JUST IN: PZ Cussons Finally Exits Nigeria After Selling Asset $70m
The Genius Media Nigeria reports that PZ Cussons Plc has finally exited Nigeria after it sold its PZ Wilmar Limited stake, a Nigerian palm oil business it co-founded in 2010.
The organisation has agreed to sell its 50 per cent stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, for a cash consideration of $70 million.
The transaction, which is subject to regulatory approvals, is expected to be completed by the last quarter of 2025.
Once finalised, Wilmar will take full ownership of PZ Wilmar, which produces household cooking oil brands such as Mamador and Devon King’s.
A statement made available on Wednesday read, “PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 per cent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million.”
The statement added that following the completion of the transaction, Wilmar will hold 100 per cent equity in PZ Wilmar, with a change of name to be announced in due course.
Speaking on the development, Chief Executive Officer of PZ Cussons Plc, Jonathan Myers, said the exit marks the end of a productive partnership that has significantly contributed to the Nigerian consumer goods market.
“Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support, and our PZ Wilmar employees for their contribution and great results over the years,” he said.
He added, “PZ Wilmar is in the best possible hands to build further on its market-leading position, while PZ Cussons continues to invest in and grow its core business.”
Wilmar, a Singapore Exchange-listed agribusiness giant, said the decision to acquire the remaining stake in PZ Wilmar underscores its long-term commitment to Nigeria’s growing food and agriculture sector.
Chairman and CEO of Wilmar, Kuok Hong, said, “We are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.”
He continued, “The Nigerian market’s strong demographics, with more than 200 million consumers, offers a significant opportunity for growth in food and nutrition. It is Wilmar’s intention to continue developing both upstream and downstream businesses in Nigeria.”
