Unilever Nigeria to lose $44.8bn foods business

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• as parent company moves to sell segment

Unilever Nigeria Plc says its parent company, Unilever Plc, plans to merge its global food business segment to McCormick & Company, Inc.

In a statement on Page 6 Wednesday, sent to the Nigerian Exchange (NGX), the company said it is assessing the implications of the planned merger

According to the statement signed by Peter Dada, company secretary, the merger agreement between Unilever Plc and McCormick is subject to regulatory approvals and other customary conditions.

Unilever Nigeria said the transaction is expected to create a new combined group focused on flavours and food products.

“Unilever Pic (the parent company), officially announced on March 31, 2026, that it has entered into an agreement to combine its global foods business with McCormick & Company, Inc., subject to required regulatory approvals and the satisfaction of other customary closing conditions,” the statement reads.

“This global transaction is expected to create a new combined group specialising in flavours and food products.

At this stage, the Company is evaluating the specific implications of this global transaction on its local operations and corporate structure.”

Unilever Nigeria also said further details on the transition, timeline, and any operational changes will be communicated to the Nigerian Exchange and shareholders once received from the parent company.

The merger is expected to have a significant impact on the earnings of both Unilever Plc and Unilever Nigeria, as the food business is a major revenue contributor to the companies’ turnover.

Unilever Plc has four business groups, beauty & wellbeing, personal care, home care, and foods segments, while Unilever Nigeria does not operate home care business, according to its revenue breakdown for 2025.

For Unilever Plc, personal care business generates the largest revenue last year, accounting for N13.2 billion, followed by foods segment’s N12.9 billion, while beauty and well-being grossed N12.8 billion, and home care records N11.6 billion.

However, as of 2025, the Nigerian subsidiary’s largest revenue contributor is the foods business, which generates N127.85 billion, followed by personal care’s N60.08 billion, and beauty & wellbeing, which generates N26.35 billion.