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PZ Cussons Plc, a British multinational consumer goods company, has announced plans to sell its 50% stake in PZ Wilmar Limited, its Nigerian joint venture with Singapore-based Wilmar International. The deal, worth $70 million in cash, marks PZ Cussons' full exit from Nigeria’s palm oil business, which it entered in 2010.
PZ Wilmar Limited was established to produce and distribute edible oils such as Mamador and Devon King’s—both popular brands in Nigerian households. The joint venture had become a significant player in the country’s fast-moving consumer goods (FMCG) sector. However, PZ Cussons has recently shifted its focus toward personal care, beauty, and hygiene products as part of its broader strategic restructuring.
According to PZ Cussons, the sale aligns with its long-term strategy to simplify its portfolio and concentrate on core categories and markets with higher growth potential. The company believes that the divestment will help unlock greater value for shareholders and allow it to reinvest in areas where it enjoys stronger brand recognition and operational efficiency.
Wilmar International, a global agribusiness giant, will now assume full ownership of PZ Wilmar. The deal is subject to regulatory approvals, which are expected to be finalized in the coming months. For Wilmar, the acquisition signals a deeper commitment to expanding its footprint in Africa’s largest economy, especially within the food processing and agribusiness sectors.
This move also reflects some of the challenges foreign companies face in Nigeria, including rising inflation, currency volatility, and complex regulatory environments. As PZ Cussons exits the palm oil space, the company is expected to intensify focus on its personal care brands like Imperial Leather, Premier, and Carex in both African and international markets.
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