In a significant strategic shift, PZ Cussons has announced that it will retain its Africa business, opting for renewed investment and expansion rather than divestment. The decision comes months after the company revealed plans to review its African operations, including the potential sale of its 50% stake in PZ Wilmar Limited, its non-core edible oils subsidiary in Nigeria.

In a statement released on its official website, the company said its board determined that the offers received for its Africa assets “did not reflect the inherent value of the business.” It added that the best path to maximizing shareholder value lies in keeping the Africa portfolio and strengthening its balance across developed markets—such as the UK and Australia/New Zealand—and emerging markets like Indonesia and Nigeria.

As part of its renewed strategy, PZ Cussons said it is expanding into adjacent product categories, with a strong push into men’s grooming and beauty through established brands including Venus, Imperial Leather, and Premier.

The company highlighted Africa’s vast long-term potential, noting that the continent’s population is projected to rise by over 900 million in the next 25 years, accounting for more than half of global population growth. Nigeria alone is expected to add more than 100 million people in that period, driven by urbanisation and an expanding middle class. Favorable economic and currency conditions have already supported double-digit revenue growth for PZ Cussons’ Africa business in the first half of the financial year.

A key driver of this growth, the company said, is the Nigerian business’s expanded reach, having more than doubled the number of stores it serves directly since FY22. The board expressed confidence that the company’s brand heritage and deep local knowledge position it strongly for continued success.

Speaking on the decision, PZ Cussons CEO Jonathan Myers said the review reinforced the value and potential of the Africa division.

“Africa is a market of great opportunity. Given PZ Cussons’ deep heritage there, and given the strength of our brands and operational capabilities, we are well-placed to win over the longer term,” he said.

Myers added that the company plans to build on its current momentum, noting that nearly 80% of its revenue in Nigeria comes from brands that hold the #1 or #2 market position in their categories.