Lang
Singapore-based agribusiness group Wilmar has announced plans to fully acquire PZ Wilmar, its Nigerian joint venture with British multinational PZ Cussons. Through the deal, Wilmar will gain full ownership of the palm oil business it has operated in partnership since 2010.
In a statement dated June 18, Wilmar said it had started regulatory procedures to purchase PZ Cussons’ 50% stake in PZ Wilmar for $70 million. The transaction is expected to be completed during the fourth quarter of 2025.
PZ Wilmar’s Nigerian operations include more than 26,500 hectares of oil palm plantations, as well as an integrated palm oil processing refinery with a daily capacity of 1,000 tonnes. The company produces consumer products such as palm oil and margarine under the Mamador and Devon King’s brands.
Wilmar CEO Kuok Khoon Hong described the acquisition as part of a long-term strategy, saying the company remains optimistic about the long-term potential of Nigeria’s palm oil sector, given the country’s large and growing population and suitable conditions for oil palm cultivation. He added that Nigeria’s strong demographic profile, with more than 200 million consumers, offers significant opportunities for growth in food and nutrition.
Although Nigeria is Africa’s largest palm oil producer, the country continues to face a domestic supply deficit. According to the US Department of Agriculture, Nigeria is expected to import around 425,000 tonnes of palm oil in 2025 to meet demand, while domestic consumption is forecast to rise by 5% to 1.96 million tonnes.
This structural deficit and strong local demand reinforce Wilmar’s strategic interest in Nigeria’s palm oil sector, where it will compete with established players such as Presco Plc and Okomu Oil Palm.