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The Nigerian Association of Road Transport Owners (NARTO) has suspended its planned nationwide strike.

The suspension follows a meeting of the association with the federal government and stakeholders on Monday after tanker drivers stopped lifting petroleum products.

Yusuf Lawal, national president of NARTO, made this known in a statement in Abuja on Tuesday.

NARTO had requested that oil marketers review freight rates after the deregulation of the downstream sector.

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In a letter dated February 15, 2024, addressed to the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the association said oil marketers turned down its request, stating that it can no longer continue with operations due to the state of the economy.

NARTO stopped operations on February 19 — the same day a meeting with the federal government ended in a deadlock.

However, after a meeting with the federal government in Abuja on Tuesday, Lawal said the association has agreed to suspend the strike.

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Speaking after the meeting, he said the association has reached a meeting point with the marketers.

Lawal said they have agreed to commence operations with immediate effect.

According to him, the strike was suspended due to the economic hardship.

“We’ll commence operations immediately,” he said.

Lawal said the marketers had proposed additional freight rates, saying there is room for improvement.

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