Unilever Plc is set to make a cash injection to the tune of N38 billion into the Anglo-Dutch FMCG manufacturer’s Nigerian unit, according to a report published by The Nation.

The capital raising programme was approved by Unilever Nigeria shareholders last week, with the creation of 3.95 billion ordinary shares greenlighted. Unilever UK will need to contribute a minimum of N37.84 billion to retain its current majority stake, although the UK company has previously indicated an intention to acquire a 75 percent controlling stake in the Nigerian subsidiary.

The company attempted to up its holding back in 2015 via a tender offer, but missed target, ending with a 58.53 percent stake, which it then grew to 60.06 percent the following year with open market purchases.