PZ Cussons Plc is set to leave Nigeria’s palm oil industry after agreeing to sell its 50% share in PZ Wilmar Limited to its long-time partner, Wilmar International, for $70 million in cash.
This marks the end of a 15-year partnership between the two companies, which jointly launched the palm oil business in 2010. The deal still needs regulatory approval but is expected to be completed before the end of 2025.
Once the sale goes through, Wilmar will take full control of PZ Wilmar, the company behind well-known cooking oil brands like Mamador and Devon King’s. A new name for the business is expected to be announced later.
PZ Cussons CEO Jonathan Myers described the exit as a positive move, thanking Wilmar and the PZ Wilmar team for their contributions over the years. He said the decision allows PZ Cussons to concentrate on its core products in hygiene, baby care, and beauty.
Wilmar, based in Singapore, said it remains committed to Nigeria’s food and agriculture sector. The company sees major opportunities in the country’s palm oil market, thanks to its large and growing population.
Wilmar’s Chairman and CEO, Kuok Khoon Hong, expressed optimism about Nigeria’s potential and hinted that Wilmar will be seeking strong local partners to support its operations even after taking full ownership.
Although PZ Cussons Nigeria Plc is not directly involved in the palm oil joint venture and will not be affected by the deal, the sale allows the broader company to sharpen its focus on areas where it already has strong brand presence.