WorldStage– Diversified conglomerate UAC of Nigeria PLC has entered into a binding agreement to divest its 43% shareholding in DP World Logistics Limited (formerly MDS Logistics Limited) to 22 Plus Invest Limited, a member of the Tropical General Investments (TGI) Group.
According to a corporate disclosure issued on September 24, 2026, and submitted to the Nigerian Exchange Limited (NGX), the transaction remains subject to requisite regulatory approvals.
Key Highlights of the Transaction:
Divestment Scope: UAC is selling its entire 43% equity stake in DP World Logistics Limited.
Acquiring Entity: 22 Plus Invest Limited, an investment vehicle under TGI Group—a diversified international conglomerate operating across agriculture, FMCG manufacturing, distribution, real estate, and financial services.
Regulatory Condition: The completion of the deal is subject to customary regulatory consents and approvals in Nigeria.
Commenting on the divestment, Fola Aiyesimoju, Group Managing Director of UAC of Nigeria PLC, noted: “UAC has worked closely with DP World’s management to support the significant growth and expansion of the Company over the years. We believe TGI, following completion of the proposed transaction, will be a strong long-term partner for DP World, its management and employees, bringing deep market knowledge and a strong track record of building businesses in Nigeria.”
Highlighting the strategic rationale, Farouk Gumel, Vice Chairman of TGI Group, stated: “This proposed acquisition and partnership with DP World reflects our shared ambition to reshape the future of trade and logistics in Africa. By combining DP World’s global expertise with TGI Group’s deep market knowledge and extensive distribution network, we are building resilient supply chains that will unlock growth, strengthen regional connectivity and support economic prosperity.”
The transaction marks a strategic realignment for UAC as it focuses resources on its primary core sectors, while positioning DP World Logistics to leverage TGI Group’s extensive West African footprint and distribution network.
