PZ Cussons Plc has agreed to sell its 50% stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, in a $70 million cash deal, marking its complete exit from Nigeria’s palm oil industry.
The deal, announced on Wednesday, will give Singapore-based Wilmar full ownership of PZ Wilmar, the company behind popular cooking oil brands like Mamador and Devon King’s. The transaction is expected to be completed by Q4 2025, pending regulatory approvals.
“PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 per cent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million,” the joint statement read.
End of a 15-Year Strategic Partnership
PZ Wilmar was established in 2010 as a joint venture aimed at developing a sustainable palm oil value chain in Nigeria. The business has since grown into one of Nigeria’s largest producers and distributors of edible oils.
Commenting on the divestment, Jonathan Myers, CEO of PZ Cussons Plc, said:
“Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. PZ Wilmar is in the best possible hands to build further on its market-leading position, while PZ Cussons continues to invest in and grow its core business.”
PZ Cussons will now refocus its strategy around its core product categories in Nigeria and other markets specifically hygiene, baby care, and beauty products.
Wilmar Signals Long-Term Commitment to Nigeria
Following the acquisition, Wilmar will own 100% of PZ Wilmar, with a name change for the company expected soon. Kuok Khoon Hong, Chairman and CEO of Wilmar, said the decision reflects the company’s long-term confidence in Nigeria’s agriculture and food processing potential.
“We are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation,” he said.
Wilmar also confirmed it is seeking a strong local partner to support its Nigerian operations, even as it assumes full ownership.
Broader Industry Impact
Despite exiting the palm oil business, PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, remains unaffected by the sale. The company did not hold a direct stake in PZ Wilmar and will continue its operations across Nigeria.
Industry analysts see the deal as a major consolidation move in Nigeria’s agribusiness space, with Wilmar now poised to deepen its upstream and downstream investments in the country.
