Adesola Sotande –Peters resigns from the Board of Unilever Nigeria Plc.

Unilever Nigeria Plc has informed the Nigerian Exchange Limited (NGX), shareholders and the investing public, about the resignation of Mrs. Adesola Sotande-Peters from its Board of Directors with effect from 16th of December, 2021.

This is according to a statement signed by the general counsel of Unilever Nigeria Plc, Mrs Abidemi Ademola, which reads: ‘ Unilever Nigeria Plc. hereby gives the Nigerian Exchange and the investing public notice of the resignation of Mrs. Adesola SotandePeters from the Board of Directors of Unilever Nigeria Plc. with effect from 16 December, 2021.’’

Consequently, the Board seized the opportunity to thank Mrs Adesola Sotande-Peters for her service and contribution to the Company and the Board over the past seven years and wished her success in her future endeavors.

About Mrs Adesola Sotande-Peters

Adesola is an experienced finance executive and business leader with vast experience in leading financial processes and strategies that spans over two decades. She had led global organizations like the BBC UK, Diageo and Unilever.  Adesola holds the record of being the first Nigerian and first female Vice President, Finance, in Unilever Nigeria and Ghana, breaking a jinx of almost 100 years.

Adesola also served as an Interim Managing Director of Unilever Nigeria Plc. As a thoroughbred professional, she sits on the Board of Unilever Nigeria as an Executive Director and the boards of Unilever Ghana and Lonadek Nigeria Limited as a Non-Executive Director, among others.

She has a Business Administration and Economics degree from the American International University, London and an MBA for Finance Professionals from Manchester Business School. She is a fellow of the following reputable professional bodies; Institute of Chartered Accountants of Nigeria (ICAN), Association of Chartered Certified Accountants and the Institute of Credit of Administration.

Unilever Plc notifies The Exchange of resignation of Mrs Adesola Sotande-Peters

Unilever Nigeria Plc has notified the Exchange of the resignation of Mrs Adesola Sotande-Peters from its board of directors.

In a notice signed by the company’s secretary, Abidemi Ademola, and filed with the exchange, the company announced her resignation from the board of directors effective from December 16, 2021.

The notice further thanks Mrs Sotande-Peters for her service and contribution towards the growth of the company.

What you should know about Mrs Sotande-Peters

Mrs Adesola Sotande-Peters has served on the board of directors of Unilever Nigeria Plc for the past seven years as the Executive Board Director of Unilever Nigeria. She is the first Nigerian and first female Vice President, Finance in the almost 100 years of Unilever Nigeria and Ghana.

In addition, she oversees the Controls and Governance agenda in Unilever Africa, providing strategic financial leadership. She is also a Non-Executive Board Director of Unilever Ghana.

See disclosure here

Unilever Nigeria Plc grows profit by 153% to N1.08 billion in 9M 2021.

Unilever Nigeria Plc released its unaudited financial statement for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N58.7 billion. (+31.3% YoY)
  • Cost of sales stood at N42.9 billion. (+23% YoY)
  • Administrative and marketing expenses totalled N12.4 billion. (+28.8% YoY)
  • An operating profit of N675.2 million was recorded during the period.
  • Profit for the period was N1.08 billion. (+152.6% YoY)
  • Earnings per share of 19 kobo Vs -36 kobo YoY.

See link to results.

Unilever Nigeria profit surge by 238% to N714.8 million in H1 2021.

Unilever Nigeria Plc released its unaudited interim financial statements for the six months ended 30th of June, 2021.

  • Revenue for the period was N39.2 billion. (+43.2% YoY)
  • Cost of sales for the period was N29.3 billion. (+38.2% YoY)
  • Marketing and administrative expenses totalled N1.7 billion. (+34.3% YoY)
  • Operating profit for the period was N422.4 million. (+130% YoY)
  • Profit for the period was N714.8 million. (+237.7% YoY)
  • Earnings per share was 12 kobo (+233.3% YoY)

See link to results.

Unilever Nigeria Plc ratifies separation of tea business.

The Board of Directors of Unilever Nigeria Plc has approved the steps required to implement the separation of the Tea business in Nigeria.

Recall that on the 23rd of July 2020, Unilever Nigeria Plc had announced its intention to separate its global tea business, including the retail and food solutions businesses, plantations, T2 and Pukka (the ‘’Tea Business’’), after a strategic review between the firm and its group of companies. This was followed by a subsequent circular issued on the 25th of February, 2021, reminding key stakeholders of the earlier announcement.

Sequel to these notices, Unilever Nigeria Plc finally announced that it obtained approval from its Board of Directors on the 30th of April, 2021 to finalize the separation of the tea business into a distinct company.

According to a recent disclosure issued by the firm,  if ratified by the Company’s shareholders and other regulatory stakeholders, the Nigeria Tea Business will be transferred to a newly-incorporated tea company in Nigeria (“New TeaCo”), held under a newly incorporated tea holding company to create a dedicated tea group within the Unilever Group (“TeaCo Group”).

Some of the assets being transferred by Unilever Nigeria plc to New TeaCo include production assets and other tangible assets used exclusively in relation to the Tea Business; distribution rights to Tea products in Nigeria and export markets; and locally owned unregistered intellectual property rights. However, Unilever Nigeria plc will retain ownership of the site at Agbara and will also provide certain intercompany services to the New TeaCo and the TeaCo Group for a transitional period.

Unilever Nigeria Plc set to hold Annual General Meeting on 6th of May.

The Board of Unilever Nigeria Plc has announced that it will host its 96th Annual General Meeting on the 6th of May, 2021.

According to a notice issued by the company and seen by Nairametrics, the meeting will hold at the company’s head office at 1 Billingsway, Oregun-Ikeja, Lagos by 10:00am. Sequel to this, the following cogent issues will be considered;

  • To fix Auditors and Directors remuneration for the year 2021.
  • To approve a general mandate authorizing the company to procure goods and services for its operational activities during the year, from related parties or interested persons on normal commercial terms consistent with the company’s transfer policy.
  • To pass the resolutions authorizing the Directors to separate the company’s tea business to a newly incorporated dedicated tea company in the Unilever Nigeria Group.
  • To elect shareholders representatives on the audit committee.
  • To consider and ratify board appointments.

What you should know:

  • In line with CAC guidelines, the AGM will be conducted through the use of proxies. Sequel to this, a list of comprising of 15 proxies was made public the company, available for members (shareholders) to choose from.
  • Recall that Unilever Nigeria Plc had recently declared a loss after tax of N492 million in Q1 2021.

For more information about the AGM, click HERE

Unilever Nigeria Plc reports a loss of N492 million in Q1 2021.

Unilever Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N19.43 billion. (+45.7% YoY)
  • Cost of sales was N14.95 billion. (+51% YoY)
  • Marketing and administrative expenses totalled N3.8 billion. (+63.3% YoY)
  • Loss for the period was N492 million. (-144.1% YoY)
  • Loss per share of 9 kobo. (-135% YoY)

 

See link to results.

Unilever Nigeria Plc posts loss of N3.97 billion in FY 2020.

Unilever Nigeria Plc released its full-year audited results for the year ended 31st December 2020.

  • Revenue for the year was N61.96 billion. (+2.4% YoY)
  • Cost of sales was N49.16 billion. (-11.8% YoY)
  • Marketing and administrative expenses totaled N12.4 billion. (-6.7% YoY)
  • Loss after tax was N 3.97 billion
  • Loss per share of -69 kobo Vs -N1.29 YoY.
  • No dividend announcement was made.

See link to results.