Wilmar Buys Out PZ Cussons’ Stake In Nigerian Palm Oil Company, Sets Date To Announce New Name

• PZ Cussons Plc has sold out its 50% stake in a Nigerian joint venture operated in partnership with Wilmar
• As the new owners of the palm oil company, Wilmar has announced plans to rename the company when the deal is complete
• The company has also hinted at plans to bring a local partner on board to help drive the Nigerian palm oil company

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Wilmar International Limited, a leading Singapore-based food processing and investment holding company, has finalized a deal to purchase PZ Cussons plc’s 50 percent stake in their Nigerian joint venture, PZ Wilmar Limited, for $70 million.

The acquisition is still subject to approvals from the relevant regulatory bodies and will be finalised by the last quarter of 2025.

The announcement was contained in a joint statement from both companies on Wednesday, 18 June 2025.

Upon the complete execution of the deal, Wilmar will fully own PZ Wilmar Limited, and has said that a new name will be announced for the company later.

About PZ Wilmar Limited

The company was formed in December 2010 as a joint venture between PZ Cussons International, UK, and Wilmar International Ltd, Singapore.

The company was created to align with the Nigerian government’s agricultural transformation agenda and to help meet Nigeria’s palm oil requirements.

PZ Wilmar has been reviving unproductive palm oil plantations and setting up new ones across Nigeria.

Both parties in the joint venture owned a 50% stake, but that is set to change with this buyout, as Wilmar will become the sole owner.

Wilmar becomes sole owner of Nigerian palm oil company

Speaking on the latest acquisition, the Chairman and Chief Executive of Wilmar, Kuok Khoon Hong, thanked PZ Cussons for their contributions to the success of the palm oil business.

He noted that the move to acquire the joint venture is born out of a strong belief in the long-term potential of Nigeria’s palm oil sector, and the high demand for the product to meet the needs of over 200 million Nigerians.

He said:

“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.”

Wilmar shops for new partner after buyout

The Wilmar CEO added that the company would also be looking for a local partner to help drive the business, the CABLE reports.

Kuok Khoon Hong said:

“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.”

CEO of PZ Cussons plc, Jonathan Myers, in his remarks, described the partnership as rewarding so far.

He added that the divestment would allow the company to focus on core business segments.

PZ Nigeria still in financial restructuring move

PZ Cussons Nigeria Plc is a subsidiary of PZ Cussons plc, but the statement from the company has clarified that PZ Cussons Nigeria is not affected by the deal, as it was not involved in the PZ Wilmar venture.

PZ Cussons Nigeria is, however, still implementing a financial restructuring plan that will address its FX debt.

The company held an extraordinary general meeting over the weekend to secure approval from minority shareholders, but countervotes from a key bloc challenged the move.

Shareholders reject PZ Cussons' $34.3 million debt-to-equity plan

In related news, shareholders of PZ Cussons Nigeria Plc have communicated their displeasure to the company over its debt-to-equity plans.

They warned that if implemented, it would erode share value and lead to other unsavoury consequences.

Legit.ng reported that there are some shareholders who think the current plan may be the safest way out of the huge debts.

Source: Legit.ng