PZ Cussons Plc has agreed to sell its 50 percent equity stake in PZ Wilmar Limited to Wilmar International Limited for a total consideration of $70 million, effectively ending the 14-year joint venture between the two multinational corporations.
The transaction, which remains subject to regulatory and customary approvals, will result in Wilmar assuming full ownership of PZ Wilmar, one of Nigeria’s largest edible oil businesses. Completion is expected in the final quarter of 2025.
According to a joint statement released on Wednesday, the divestment will see Wilmar International—listed on the Singapore Exchange—acquire the stake currently held by PZ Cussons Plc, a company listed on the London Stock Exchange. The transaction does not impact PZ Cussons Nigeria Plc, which is not a shareholder in the joint venture and will continue operating independently.
“Following the completion of the transaction, Wilmar will hold 100% of the equity in PZ Wilmar,” the statement read. A change of name is expected post-completion, with further announcements to be made in due course.
Established in 2010, PZ Wilmar was formed as a strategic joint venture between the two groups to penetrate Nigeria’s growing food and nutrition sector. The company’s flagship brands, Mamador and Devon King’s, are among the leading edible cooking oils in the Nigerian market.
PZ Wilmar also holds minority interests in multiple oil palm plantations across Nigeria, with Wilmar retaining majority ownership of those assets.
Wilmar Chairman and CEO, Kuok Khoon Hong, described the acquisition as a strategic decision to deepen the group’s commitment to Nigeria’s agricultural sector.
“Wilmar is acquiring PZ Cussons Plc’s 50 percent 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,” he said.
He further disclosed Wilmar’s intention to continue developing both upstream palm plantations and downstream food processing businesses in the country. While the company will assume full control of PZ Wilmar, it also expressed interest in identifying a strong local partner going forward.
Jonathan Myers, CEO of PZ Cussons Plc, emphasized the strength and success of the partnership since inception. “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. 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.”
The joint venture currently manages an oil palm estate spanning approximately 26,500 hectares, with locations including Calaro, Ibiae, Ibad, Kwa Falls and Oban in Cross River State. These assets form part of Nigeria’s broader agricultural ecosystem and will continue under Wilmar’s control post-acquisition.
Despite the ownership transition, both companies confirmed that there will be no substantive impact on operations or personnel. The agreement provides for continuity in business processes, brand management, and customer supply chains.
Analysts say the deal underscores Wilmar’s long-term strategic interest in Nigeria’s agribusiness sector and reflects PZ Cussons’ focus on simplifying its global operations to concentrate on core product categories.
