By Peter Egwuatu 

Wilmer International Limited has agreed to acquire PZ Cussons Plc’ s 50% stake in PZ Wilmar for  cash consideration of $70 million deal.

This move would lead to the exit of PZ Cussons Plc from the Nigerian palm oil business it co-founded in 2010.

The transaction, which is subject to regulatory approvals, is expected to be completed by the last quarter of 2025.

According to a statement made available to Vanguard, once finalised, Wilmar will hold 100% of the equity in PZ Wilmar, which produces household cooking oil brands such as Mamador and Devon King’s.

The statement reads “PZ Cussons Plc and Wilmar International Limited (“Wilmar”) today jointly announce that the two parties have agreed definitive terms for Wilmar to purchase the 50% equity stake in PZ  Wilmar Limited (“PZ Wilmar”) held by PZ Cussons plc, for cash consideration of US$70 million. Completion of the transaction is subject to a number of relevant approvals.

Following the completion of the transaction, Wilmar will hold 100% of the equity in PZ Wilmar.”

 Formed in 2010 through a joint venture between PZ Cussons Plc (UK) and Wilmar, PZ Wilmar is one of the largest sustainable palm oil business in Nigeria. PZ Wilmar’s edible cooking oils, sold under the brand names Mamador and Devon King’s, are market leaders in Nigeria. The joint venture also owns minority stakes in two palm oil plantations in Nigeria, which are majority owned by Wilmar”.

“Wilmar, a company listed on the Singapore Exchange, is acquiring the 50% stake from PZ Cussons Plc, a company listed on the London Stock Exchange. PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder of PZ Wilmar and its operations are unaffected. Following completion of the transaction, PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course” the statement noted.

Commenting on the transaction, Wilmar Chairman & CEO, Mr Kuok Khoon Hong said: “We would like to thank PZ Cussons for their cooperation and support since inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria.

Wilmar is acquiring PZ Cussons plc’s 50% stake in PZ Wilmar as 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 Nigerian market’s strong demographics, with more than 200 million consumers, offers a significant opportunity for growth in food and nutrition. It is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria.

As a global industry leader, Wilmar is well positioned to invest and realise these 

opportunities following the completion of the transaction. However, we recognise the 

importance of having strong local partnerships in the markets where we operate and will be looking for a suitable local partner for the business”.

Jonathan Myers, CEO of PZ Cussons Plc said: “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support, and our PZW employees for their contribution and great results over the years. PZ Wilmar is in the best possible hands to build further on its market leading position, while PZ Cussons continues to invest in and grow its core business”.