Business
PZ Cussons divests in Nigeria’s palm oil business, sells stake to Wilmar in $70m deal
PZ Cussons Plc 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 $70m, marking its full exit from the Nigerian palm oil business it co-founded in 2010.
This was made known in a joint statement made available on Wednesday, June 18, 2025.
The transaction, which is subject to regulatory approvals, is expected to be completed by the last quarter of 2025.
Once completed, Wilmar will take full ownership of PZ Wilmar, which produces household cooking oil brands such as Mamador and Devon King’s.
“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 joint statement made available to newsmen said.
The statement noted 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.
Commenting on the development, Chief Executive Officer of PZ Cussons Plc, Jonathan Myers, stated that 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, explained that 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.”
Wilmar also disclosed plans to seek a strong local partner to support its Nigerian operations post-acquisition, despite now holding full ownership.
PZ Wilmar was formed in 2010 as a joint venture between PZ Cussons Plc and Wilmar International. The company has grown to become one of Nigeria’s largest sustainable palm oil businesses and owns minority stakes in two palm plantations majority owned by Wilmar.
While PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder in PZ Wilmar and remains unaffected, the company said the move allows it to refocus on its core portfolio across hygiene, baby, and beauty products.
