The British–Dutch consumer goods company wants to increase its stake in its Nigerian entity to 75%.
Following its anticipation of economic growth in Nigeria, Unilever is planning to increase its stake in its Nigerian unit by as much as 25 percent.
Should this plan succeed, the company's stake in Unilever Nigeria plc, which is currently 50.05 percent would go up to about 75 percent.
The deal, which is valued at N42.97 billion (about $218 million), will confer the parent company even more control over its Nigerian unit, however, the company will remain on the listing of the Nigerian stock exchange.
According to the Executive Vice President of Unilever Africa, Bruno Witvoet, the move by Unilever demonstrates the company's commitment to its Nigerian unit as well as its confidence in the long term growth potential of Unilever Nigeria plc and the consumer goods sector in Nigeria.
At the moment, Unilever has yet to execute the acquisition plan because both the Nigerian Stock Exchange and the Nigerian Securities and Exchange Commission are yet to approve the company’s proposal.