Economy

PZ Cussons exits Palm Oil business in Nigeria, sells stake in PZ Wilmar

PZ Cussons Plc has announced its complete exit from Nigeria’s palm oil industry following the sale of its 50% stake in PZ Wilmar Limited to Wilmar International Limited for \$70 million. The…

By Modupeola Showunmi 2 min Jun 18, 2025

PZ Cussons Plc has announced its complete exit from Nigeria’s palm oil industry following the sale of its 50% stake in PZ Wilmar Limited to Wilmar International Limited for \$70 million. The move brings an end to the joint venture that began in 2010 and signals a new phase for both companies.

The transaction, which is still subject to regulatory approval, is expected to be finalized by the fourth quarter of 2025. Upon completion, Wilmar will become the sole owner of PZ Wilmar — the company behind popular cooking oil brands such as Mamador and Devon King’s. A new name for the company is expected to be unveiled after the deal closes.

In a statement issued on Wednesday, both parties confirmed that definitive terms had been agreed upon. PZ Cussons CEO, Jonathan Myers, described the decision as the conclusion of a successful partnership that has contributed significantly to the Nigerian market.

“Our venture with Wilmar has been both strategic and impactful. I am grateful to Wilmar’s leadership and our employees at PZ Wilmar for their dedication and achievements. The business is now well-positioned for continued success under Wilmar’s full ownership,” Myers stated.

He added that PZ Cussons would now focus on strengthening its core categories — hygiene, baby care, and beauty.

Wilmar International, listed on the Singapore Stock Exchange, explained that acquiring full control of PZ Wilmar aligns with its long-term commitment to Nigeria’s food and agriculture industry. Chairman and CEO Kuok Khoon Hong expressed confidence in Nigeria’s market potential, citing its population size and favorable conditions for palm oil production.

“We believe in the long-term prospects of Nigeria’s palm oil sector. With over 200 million people and strong demand for food and nutrition, the country offers tremendous opportunities. We plan to deepen our investment across the entire value chain,” he said.

Despite now holding full ownership, Wilmar disclosed plans to engage a capable local partner to support its Nigerian operations moving forward.

PZ Wilmar was established in 2010 as a joint venture between PZ Cussons and Wilmar International. It has grown into one of Nigeria’s largest sustainable palm oil companies and holds minority shares in two palm plantations primarily owned by Wilmar.

PZ Cussons Nigeria Plc, the Nigerian subsidiary of PZ Cussons Plc, is not a shareholder in PZ Wilmar and remains unaffected by the sale. The company emphasized that the divestment will allow it to double down on its core consumer brands.

PZ Cussons exits Palm Oil business in Nigeria, sells stake in PZ Wilmar

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