Wilmar International will acquire PZ Cussons’ 50% stake in their Nigerian edible oils joint venture, PZ Wilmar, for $70mn, granting the Singapore-based agribusiness full ownership of the company, Just Food has reported.
Established in 2010, the joint venture markets cooking oil products under the Mamador and Devon King’s brands and is one of Nigeria’s largest sustainable palm oil businesses. Wilmar stated it intends to bring in a new local partner following the transaction. The acquisition, which remains subject to regulatory approval, is expected to close in the final quarter of 2025.
According to Just Food, Wilmar chairman and chief executive officer Kuok Khoon Hong cited Nigeria’s population of more than 200mn and favourable conditions for palm cultivation as key factors behind the company’s long-term investment in the country.
“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.
The company also aims to expand its involvement in both upstream palm plantations and downstream edible-oil processing. Wilmar currently holds majority stakes in two palm oil plantations in Nigeria.
British consumer goods company PZ Cussons described the divestment as part of a wider effort to exit non-core categories and reduce exposure to risk in its Nigerian operations. Chief executive officer Jonathan Myers said the proceeds would be used to reduce debt and simplify the business structure.
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