Business
Fx crisis: PZ Cussons to sell Nigeria subsidiaries, others
Fx crisis: PZ Cussons to sell Nigeria subsidiaries, others
Multinational consumer goods company, PZ Cussons, says it has commenced plans to sell its African subsidiaries to any interested buyer.
The parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by 70 per cent.
The company stated this in its preliminary results published on its website for the year ended May 31, 2024.
According to the consumer goods manufacturer, the board has also received multiple interests regarding the sale of its African business.
The document read, “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.
“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.
“The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate the impact of this on the group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”
It, however, noted that revenue in its UK Personal Care business has significantly improved to a year of profitable, double-digit revenue growth.
On the sales of subsidiaries, the company said it has received, “a number of expressions of interest for our African business”, which recognises the potential of its brands and could lead to a partial or full sale.
“The favourable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received a number of expressions of interest for our African business, w the potential of our brands and people, which could lead to a partial or full sale.
“Against this backdrop, we remain confident in the long-term potential for PZ Cussons as a business with stronger brands in a more focused portfolio, delivering sustainable, profitable growth,” PZ Cussons said.
Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5m “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the naira, which fell by 70 per cent from May 31, 2023 to May 31, 2024”.
In April, the Chief Executive Officer, PZ Cussons, Jonathan Myers, said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.
He spoke a month after the Securities and Exchange Commission rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary
In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 per cent minority shares in its Nigerian subsidiary, at a price of N21 per unit.
As of May 31, PZ Cussons holds a 73.27 per cent stake in the Nigerian subsidiary, which represents 2.90bn shares, worth N45.53bn as of September 18.
The Nigerian subsidiary of the company, PZ Cussons Nigeria Plc has continued to struggle, as it posted a N94.78bn loss in the third quarter of 2023/24 compared to the N11.213bn gain it had in the corresponding period in 2022.
The firm suffered a N74.14bn loss in Q2. PZ Cusson remained in a negative net asset position, as liabilities surpassed assets by N46.420bn on the back of naira depreciation.
Earlier this year, the Securities and Exchange Commission rejected the ‘No Objection’ sought by the multinational to buy out minority shareholders at N23 and delist from the Nigerian exchange.
In another notice posted on the Nigerian exchange website, the company stated, “Please note that the company’s closed period, which commenced on September 1, 2024, will remain in effect until 24 hours after the release of the Unaudited Financial Statements for the first quarter ended 31 August 2024, to the market.”
Aig-Imoukhuede Foundation opens applications for 6th Cohort Programme
The Aig-Imoukhuede Foundation is pleased to announce that applications are now open for the sixth cohort of its transformative AIG Public Leaders Programme (AIG PLP).
This flagship six-month executive education initiative, delivered by the University of Oxford’s Blavatnik School of Government, is designed to empower high-potential public sector leaders across Africa with the tools, networks, and strategic insight required to deliver meaningful reform across African public institutions.
Applications are now open to qualified public servants from all English-speaking African countries and will close on Sunday, April 12, 2026. The programme commences in October 2026.
Since its inception in 2021, the AIG PLP has built a formidable reputation for creating tangible impact.
Alumni from the programme have gone on to design and implement more than 230 reform projects within their ministries, departments, and agencies across Africa.
An impact survey revealed that 62% of alumni have earned promotions or assumed expanded leadership roles post-training, demonstrating the programme’s direct effect on career advancement and institutional influence.
“Across Africa, the complexity of public sector challenges demands more than good intentions. It requires reformers who understand systems, can navigate institutional realities, and are equipped to implement sustainable change.
The AIG PLP is designed to meet this need,” said Ofovwe Aig-Imoukhuede, Executive Vice-Chair of the Aig-Imoukhuede Foundation.
As part of the programme, a PLP alumna, Titilola Vivour-Adeniyi, Executive Secretary of Lagos State DSVA, launched a secure self-reporting tool that allows survivors of domestic and sexual abuse safely document incidents and preserve evidence.
Survivors are already accessing support, and the tool ensures that crucial proof is protected until justice can be sought. This is one of over 230 impactful reform projects being implemented across sectors as diverse as healthcare, finance, agriculture, and education.
We are seeing proof every day that investing in the capacity and leadership potential of people, delivers the kind of transformation that policy alone cannot achieve.”
The AIG PLP is a blended learning experience that combines online sessions with an intensive residential module.
It is offered at no cost to selected participants, with the Foundation covering all costs of the programme including accommodation and feeding during the residential weeks.
Participants gain direct access to world-class faculty from the University of Oxford, and learn to tackle core public sector challenges such as: Negotiating in the public interest. Harnessing digital technology for governance.
Strengthening public organisations.
Upholding integrity in public life.
The curriculum culminates in a capstone reform project, where participants apply their new skills to a real-world challenge within their institution.
This practical component ensures that learning translates directly into actionable solutions.
Interested candidates are encouraged to apply early. For more details on the application process and to apply, please visit the Aig-Imoukhuede Foundation website.
Renewed Hope Ambassadors Inspect RHA Secretariat
Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
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