Global ports and logistics giant, DP World, has announced that it is expanding its footprint in Nigeria's trade and supply-chain market, with Tropical General Investments (TGI) Group moving to take a 43 per cent stake in its Nigerian logistics business. The deal comes days after the company unveiled plans for a $7 billion-plus deep-sea port and special economic zone in Ogun state. The proposed transaction will see 22 Plus Invest Limited, a subsidiary of TGI, acquire UAC of Nigeria Plc's entire 43 per cent shareholding in DP World Logistics Limited, formerly MDS Logistics Limited, subject to regulatory approval. The deal will leave DP World as the majority shareholder, while UAC will exit the company.
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