British consumer goods firm PZ Cussons Plc has reached a definitive agreement to sell its 50% stake in PZ Wilmar Limited to joint venture partner Wilmar International Limited for $70 million in cash, effectively marking its exit from Nigeria’s palm oil sector.
The transaction, announced on Wednesday, is subject to regulatory approval and is expected to be completed by the final quarter of 2025. Upon closure, Wilmar will assume full ownership of the palm oil business, which produces popular household cooking oil brands such as Mamador and Devon King’s. A rebranding is anticipated following the transition.
End of a 15-Year Joint Venture
PZ Wilmar was established in 2010 as a 50-50 joint venture between PZ Cussons and Singapore-based Wilmar International, with the aim of developing a sustainable palm oil value chain in Nigeria—from plantation to refining and distribution. Over the years, it has grown into one of the country’s largest players in the edible oil market.
PZ Cussons CEO Jonathan Myers acknowledged the strength of the partnership in a statement, noting that the exit reflects a strategic realignment rather than a breakdown in collaboration.
“Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both,” Myers said. “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.”
PZ Cussons said the move will allow the company to sharpen focus on its core consumer portfolio, which includes hygiene, baby care, and beauty brands across African and global markets. It also confirmed that the transaction will not impact PZ Cussons Nigeria Plc, its local listed subsidiary, which was never a shareholder in PZ Wilmar.
Wilmar Doubles Down on Nigeria
For Wilmar International, the buyout signals a deepened commitment to Nigeria’s food and agribusiness sector. The Singapore-listed conglomerate said acquiring full control of PZ Wilmar aligns with its long-term growth strategy in West Africa.
“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,” said Wilmar Chairman and CEO Kuok Khoon Hong.
He added, “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 both upstream and downstream businesses in Nigeria.”
Despite gaining full ownership, Wilmar disclosed that it plans to engage a new local partner post-acquisition to support operations in Nigeria—a move likely intended to maintain local integration and navigate regulatory, logistical, and market-specific challenges more effectively.
Strategic Realignment for PZ Cussons
The sale represents the latest move by PZ Cussons to streamline its global operations and focus resources on categories where it sees stronger growth potential. The company has increasingly centered its business around personal care and hygiene products such as Carex, Imperial Leather, and Cussons Baby.
Industry analysts view the exit as a prudent reallocation of capital, especially in light of global supply chain shifts and evolving consumer preferences. It also comes amid intensifying competition and price sensitivity in Nigeria’s fast-moving consumer goods (FMCG) sector, where palm oil remains a core staple but is subject to margin pressure.
As Wilmar prepares to take full control of one of Nigeria’s most recognized cooking oil companies, the acquisition is expected to consolidate its market presence and accelerate investments in local refining and plantation assets.
The transaction also positions Wilmar to play a larger role in Nigeria’s food security and self-sufficiency ambitions, particularly in edible oils.