Lagos, Nigeria June 18, 2025 PZ Cussons PLC and Wilmar International Limited have reached a definitive agreement under which Wilmar will acquire PZ Cussons’ 50% equity stake in their joint venture, PZ Wilmar Limited, for a cash consideration of $70 million.
The agreement marks the end of a 15-year partnership and positions Wilmar as the sole owner of one of Nigeria’s largest palm oil businesses.
The transaction, announced via a joint statement on Wednesday and shared with Nairametrics, is subject to customary regulatory approvals and is expected to close in the final quarter of 2025.
Upon completion, PZ Wilmar will undergo a rebranding process, with a new corporate name to be announced in due course.
Seamless Transition Assured
Both parties emphasized that the ownership transition will not disrupt ongoing operations or personnel, as the structure of the deal ensures continuity. The acquisition is described as a natural progression for the business, with Wilmar prepared to deepen its footprint in Nigeria’s agricultural and food processing sectors.
Commenting on the development, Mr. Kuok Khoon Hong, Chairman and CEO of Wilmar, expressed appreciation for the longstanding partnership with PZ Cussons.
“We thank PZ Cussons for their collaboration since the joint venture’s inception in 2010. This partnership has helped establish PZ Wilmar as a leader in Nigeria’s palm oil industry. With a growing population and ideal conditions for cultivation, we remain confident in the long-term prospects of Nigeria’s palm oil sector.”
Mr. Kuok also highlighted Wilmar’s intent to continue expanding upstream plantation and downstream processing activities in Nigeria, while indicating plans to seek a strategic local partner post-acquisition.
On his part, PZ Cussons CEO Jonathan Myers described the joint venture as a “mutually beneficial alliance” and praised Wilmar’s leadership and the contributions of PZ Wilmar employees over the years.
A Strategic Joint Venture
Established in 2010, PZ Wilmar was formed as a joint venture between PZ Cussons plc (UK) and Wilmar International Limited (Singapore). The company has grown into one of Nigeria’s foremost sustainable palm oil producers, with minority interests in two palm plantations, both majority-owned by Wilmar.
It is important to note that PZ Cussons Nigeria Plc, a subsidiary of the UK-listed parent company, does not hold equity in PZ Wilmar and will remain unaffected by the transaction.
Credit: Nairametrics
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