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

Published

2 years ago

January 20, 2024

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.

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.

“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.

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.