UAC of Nigeria Plc has entered into an agreement to sell its 43% shareholding in DP World Logistics Limited, formerly MDS Logistics Limited, to 22 Plus Invest Limited, a member of Tropical General Investments (TGI) Group.
UAC disclosed the transaction on 24 September 2026, stating that completion remains subject to requisite regulatory approvals. The financial terms were not disclosed.
DP World Logistics traces its origins to MDS Logistics, a Nigerian logistics business established under UAC. UAC subsequently sold a 49% interest in MDS to South Africa-headquartered Imperial Logistics and later divested an additional 8%, leaving Imperial with 57% and UAC with 43%.
In 2022, Dubai-headquartered DP World acquired 100% of Imperial Logistics, bringing MDS Logistics into DP World’s global logistics network while UAC retained its 43% minority interest. MDS was subsequently renamed DP World Logistics Limited.
The proposed transaction will see 22 Plus Invest acquire UAC’s entire 43% holding, leaving TGI as a shareholder alongside DP World in the Nigerian logistics business.
DP World Logistics operates an integrated supply-chain platform in Nigeria, with a network of 19 distribution centres across 16 states.
For TGI, the acquisition expands its logistics and distribution interests alongside businesses spanning agriculture, food processing, FMCG manufacturing, chemicals, poultry farming, real estate and financial services. TGI says it has more than 25,000 employees across its operations in Nigeria, West Africa and other markets.
In FY2025, the logistics business generated ₦28.42 billion in revenue and ₦7.06 billion in profit, with UAC's 43% share of profit amounting to approximately ₦3.04 billion, increasing its investment carrying value from ₦6.05 billion in 2024 to ₦9.09 billion in 2025. In H1 2026, MDS recorded ₦25.41 billion in revenue and ₦2.76 billion in profit, while its net assets increased to ₦16.88 billion from ₦14.12 billion at December 2025 and cash and cash equivalents stood at ₦2.21 billion. UAC's 43% share of H1 2026 profit was approximately ₦1.19 billion
Fola Aiyesimoju, Group Managing Director of UAC, said UAC had worked closely with DP World’s management to support the growth and expansion of the business, adding that TGI would bring local market knowledge and a track record of building businesses in Nigeria.
Farouk Gumel, Vice Chairman of TGI Group, said the acquisition would combine DP World’s global expertise with TGI’s market knowledge and distribution network.
The transaction remains subject to requisite regulatory approvals.
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