PZ Cussons Exits Nigerian Market, Sells Its Stake in Palm Oil Venture to Wilmar for $70 Million
In a major development marking the end of an era, British multinational PZ Cussons Plc has formally announced its complete withdrawal from the Nigerian market. This move includes the sale of its 50% ownership in PZ Wilmar Limited, its palm oil joint venture, to Wilmar International, a leading agribusiness group headquartered in Singapore.
The transaction, valued at \$70 million, is still subject to regulatory approvals and is projected to be finalized by the end of 2025. Upon completion, Wilmar International will assume full control (100% equity) of PZ Wilmar, which is best known for producing popular edible oil brands such as Mamador and Devon King’s. A name change for the company is expected following the official transfer.
In a statement released on Wednesday, both companies confirmed that they had reached a definitive agreement regarding the transaction. PZ Cussons described the move as a “strategic divestment” aligned with its broader business focus.
“Our joint venture with Wilmar in Nigeria has been a fruitful and long-standing partnership. I extend my gratitude to the Wilmar team for their collaboration, and to all our employees at PZ Wilmar for their unwavering dedication and performance over the years,” said Jonathan Myers, CEO of PZ Cussons Plc.
He emphasized that while the company was exiting this particular segment, PZ Cussons would continue to invest in its core business operations and consumer markets in other regions.
Wilmar International, which is listed on the Singapore Exchange and is one of Asia’s largest agribusiness firms, welcomed the deal. The company reaffirmed its commitment to expanding its footprint in Nigeria, citing the country’s large population, favorable climate for palm cultivation, and growing demand for consumer food products as strong incentives for the acquisition.
“Nigeria presents immense long-term opportunities in the palm oil and broader food sectors. With a population of over 200 million people, the market is vibrant and rapidly evolving. We plan to expand both our upstream and downstream operations in Nigeria,” said Kuok Khoon Hong, Chairman and CEO of Wilmar International.
The sale signifies PZ Cussons’ broader restructuring strategy aimed at streamlining operations and strengthening its presence in key global markets, while Wilmar positions itself for deeper integration and value chain development in Nigeria’s agrifood sector.
As the deal progresses through regulatory channels, stakeholders in the consumer goods and agricultural sectors are closely watching what this strategic shift means for local manufacturing, supply chains, and market competition in Nigeria.
