PZ Cussons Plc has agreed to sell its 50 per cent stake in PZ Wilmar Limited to its joint venture partner, Wilmar International Limited, for a cash consideration of $70m, marking its full exit from the Nigerian palm oil business it co-founded in 2010.

The transaction, which is subject to regulatory approvals, is expected to be completed by the last quarter of 2025.

Once finalised, Wilmar will take full ownership of PZ Wilmar, which produces household cooking oil brands such as Mamador and Devon King’s.

A statement made available to our correspondent on Wednesday said, “PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 per cent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million.”

The statement added that following the completion of the transaction, Wilmar will hold 100 per cent equity in PZ Wilmar, with a change of name to be announced in due course.

Speaking on the development, Chief Executive Officer of PZ Cussons Plc, Jonathan Myers, said the exit marks the end of a productive partnership that has significantly contributed to the Nigerian consumer goods market.

“Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support, and our PZ Wilmar employees for their contribution and great results over the years,” he said.

He added, “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.”

Wilmar, a Singapore Exchange-listed agribusiness giant, said the decision to acquire the remaining stake in PZ Wilmar underscores its long-term commitment to Nigeria’s growing food and agriculture sector.

Chairman and CEO of Wilmar, Kuok Hong, said, “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 continued, “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 both upstream and downstream businesses in Nigeria.”

Wilmar also disclosed plans to seek a strong local partner to support its Nigerian operations post-acquisition, despite now holding full ownership.

PZ Wilmar was formed in 2010 as a joint venture between PZ Cussons Plc and Wilmar International. The company has grown to become one of Nigeria’s largest sustainable palm oil businesses and owns minority stakes in two palm plantations majority owned by Wilmar.

While PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder in PZ Wilmar and remains unaffected, the company said the move allows it to refocus on its core portfolio across hygiene, baby, and beauty products.

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.659 trillion, being May 2025 Federation Account Revenue to the Federal, States and Local Governments.

The revenue was shared at the June 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N1.659 trillion total distributable revenue comprised distributable statutory revenue of N863.895 billion, distributable Value Added Tax (VAT) revenue of N691.714 billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.942 trillion was available in the month of May 2025. Total deduction for cost of collection was N111.908 billion while total transfers, interventions and refunds was N1.171 trillion.

According to the communiqué, gross statutory revenue of N2.094 trillion was received for the month of May 2025. This was higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 billion.

Gross revenue of N742.820 billion was available from the Value Added Tax (VAT) in May 2025. This was higher than the N642.265 billion available in the month of April 2025 by N100.555 billion.

Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF) quoted the communiqué as saying that from the N1.659 trillion total distributable revenue, the Federal Government received total sum of N538.004 billion and the State Governments received total sum of N577.841 billion.

The Local Government Councils received N419.968 billion, while the sum of N124.076 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N863.895 billion distributable statutory revenue, the communiqué stated that the Federal Government received N393.518 billion and the State Governments got N199.598 billion; the Local Government Councils pocketed N153.881 billion and the sum of N116.898 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Also, from the N691.714 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N103.757 billion, the State Governments received N345.857 billion and the Local Government Councils pocketed N242.100 billion.

A total sum of N4.150 billion was received by the Federal Government from the N27.667 billion Electronic Money Transfer Levy (EMTL); the State Governments got N13.833 billion, and the Local Government Councils received N9.683 billion.

Similarly, from the N76.614 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N36.579 billion and the State Governments got N18.553 billion; the Local Government Councils received N14.304 billion, while the sum of N7.178 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

In May 2025, Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) recorded decreases; Excise Duty increased only marginally.

The chairman of the Board of Dangote Sugar Refinery Plc, Aliko Dangote, has announced his retirement, bringing an end to a 20-year leadership of the company.

In a statement released by Company Secretary Temitope Hassan on Wednesday, it was stated that his retirement will take effect from June 16, 2025.

Since assuming leadership in 2005, Dangote has been recognised as a key figure in transforming Dangote Sugar into a market leader in Nigeria’s sugar industry, overseeing significant expansion projects and strengthening corporate governance.

“In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote, GCON, effective June 16, 2025,” the statement read.

The statement also noted that during his tenure, the company launched major backward integration projects in Adamawa, Taraba, and Nasarawa States, aimed at boosting local sugar production and reducing dependence on imports.

According to the board, Arnold Ekpe, Independent Non-Executive Director, has been appointed the new chairman.

“Following a rigorous selection and transition process, the Board is pleased to announce the appointment of Mr Arnold Ekpe, Independent Non-Executive Director, as the new Chairman of Dangote Sugar Refinery Plc, effective 16th June 2025,” the statement added.

“Ekpe is a seasoned banker and former group CEO of Ecobank, with extensive boardroom and leadership experience across sectors. We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company’s journey under his leadership. We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,” the statement concluded.