Wilmar International Limited is set to become the sole owner of Nigerian palm oil giant PZ Wilmar Limited, after reaching a $70 million deal to acquire PZ Cussons plc’s 50% stake in the joint venture.

The Singapore-based agribusiness firm already owns the other half of PZ Wilmar and is expected to finalize the full takeover by the last quarter of 2025, pending regulatory approvals.

Announcing the agreement on Wednesday, Wilmar’s Chairman and CEO, Kuok Khoon Hong, said the acquisition aligns with the company’s long-term vision for growth in Nigeria.

“We are bullish on the long-term potential of Nigeria’s palm oil sector,” Kuok said. “With over 200 million consumers and the country’s suitability for palm cultivation, Nigeria offers a significant opportunity in food and nutrition.”

Wilmar also plans to expand its local operations both upstream and downstream and is open to new partnerships to deepen its presence in the country.

PZ Wilmar was established in 2010 as a 50-50 joint venture between Wilmar and UK-based PZ Cussons. The company has since become a major player in Nigeria’s edible oil market, with leading brands like Mamador and Devon King’s.

The company also holds minority interests in two local palm oil plantations, both primarily operated by Wilmar.

Once the acquisition is completed, PZ Wilmar is expected to undergo a rebranding, with a new name to be announced later.

PZ Cussons plc CEO, Jonathan Myers, reflected positively on the partnership.

“PZ Wilmar is in the best possible hands to build further on its market-leading position,” he said. “We thank Wilmar for the successful 14-year partnership and will now focus on growing our core business.”

PZ Cussons Nigeria Plc, a publicly listed company, is not affected by this transaction, as it holds no stake in PZ Wilmar.