Unilever Nigeria Plc has officially halted production and sale of home care and skin cleansing products, including popular brands like Omo, Sunlight, and Lux.
The decision comes 10 months after the company initially announced plans to exit these markets.
Mr. Michael Ikpoki has been appointed as the interim chairman of the Board, taking over from His Majesty, Nnaemeka A. Achebe.
Unilever revealed that production and sales of the discontinued brands concluded in December 2023.
To streamline operations, Unilever has leased the factory used for these products to a third party for a 10-year period, with annual rental payments.
The company now shifts its focus to foods, beauty and wellbeing, and personal care products.
This strategic move follows a challenging financial year for Unilever Nigeria, marked by a significant decline in revenue (45.1% YoY).
The company reported a drop in revenue to N16.48 billion, coupled with increased losses amounting to N3.72 billion in 2023.
