• Wilmar to buy out PZ Cussons’ 50% stake in PZ Wilmar for $70 million

• Acquisition includes 26,500 hectares of plantations and a 1,000-ton/day refinery

• Nigeria’s rising demand and supply deficit drive Wilmar’s expansion strategy

Singapore-based agribusiness group Wilmar is set to fully acquire PZ Wilmar, its Nigerian joint venture with British multinational PZ Cussons. The move will give Wilmar complete ownership of the palm oil production venture it has jointly operated since 2010.

In a statement released on June 18, Wilmar announced it had initiated regulatory procedures to purchase PZ Cussons’ 50% stake in PZ Wilmar for $70 million. The deal is expected to close in the fourth quarter of 2025.

PZ Wilmar’s Nigerian operations span over 26,500 hectares of palm plantations and include an integrated palm oil refinery with a daily processing capacity of 1,000 tons. The company produces consumer products such as palm oil and margarine under the "Mamador" and "Devon King's" brands.

Wilmar’s CEO, Kuok Khoon Hong, described the acquisition as part of a long-term strategy. “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. 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 the upstream palm plantation and downstream businesses in Nigeria,” he said.

Despite being Africa’s largest producer, Nigeria faces a palm oil supply deficit. According to the U.S. Department of Agriculture (USDA), the country is projected to import around 425,000 tons of palm oil in 2025 to meet demand. The USDA also forecasts a 5% increase in domestic consumption to 1.96 million tons.

This structural shortfall and strong local demand enhance 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.