PZ Cussons Plc has sold its 50% stake in PZ Wilmar Limited to joint venture partner Wilmar International Limited for $70 million, completing its exit from the Nigerian palm oil sector it helped launch in 2010.
Announced in a joint statement on June 18, 2025, the deal is pending regulatory approvals and is expected to conclude in the last quarter of 2025. Once finalized, Wilmar will own 100% of the enterprise, which produces cooking oil brands like Mamador and Devon King’s, and the company will be rebranded.
Jonathan Myers, CEO of PZ Cussons Plc, noted that the long-term partnership had significantly boosted Nigeria’s consumer goods market. “I want to thank Wilmar leadership and our PZ Wilmar team for their contributions. PZ Wilmar is in the best possible hands to expand its market-leading position, while we refocus on our core hygiene, baby, and beauty products,” he said.
Kuok Hong, Chairman and CEO of Wilmar, expressed optimism about Nigeria’s palm oil potential, citing the nation’s strong demographics and expansive consumer market. He confirmed that Wilmar intends to further develop its upstream and downstream businesses in Nigeria and is planning to partner with a strong local firm post-acquisition.
PZ Wilmar was established in 2010 as a joint venture between PZ Cussons Plc and Wilmar International, growing into one of Nigeria’s largest sustainable palm oil operations, with investments in plantations largely controlled by Wilmar. Meanwhile, PZ Cussons Nigeria Plc remains unaffected by the deal.
Leave a Reply