PZ Cussons exits Nigeria palm oil venture with £51m stake sale

PZ Cussons exits Nigeria palm oil venture with £51m stake sale

 PZ Cussons Sells Stake in Nigerian Palm Oil JV for £51 Million

PZ Cussons has sold its 50% stake in PZ Wilmar, a Nigerian edible oils joint venture, to partner Wilmar Internationalfor £51 million, marking its exit from Nigeria’s palm oil sector. The move aligns with the company’s strategy to focus on core operations and reduce exposure to Nigeria’s economic volatility.

CEO Jonathan Myers said the deal would strengthen the balance sheet while ensuring operational continuity. PZ Wilmar, established in 2010, is known for brands like Mamador and Devon King.

PZ Cussons expects £505 million in revenue for 2025, with 8% year-on-year growth, driven partly by high inflation in Africa. Advisors on the deal included Standard Bank, Latham & Watkins LLP, and Udo Udoma & Belo-Osagie.