PZ Cussons Plc has agreed to sell its 50 per cent stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, in a move that signals the company’s full withdrawal from Nigeria’s palm oil sector.
The deal, valued at $70 million in cash, is subject to regulatory approvals and is projected to be completed by the final quarter of 2025. Once the transaction is concluded, Wilmar will assume full ownership of PZ Wilmar, with plans for a new name to be announced subsequently.
PZ Wilmar, established in 2010, is known for producing household cooking oil brands such as Mamador and Devon King’s.
The partnership between PZ Cussons and Singapore-based agribusiness giant, Wilmar International, has grown into one of Nigeria’s foremost sustainable palm oil companies over the years.
In a statement issued on Wednesday, PZ Cussons confirmed the development, stating: “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 also noted that following the acquisition, Wilmar would take full control of the company, with branding and operational changes to follow.
Speaking on the development, Chief Executive Officer of PZ Cussons Plc, Jonathan Myers, described the partnership as a rewarding one that played a key role in Nigeria’s 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,” Myers said.
He added that the move would allow PZ Cussons to channel its focus into its core areas of expertise.
“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,” he added.
Wilmar, which is listed on the Singapore Exchange, expressed optimism about Nigeria’s palm oil sector, citing the country’s population and agricultural potential as strategic growth drivers.
Chairman and CEO of Wilmar, Kuok Hong, stated: “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.”
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Despite taking full ownership, Wilmar disclosed plans to seek a strong local partner to enhance its operations in the Nigerian market post-acquisition.
Although Cussons Nigeria Plc, a local subsidiary of the British multinational, is not a shareholder in PZ Wilmar and remains unaffected by the transaction, the parent company believes the divestment aligns with its renewed strategic direction.
According to the company, the move would enable a sharper focus on its core categories, which include hygiene, baby care, and beauty products.
The joint venture, which began 14 years ago, also holds minority interests in two palm plantations majorly owned by Wilmar, further reinforcing the agribusiness giant’s deepening presence in Nigeria’s agricultural value chain.
