Wilmar acquires PZ Cussons’ stake in PZ Wilmar for $70m

In a major shake-up in Nigeria’s consumer goods sector, Wilmar International Limited has agreed to acquire PZ Cussons Plc’s 50% stake in their joint venture, PZ Wilmar, for $70 million in cash.

This deal signals PZ Cussons’ complete exit from Nigeria’s palm oil industry, a sector it helped pioneer through the joint venture with Wilmar in 2010. Over the years, PZ Wilmar has become a key player in Nigeria’s edible oil market, producing popular brands like Mamador and Devon King’s.

In a joint statement, both companies confirmed that the transaction is still subject to regulatory approvals, with the completion expected in the last quarter of 2025.

Once concluded, Wilmar will hold 100% ownership of PZ Wilmar, the company behind popular household cooking oil brands such as Mamador and Devon King’s.

The statement noted, “PZ Cussons Plc and Wilmar International Limited today jointly announce that the two parties have agreed definitive terms for Wilmar to purchase the 50% equity stake in PZ Wilmar Limited held by PZ Cussons Plc for a cash consideration of $70 million.

Completion of the transaction is subject to a number of relevant approvals.”

PZ Wilmar was founded in 2010 and has since grown into one of Nigeria’s largest sustainable palm oil businesses, also holding minority stakes in two palm oil plantations in the country.

While PZ Cussons Nigeria Plc, a subsidiary of the London-listed PZ Cussons Plc, is not a shareholder in PZ Wilmar, its operations remain unaffected by the transaction.

Following the deal’s completion, PZ Wilmar will undergo a rebranding, with a new name to be announced later.

Wilmar Chairman and CEO, Mr. Kuok Khoon Hong, expressed appreciation for PZ Cussons’ collaboration over the years and reaffirmed Wilmar’s commitment to expanding its footprint in Nigeria’s palm oil sector.

“We are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation. The market’s strong demographics, with over 200 million consumers, offer significant opportunities for growth in food and nutrition,” he said.

Kuok added that Wilmar will continue developing both upstream palm plantation and downstream businesses in Nigeria, while also seeking strong local partnerships.

Commenting on the transaction, Jonathan Myers, CEO of PZ Cussons Plc, said: “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership.

PZ Wilmar is in the best possible hands to build on its market-leading position while we continue to focus on growing our core business.”