PZ Cussons exits Nigeria palm oil venture with £51m stake sale
PZ Cussons has agreed to sell its 50 per cent stake in PZ Wilmar, a Nigerian edible oils business, to joint venture partner Wilmar International in a deal valued at approximately £51 million.
The transaction marks the British consumer goods company’s withdrawal from Nigeria’s palm oil sector. Established in 2010, PZ Wilmar has grown into one of the country’s major producers of sustainable palm oil, marketing products under the Mamador and Devon King brands.
In a statement, Chief Executive Jonathan Myers described the move as part of a broader strategy to divest from non-core operations and limit the company’s exposure to Nigeria’s challenging economic environment.
He said the sale would improve the group’s financial position while ensuring continuity for employees and operations.
“I am delighted to announce the sale of our stake in PZ Wilmar to our joint venture partner. In doing so, we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet,” Myers said. “At the same time, the smooth transition of ownership offers continuity for colleagues and operations.
“I want to thank all our PZ Wilmar colleagues for the significant achievements since the inception of the JV in 2010, including the delivery of significant profit growth over this time. We wish the team continued success.”
The deal comes as PZ Cussons anticipates an 8 per cent year-on-year increase in like-for-like revenue for the 2025 fiscal year, with overall revenues expected to reach around £505 million.
The company attributed much of its second-half performance to revenue gains in Africa, supported by high inflation in Nigeria.
Myers said the company will now concentrate on streamlining its brand portfolio and driving sustainable growth.
Advisers on the transaction include Standard Bank, Latham & Watkins LLP, and Udo Udoma & Belo-Osagie.
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