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3 clusters · 8 sources · 11 days · First seen · Last updated

UAC of Nigeria stake sale in DP World Logistics

Overview

UAC of Nigeria Plc has agreed to sell its 43 percent stake in DP World Logistics Limited, previously known as MDS Logistics Limited, to 22 Plus Invest Limited, a subsidiary of the Tropical General Investments (TGI) Group. The transaction will result in UAC exiting its equity participation in the firm, leaving DP World as the majority shareholder.

Following the agreement, DP World and TGI Group have announced a partnership to enhance logistics capabilities in Nigeria. The collaboration aims to combine DP World’s global supply chain expertise with TGI Group’s local market presence and distribution networks. Subject to regulatory approval, TGI Group is expected to become a shareholder in DP World Logistics Limited.

The partnership will focus on delivering integrated supply chain solutions, including road freight, contract logistics, and fourth-party logistics (4PL) services. While the initial focus remains on Nigeria, the initiative is intended to serve as a platform for potential expansion across West Africa.

Mohammed Akoojee, CEO of DP World Africa, noted that Nigeria is a “critical market for the future of continental trade,” while TGI Group Vice Chairman Farouk Gumel stated the agreement aims to build “resilient supply chains to support economic prosperity.” This development follows DP World’s proposed $7 billion deep-sea port and special economic zone in Ogun State, Nigeria.

Entities

DP World Logistics Limited · TGI Group · DP World · UAC of Nigeria Plc · Farouk Gumel

Timeline

  1. [BUSINESS] 4 sources
    DP World and TGI Group partner to expand Nigerian logistics

    DP World and TGI Group have partnered to strengthen logistics and supply chain capabilities in Nigeria, with plans to potentially expand integrated services across West Africa.

  2. [BUSINESS] 2 sources
    TGI Group to acquire UAC's 43% stake in DP World Logistics

    UAC of Nigeria is selling its 43% stake in DP World Logistics to TGI Group, combining global logistics expertise with local distribution networks to strengthen Nigerian trade.

  3. [BUSINESS] 2 sources
    UAC of Nigeria sells 43% stake in DP World Logistics to TGI Group

    UAC of Nigeria Plc is selling its 43% stake in DP World Logistics Limited to TGI Group member 22 Plus Invest Limited, exiting the logistics sector to focus on its core business portfolio.

Sources

africa.com · container-news.com · fellowpress.com · internationalfinance.com · primanews.org · punchng.com · thisdaylive.com · tribuneonlineng.com

This summary has been updated 1 time: see revision history