Unilever has announced plans to increase its stake in Unilever Nigeria from 50.4% to 75%

The global food and personal care products giant said in a statement on its website it would  acquire up to 944,465,532 shares in the Company at an intended offer price of NGN 45.50 per share in cash.

Bruno Witvoet, executive vice president of Unilever Africa said: "This proposal demonstrates our commitment to the Unilever Nigeria business and confidence in the long-term growth prospects of the company and consumer goods sector in Nigeria."

The proposal will be subject to the prior approval of The Nigerian Stock Exchange and the Nigerian Securities and Exchange Commission.