Annual Report 2021 Unilever Nigeria Plc

Unilever Nigeria Plc Annual Report

Year ended December 31, 2021



Purpose and values ​​of Unilever 3

Company Profile 4

Board of Directors, Officers and Other Company Information 5

Results at a glance 6

Board Profile

Directors’ report, including corporate governance report

Abridged 2021 Sustainability Report

Statement of Directors’ Responsibilities for the Financial Statements for the Year Ended December 31, 2021

Corporate responsibility statement for the financial statements for the year ended December 31, 2021

Audit Committee Report to Members of Unilever Nigeria Plc

independent auditorThe report

Financial state:

– Statement of net income and other comprehensive income

7 – 10

11 – 24

25 – 29



32 33-36

37 – 38

– Statement of financial position 39

– Statement of changes in equity 40

Cash flow statement 41

– Notes to the financial statements

Other National Disclosures:

42 – 89

– Value Added Statement 91

– Five-year financial summary 92


Unilever Nigeria Plc Annual Report

Year ended December 31, 2021

Our goal

Our values


Unilever Nigeria Plc Annual Report

Year ended December 31, 2021

Unilever Nigeria Plc. – Designed for the future, fit for the future

Unilever Nigeria Plc. was founded in 1923 as a soap manufacturing company West African soap Company- by Lord Leverhulme. It later became known as Lever Brothers Nigeria Plc. Today, it is the oldest manufacturing organization in Nigeria.

After a series of mergers and acquisitions, the company has diversified into manufacturing and marketing food, home care, beauty and personal care products. These mergers and acquisitions resulted in the absorption of Lipton Nigeria Limited in 1985, Cheesebrough Industries Limited in 1988 and Unilever Nigeria Limited in 1996. The company changed its name to Unilever Nigeria Plc. in 2001 in line with the company’s overall strategic direction

The company was listed on the Nigerian Stock Exchange in 1973 and is a truly multi-local multinational organization with international and local brands in its portfolio. International brands include Close-Up, Pepsodent, LUX, Lifebuoy, Rexona and Vaseline in the company’s Personal Care division; Knorr in the Foods division; and OMO and Sunlight in the Home Care division. Other regional and local gems include Pears and Royco. The Company provides sources of income for tens of thousands of Nigerians who are shareholders, distributors, suppliers, service providers and employees.

Unilever Nigeria Plc. is a member of the Unilever Group, one of the world’s leading consumer goods companies. One in three people around the world use Unilever brands every day. With this scope come responsibilities and opportunities. This is why we set ourselves the goal of making ‘Sustainable living banal’. To help people live well within the limits of the planet. This is not just something we say – it guides our decisions and shapes our actions, at all levels of the organization.

Unilever this focus on purpose dates back to our history and is integral to our future. As a result, we want all of our brands to have purpose, take a stand and act on the big social and environmental issues facing the world.

To truly normalize sustainable living, we focus on advancements that allow us to be ready for the future. We seek to anticipate the significant changes shaping our industry, drive increased digitalization, reduce costs, speed and agility while using our scale and influence to create positive change far beyond Unilever. We actively drive competitive, consistent, profitable and sustainable growth with quality products that are good for people and the planet and within reach of mainstream Nigerian consumers. We will continue to attract top talent in a diverse, inclusive, exciting and flexible work culture.

Unilever from Nigeria confidence in Nigeria remains resolute and we are committed to continued investment, capacity development and innovation with brands designed to delight and meet the needs and preferences of traditional Nigerian consumers.


Unilever Nigeria Plc Annual Report

Year ended December 31, 2021

Board of Directors, Officers and Other Company Information


His Majesty Nnaemeka A. Achebe CFR, mni Obi of Onitsha

Mr. Carl Cruz (Filipino)

Mr. Jaime Aguilera (Spanish)

Ms. Abiola Alabi Ammuna Lawan Ali, OON Mr. Felix Enwemadu

Mr Michael Ikpoki

Mr. Chika Nwobi

Mr Mutiu Sunmonu CON, FNSE Ms Adesola Sotande-Peters

General Counsel WA & Company Secretary Mrs Abidemi Ademola

Registration desk

1 Billings Way Oregon

Ikeja, Lagos

Tel: +234 1 279 3000 & +234 803 906 6000

Email: [email protected]Website: www.unilevernigeria.com

Business Number RC 113

Tax Identification Number (TIN) 01056346-0001

Independent Auditor Professional Services KPMG Towers KPMG

Bishop Aboyade Cole Street Victoria Island


Registry and transfer office Greenwich Registrars and Data Solutions Ltd. 274 Murtala Muhammad Way

Alagomeji, Yaba, Lagos

Tel: +234 01 279 3161-2 & +234 01 813 1925 [email protected]


Access Bank

Guarantee Trust Bank

Citi Bank

Rand Merchant Bank

Coronation Bank

Stanbic Bank IBTC

Globus Bank

Standard Chartered Bank

First Bank

Sterling Bank

Bank of First City Monuments

United Bank for Africa

Ecobank Nigeria

Zenith Bank

Non-executive director and chairman of the board

– – – – – – – –

General manager

Non-Executive Director (Appointed on January 1, 2021)

Non-executive director Independent non-executive director Executive director

Independent Non-Executive Director (Appointed February 1, 2021) Non-Executive Director Independent Non-Executive Director Executive Director (Resignation effective December 16, 2021)


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