PZ Cussons Plc has announced its full exit from Nigeria’s palm oil industry following the sale of its 50% stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited. The deal, valued at $70 million, will give Wilmar full ownership of the palm oil business the two companies co-founded in 2010.
The announcement was made in a joint statement released on Wednesday, June 18, 2025. The transaction, pending regulatory approval, is expected to close by the fourth quarter of 2025. Once completed, Wilmar will assume complete control of PZ Wilmar, which produces well-known cooking oil brands such as Mamador and Devon King’s.
“PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to acquire the 50% equity stake in PZ Wilmar Limited held by PZ Cussons for $70 million,” the statement confirmed. It also noted that a name change for the business will be announced after the acquisition is finalized.
Commenting on the development, Jonathan Myers, CEO of PZ Cussons Plc, described the move as the conclusion of a valuable and successful partnership.
“Our joint venture with Wilmar has been deeply rewarding and impactful in the Nigerian consumer goods landscape. I am grateful to Wilmar’s leadership and the PZ Wilmar team for their dedication and achievements over the years,” Myers said. He added that the company will now focus on strengthening its core segments in hygiene, baby care, and beauty.
Wilmar International, listed on the Singapore Exchange, emphasized that the acquisition aligns with its long-term investment strategy in Nigeria’s food and agriculture sector.
“We see strong long-term potential in Nigeria’s palm oil industry, driven by its large population and ideal agricultural conditions,” said Kuok Khoon Hong, Wilmar’s Chairman and CEO. “With over 200 million people, Nigeria presents major growth opportunities in food and nutrition. We intend to continue expanding both upstream and downstream operations in the country.”
Although Wilmar will now own 100% of PZ Wilmar, the company disclosed plans to bring in a local strategic partner to support its Nigerian operations moving forward.
Established in 2010, PZ Wilmar has grown into one of Nigeria’s largest sustainable palm oil businesses. It also holds minority stakes in two palm plantations primarily owned by Wilmar.
PZ Cussons Nigeria Plc, a local subsidiary of the UK-based company, remains unaffected by the sale, as it was not a stakeholder in PZ Wilmar. The group emphasized that the divestment enables it to sharpen its focus on core product categories within its consumer portfolio.
