PZ Cussons Exits Nigeria After 14 Years, Hands Over Entire Stake in PZ Wilmar to Wilmar International

 

PZ Cussons Sells Stake in PZ Wilmar, Marks Final Exit from Nigerian Market

After more than a decade of presence in Nigeria’s consumer goods sector, PZ Cussons Plc has made a decisive move to exit the country, selling off its remaining interests in the palm oil business it co-founded with Wilmar International Limited. The UK-based multinational has reached an agreement to sell its 50 percent stake in PZ Wilmar Limited to its joint venture partner for a cash deal valued at $70 million.

This development signals the end of a 14-year-long partnership between the two companies. The transaction is currently pending regulatory approval but is expected to be finalized by the final quarter of 2025. Once completed, Wilmar International will assume complete control of PZ Wilmar and, according to the company, a rebranding is anticipated.

PZ Wilmar, established in 2010, has become a prominent name in the Nigerian household goods landscape. It is best known for producing widely consumed cooking oil brands such as Mamador and Devon King’s. These products have become staples in Nigerian kitchens, and their continued production will now be fully under the purview of Wilmar, a Singapore-listed agribusiness heavyweight with a deep-rooted presence in global agriculture and food production.

Jonathan Myers, CEO of PZ Cussons Plc, expressed confidence and optimism about the transition. He highlighted the productive nature of the longstanding partnership and acknowledged the contributions of employees and stakeholders who helped build PZ Wilmar into a market leader. "Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both," Myers noted in a statement. "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 also emphasized that the exit aligns with PZ Cussons’ broader strategy to focus on its core markets and product categories. “PZ Wilmar is in the best possible hands to build further on its market-leading position,” he added, “while PZ Cussons continues to invest in and grow its core business.”

For Wilmar International, this acquisition reinforces its commitment to the Nigerian market and its broader ambition across West Africa. The company's Chairman and CEO, Kuok Khoon Hong, described Nigeria as a strategic growth frontier, citing its large population, natural agricultural resources, and the significant potential of its food and nutrition sectors.

“Nigeria's strong demographics, with more than 200 million consumers, offer a significant opportunity for growth,” Kuok stated. “We are bullish on the long-term potential of the country’s palm oil sector, given its suitability for palm cultivation and the ever-increasing demand for quality food products. This acquisition underscores our intent to deepen our roots in Nigeria and further develop both upstream and downstream segments.”

Wilmar International’s optimism is buoyed by the region’s growing middle class and demand for packaged and refined food products. With total ownership of PZ Wilmar, the company is expected to drive further innovation and expansion of the brand's product portfolio, including exploring export possibilities within and outside Africa.

Industry analysts note that the sale is not just a business decision but also a reflection of changing strategic priorities for both parties. While PZ Cussons consolidates its focus on core operations in other parts of the world, Wilmar is doubling down on vertical integration and local production to capitalize on Africa’s expanding consumer markets.

Though some may view PZ Cussons’ withdrawal from Nigeria as a loss, it could also be interpreted as a strategic handoff, placing control in the hands of a partner better positioned to scale and evolve within the unique dynamics of the Nigerian market.

As the final regulatory steps unfold, eyes will remain on how Wilmar steers its full ownership of PZ Wilmar and whether this move catalyzes a new era of agribusiness growth in Nigeria.