Economy

PZ Cussons exits Nigerian palm oil business, sells PZ Wilmar stake

Published

3 weeks ago

June 19, 2025

Admin

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.

Economy

FG Orders Banks to Report Monthly Transactions Over N5 Million to FIRS Starting 2026

Published

15 hours ago

July 9, 2025

Admin

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?

Economy

SEE Dollar To Naira Exchange Rate Today, Monday, July 7, 2025

Published

2 days ago

July 7, 2025

ADMIN

The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.

The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.

Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.

Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.

Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location

Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.

BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575

Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.

Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –

Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.

The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.

Economy

Naira shows sign of slight recovery

Published

1 week ago

June 30, 2025

ADMIN

Market data from forex tracking platforms such as ExchangeRate.guru and CBN’s authorized dealers show that: Today’s exchange rate: ₦1,543.74 per USD Previous close (Friday, June 27): ₦1,546.90 Month start (June 1): ₦1,588.26 Change since month start: ₦44.52 gain (2.88%) –

Despite gains in the official market, the black market (parallel market) continues to show a different trend. As of this morning: –

– Black Market Rate (Lagos): ₦1,590 – ₦1,620 per dollar Bureau De Change (BDC) rate: ₦1,580 – ₦1,600 per dollar TJ News Nigeria gathered that while the official rate is stabilising, street traders in major cities like Lagos, Abuja, and Port Harcourt report increased scarcity of USD, leading to slightly higher rates.