DP World is expanding its presence in Nigeria’s logistics sector as Tropical General Investments Group moves to acquire a 43 per cent stake in the global ports operator’s Nigerian logistics business.
The proposed transaction, announced by UAC of Nigeria Plc, will see TGI subsidiary, 22 Plus Invest Limited, acquire UAC’s entire 43 per cent shareholding in DP World Logistics Limited, formerly known as MDS Logistics Limited.
The deal is subject to regulatory approval, while DP World will retain its majority stake in the company.
The transaction comes days after DP World signed Memoranda of Understanding with the Ogun State Government for the development of the Gateway Deep Sea Port and Ogun State Blue Marine Special Economic Zone, projects valued at more than $7 billion.
The two developments are expected to deepen DP World’s involvement in Nigeria beyond port infrastructure into logistics, distribution and integrated supply-chain services.
DP World Logistics will continue to provide road freight and contract logistics services across Nigeria while exploring additional services, including fourth-party logistics solutions.
The company is also expected to leverage DP World’s international network to connect Nigerian businesses with regional and global markets, with the partnership potentially providing a platform for expansion across West Africa.
UAC Group Managing Director, Fola Aiyesimoju, said the company had worked closely with DP World’s management to support the growth of the logistics business.
He described TGI as a strong long-term partner for DP World, citing its market knowledge and experience in building businesses in Nigeria.
“We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector,” Aiyesimoju said.
TGI Group Vice Chairman, Farouk Gumel, said the acquisition reflected a shared ambition with DP World to transform trade and logistics across 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 for generations to come,” Gumel said.
DP World Africa Chief Executive Officer and Managing Director, Mohammed Akoojee, described Nigeria as one of Africa’s most important economies and a key market for the future of trade on the continent.
He said the partnership would strengthen supply chains, improve the movement of goods and create new opportunities for businesses in Nigeria and beyond.
Meanwhile, the proposed Gateway Deep Sea Port and Ogun State Blue Marine Special Economic Zone are intended to improve maritime connectivity and link port infrastructure with logistics, manufacturing and regional markets.
TGI has operated in Nigeria and other West African markets for more than four decades, with interests in agriculture, food processing, FMCG manufacturing, distribution, chemicals, poultry, real estate and financial services.
The group also has operations in countries including India and the United Arab Emirates and employs more than 25,000 people.
DP World operates across six continents, employing more than 125,000 people in ports and terminals, marine services, logistics and technology.
The proposed acquisition and planned Ogun investments will further broaden DP World’s footprint in Nigeria’s maritime, logistics and supply-chain sectors.
