PZ Cussons to Sell African Subsidiaries, Focus on Growth in Nigeria and Other Markets

PZ Cussons Plc has decided to sell its African subsidiaries to leverage growth potential in Nigeria and other markets. The company aims to strengthen its portfolio in developed and emerging markets like the UK, Australia, New Zealand, and Indonesia.

This move follows an initial strategic review in April 2024, where PZ Cussons sold its 50% equity stake in a non-core edible oil Nigeria joint venture with partner Wilmar International Limited. Meanwhile, Equinor, a Norwegian state-owned multinational, also announced its exit from Nigeria after 31 years of operations, selling its Nigerian assets, including oil fields, to Chappal Energy, a Nigerian indigenous energy company, in a deal worth $1.2 billion.