Unilever Nigeria PLC
About Company
Unilever Nigeria Plc is a leading fast-moving consumer goods (FMCG) company in Nigeria, specializing in the manufacturing and marketing of food products, home care items, and beauty and personal care goods. As a subsidiary of the global Unilever Group (through Unilever Overseas Holdings BV), it operates primarily in Nigeria, where it holds a strong market position through an extensive distribution network and iconic brands tailored to local needs. The company is listed on the Nigerian Exchange Group (NGX) under the ticker UNILEVER (ISIN: NGUNILEVER07) and is headquartered in Lagos.
History
Unilever’s presence in Nigeria dates back to 1923, when it was established as Lever Brothers (West Africa) Ltd. by Robert Hesketh Leverhulme as a trading post focused on soap distribution. In 1924, it was renamed West African Soap Company, marking the beginning of local manufacturing. The company evolved into a full-fledged subsidiary of Unilever PLC and was renamed Unilever Nigeria Plc in 2001. It celebrated its centenary in 2023, highlighting over a century of contributions to Nigeria’s manufacturing sector. Today, it maintains two production sites in the country and employs around 603 full-time staff as of December 2024.
Products and Brands
Unilever Nigeria’s portfolio is divided into three main segments: Food Products (about 55-61% of sales), Personal Care (around 45%), and Beauty & Wellbeing. Key brands include:
|
Segment
|
Key Brands and Products
|
|---|---|
|
Food
|
Knorr (seasonings and sauces), Royco (bouillon), Lipton (tea), Blue Band (margarine), ready meals
|
|
Personal Care
|
Pepsodent and Close-Up (toothpaste), Lifebuoy and Lux (soap bars), Rexona (deodorants), Omo and Sunlight (washing powders)
|
|
Beauty & Wellbeing
|
Vaseline (lotions and petroleum jelly), Pears (baby care and soaps)
|
These brands address everyday needs for nutrition, hygiene, and personal care, with a focus on affordability and innovation for Nigerian consumers.
Operations and Market Position
The company operates through local manufacturing to support economic growth and has a vast distribution network reaching urban and rural areas. Its mission aligns with Unilever’s global purpose: “Brighten everyday life for all,” emphasizing pioneering innovation, respect, integrity, and responsibility. Unilever Nigeria’s Growth Action Plan 2030 focuses on three pillars: Focus (prioritizing power brands and key markets), Excel (driving superior innovation), and Accelerate (enhancing supply chain agility and digital transformation). It faces macroeconomic challenges like forex scarcity and inflation but mitigates them through cost optimization and local sourcing.
Financial Performance
Unilever Nigeria has shown robust recovery and growth in recent years. For the full year 2024, it reported strong results driven by its Food and Personal Care segments:
|
Metric
|
2024 (₦ billion)
|
2023 (₦ billion)
|
Change (%)
|
|---|---|---|---|
|
Revenue
|
149.5
|
103.9
|
+44%
|
|
Operating Profit
|
18.4
|
20.3
|
-9%
|
|
Profit for the Year
|
15.1
|
8.4
|
+80%
|
In Q3 2025 (nine months ended September 30), performance accelerated further amid rising consumer demand:
|
Metric
|
9M 2025 (₦ billion)
|
9M 2024 (₦ billion)
|
Change (%)
|
|---|---|---|---|
|
Revenue
|
155.4
|
103.9
|
+50%
|
|
Gross Profit
|
64.0
|
~43.0 (est.)
|
+49%
|
|
Profit After Tax
|
22.0
|
11.0
|
+100%
|
|
Earnings Per Share
|
3.83
|
1.92
|
+100%
|
Total assets stood at ₦172 billion, with cash equivalents at ₦97 billion. As of November 28, 2025, the stock price was ₦72.00, reflecting a 170% year-to-date gain and a market capitalization of approximately ₦414 billion (ranking 30th on the NGX). Analysts project a one-year price target of around ₦70.80, with forecasts for 2026 revenue at ₦59 billion and earnings per share at ₦3.50.
The company declared a dividend of ₦1.25 per share (gross) payable on May 12, 2025.Leadership
- Chairman: Nnaemeka Alfred Ugochukwu Achebe
- Managing Director/CEO: Tobi Adeniyi
- Recent Appointments:
- Uchenna Nwakanma (Executive Director, effective November 13, 2025) – Focuses on sustainable manufacturing and innovation.
- Ibrahim Sodipe (Executive Director, effective July 1, 2025) – Expertise in finance and supply chain.
The board includes independent non-executive directors appointed in early 2025, ensuring robust governance aligned with the Nigerian Code of Corporate Governance.
Sustainability and Social Impact
Unilever Nigeria is committed to the UN Sustainable Development Goals, with initiatives like the Shakti program, which empowered 13,490 women (including 170 with disabilities) through door-to-door sales in 2024.
It emphasizes local manufacturing, equitable partnerships, and environmental responsibility, such as reducing plastic waste and promoting hygiene education.Recent Developments (2025)
- Q3 Earnings (October 30): Pre-tax profit hit ₦13.3 billion (+73% YoY), fueled by 44% quarterly revenue growth to ₦57.3 billion, led by Foods (₦36.2 billion).
- Board Expansions: Appointments of Nwakanma and Sodipe to strengthen strategy and operations.
- Market Momentum: Stock hit a 52-week high of ₦80 in August but traded at ₦72-74 by late November, with stable volatility (beta 0.23).
For more details, visit the official website at unilevernigeria.com.
Portfolio
