PZ Cussons Plc has officially agreed to divest its 50 percent stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, in a transaction valued at $70 million. This move marks PZ Cussons’ complete exit from the Nigerian palm oil industry, which it helped establish back in 2010.
The deal, pending regulatory approvals, is anticipated to be finalized by the fourth quarter of 2025. Upon completion, Wilmar International will assume full ownership of PZ Wilmar Limited, the producer behind popular household cooking oil brands such as Mamador and Devon King’s. A change in the company’s name is expected to be announced following the transaction.
In a statement released on Wednesday, both companies confirmed the terms of the agreement, with PZ Cussons agreeing to sell its equity stake for cash consideration amounting to $70 million. The development signals a strategic shift for PZ Cussons as it refocuses efforts on its core segments, including hygiene, baby care, and beauty products.
Jonathan Myers, CEO of PZ Cussons Plc, described the exit as the conclusion of a successful partnership that made a significant impact on Nigeria’s consumer goods market. He expressed gratitude to Wilmar’s leadership and the dedicated employees of PZ Wilmar for their contributions over the years. Myers also affirmed that PZ Wilmar is well-positioned to continue strengthening its market presence under Wilmar’s sole ownership, while PZ Cussons remains committed to expanding its core business areas.
On his part, Kuok Hong, Chairman and CEO of Wilmar International, reaffirmed the company’s confidence in Nigeria’s palm oil sector, highlighting the country’s large and growing population as a key driver for future growth. He noted that Nigeria’s demographic profile, with over 200 million people, presents substantial opportunities in food and nutrition markets. Wilmar intends to deepen its involvement in both upstream production and downstream processing within Nigeria.
Despite taking full control of PZ Wilmar, Wilmar International disclosed plans to engage a strong local partner to support operations in Nigeria moving forward. Since its inception in 2010, PZ Wilmar has grown into one of Nigeria’s leading sustainable palm oil businesses, holding minority stakes in two major palm plantations predominantly owned by Wilmar.
It is important to note that PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, does not hold shares in PZ Wilmar and therefore remains unaffected by this transaction. The divestment will allow PZ Cussons to concentrate resources on strengthening its portfolio in other fast-moving consumer goods categories within Nigeria.