Wilmar acquires full ownership of PZ Cussons in $70m deal

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

The transaction marks PZ Cussons’ complete exit from Nigeria’s palm oil industry, a space it helped pioneer in partnership with Wilmar in 2010.

Since its inception, PZ Wilmar has grown into a major player in the edible oil market in Nigeria, producing well-known household brands such as Mamador and Devon King’s.

According to a joint statement from both companies, the deal is subject to regulatory approvals and is expected to be finalized by the last quarter of 2025.

Upon completion, Wilmar will assume full ownership of PZ Wilmar.

“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,” the statement read.

Established in 2010, PZ Wilmar has become one of Nigeria’s leading sustainable palm oil enterprises and holds minority stakes in two palm oil plantations in the country.

PZ Cussons Nigeria Plc, the Nigerian subsidiary of the London-listed PZ Cussons Plc, is not a stakeholder in PZ Wilmar, and its operations will not be impacted by this transaction.

Following the acquisition, PZ Wilmar is set to undergo a rebranding, with a new name to be revealed in due course.

Wilmar’s Chairman and CEO, Mr. Kuok Khoon Hong, thanked PZ Cussons for the longstanding partnership and reaffirmed Wilmar’s strategic commitment to Nigeria.

“We remain optimistic about the long-term prospects of Nigeria’s palm oil sector. With a population exceeding 200 million, the country presents vast opportunities in food and nutrition,” Kuok stated.

He added that Wilmar plans to continue expanding both upstream plantation activities and downstream operations in Nigeria, and will actively pursue new local partnerships.

PZ Cussons Plc CEO, Jonathan Myers, commented on the deal, saying: “Our collaboration with Wilmar has been both productive and rewarding.

We are confident that PZ Wilmar will continue to thrive under Wilmar’s stewardship, while we sharpen our focus on our core business growth.”