PZ Cussons has decided to retain its Africa business, citing strong growth in its core operations in Nigeria, Kenya and Ghana. Although the company previously considered exiting the African market, a recent strategic review led to ambitious plans for regional expansion. The review included the sale of its 50 % equity interest in PZ Wilmar Limited—a non‑core edible‑oils business in Nigeria—to Wilmar International Limited for $70 million. However, the board concluded that the offers received for the remaining Africa assets did not reflect their inherent value and that keeping the business would create the greatest value for shareholders.
The company intends to broaden its product range into new categories such as men’s grooming and beauty, leveraging established brands like Venus, Imperial Leather and Premier. It is also exploring entry into additional African markets, which would be served from its existing footholds in Nigeria and Kenya. This strategy is underpinned by the long‑term opportunity presented by Africa’s projected population growth of more than 900 million over the next 25 years.
PZ Cussons’ Africa business has already delivered strong performance, posting double‑digit revenue growth in the first half of the financial year, driven by favourable economic and currency trends. The company believes its local insights, brand heritage, manufacturing scale and route‑to‑market expertise position it well for continued success. To mitigate risks associated with operating in Nigeria, PZ Cussons has implemented operational and financial safeguards, including foreign‑exchange management and cash‑generation measures, which the board will review regularly.
As part of the strategic review, the company identified £7 million of non‑core assets in Africa slated for sale during the current financial year, and it will continue to simplify its portfolio by focusing on core categories—hygiene, baby and beauty. Chief Executive Officer Jonathan Myers noted that the company has identified or agreed to sell non‑core or surplus assets totaling over £70 million, significantly strengthening the balance sheet. The board believes that retaining the Africa business serves the best interests of stakeholders, given the market’s substantial opportunity, the company’s deep heritage, strong brands and operational capabilities. With risk‑reduction plans and volatility management in place, PZ Cussons is confident that its Africa business will be a significant contributor to overall group revenue growth.
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