This promo is designed to reward 10,000 Nigerians with ₦10,000, amounting to a total of ₦100 million in cash rewards paid instantly via PalmPay wallets.

Running from January 12 to April 11, 2026, 111 winners will emerge daily throughout the three months.

Speaking on the campaign, the MD PZ Cussons Africa, Mr Oghale Elueni, said ‘At a time when financial pressure is real for many households, this promo is our way of easing the load and refreshing Nigerians, emotionally and financially, with a brand they already know and trust.

Participation is straightforward, and reward is instant on your PalmPay wallet

Consumers can take part in three easy steps:

1. Buy a promo-coded pack of Premier Cool 110g (Ultimate or Black) and unwrap to reveal a unique code inside.
2. Scan the QR code on the pack, which leads directly to the campaign microsite and the PalmPay app.
3. Enter the unique code on PalmPay for an instant draw and a chance to win ₦10,000 instantly.

New PalmPay users participating in the campaign will also enjoy a welcome bonus of up to ₦5,550, further reinforcing PalmPay’s commitment to delivering practical value and smarter everyday banking.

Also speaking at the launch, Chika Nwosu, managing director of PalmPay Nigeria, noted that this campaign reflects PalmPay’s commitment to delivering real, everyday value to Nigerians.

“By partnering with a brand that families have trusted for decades, we are reinforcing our promise of smarter banking that supports daily living, saving, and financial growth,” he said.

Rewarding Loyalty, the Premier Cool Way

Premier Cool understands the value of loyalty and believes freshness should come with real rewards. With the 10K for 10K Promo in partnership with PalmPay, Premier Cool reinforces its commitment to consumers through meaningful engagement, proving that staying fresh pays.

With decades of heritage under PZ Cussons, Premier Cool remains a symbol of reliability, family well-being, and consistent quality in Nigerian homes.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets.

Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

The move marks the conclusion of a strategic review initiated in April 2024, with the Group ultimately deciding to retain and strengthen its Africa business, rejecting multiple expressions of interest from potential buyers.

According to the company, keeping the business aligns better with its vision of building a balanced global portfolio across its Developed Markets (UK and Australia/New Zealand) and Emerging Markets (Indonesia and Nigeria).

Building a Winning Africa Portfolio

With the strategic review concluded, PZ Cussons says it is now fully focused on accelerating momentum gained in recent years.

The Group is rolling out a growth agenda anchored on three strategic pillars:

Core Growth

The company plans to deepen the performance of its core markets, Nigeria, Kenya, and Ghana, by doubling down on:

• Stronger brand building
• Wider distribution networks
• Revenue Growth Management
• Improved in-store execution
• Expanded use of digital tools

In Nigeria alone, the business has more than doubled its directly served retail outlets since FY22, a move that has contributed significantly to its recent double-digit growth.

Category Expansion

PZ Cussons will push into adjacent categories, especially in Men’s Grooming and Beauty, leveraging established brands such as:

• Venus
• Imperial Leather
• Premier

Pan-Africa Expansion

The Group is also eyeing broader penetration across the continent, targeting new African markets by leveraging its manufacturing and distribution bases in Nigeria and Kenya.

Africa: A Long-Term Growth Engine

PZ Cussons’ renewed commitment to Africa is driven by what it describes as an “extraordinary long-term opportunity.”

• Africa’s population is forecast to increase by over 900 million in the next 25 years.
• Nigeria alone is expected to grow by more than 100 million people, driven by urbanisation and a rising middle class.
• Economic and currency conditions have recently improved, supporting double-digit revenue growth in the first half of FY25.

The Group says nearly 80% of its Nigeria revenue comes from brands holding #1 or #2 market positions, giving it a strong base to scale further, even as several global competitors have exited the region in recent years.

“We believe our heritage, local insights, and strong route-to-market capabilities place us in a unique position to win in Africa,” the board noted.

A Streamlined Africa Business

Following the exit from the PZ Wilmar joint venture, PZ Cussons’ Africa operations now include:

• Family Care and Electricals in Nigeria
• Family Care businesses in Ghana and Kenya
• A 3% ownership stake in PZ Cussons Nigeria Plc

The Africa business generated £141 million in revenue and £16 million in adjusted operating profit in FY25, representing roughly 27% and 30% of the Group totals.

A New Phase for a 141-Year-Old Brand

Founded in 1884, PZ Cussons has built some of the most recognisable consumer brands across hygiene, baby care, and beauty, from Carex and Cussons Baby to Imperial Leather, Morning Fresh, and St. Tropez.

With sustainability and community impact woven into its corporate purpose, “For everyone, for life, for good”, the company says its next chapter will lean heavily on Africa’s young, expanding consumer market.

And now, with the sale of its non-core oils business completed and clarity restored after the strategic review, PZ Cussons is betting big on an Africa-driven future, one powered by beloved local brands and long-term demographic opportunity.

Completion of the transaction is subject to a number of relevant approvals. Following the completion of the transaction, Wilmar will hold 100% of the equity in PZ Wilmar.

Formed in 2010 through a joint venture between PZ Cussons plc (UK) and Wilmar, PZ Wilmar is one of the largest sustainable palm oil business in Nigeria. PZ Wilmar’s edible cooking oils, sold under the brand names Mamador and Devon King’s, are market leaders in Nigeria.

The joint venture also owns minority stakes in two palm oil plantations in Nigeria, which are majority owned by Wilmar.

Wilmar, a company listed on the Singapore Exchange, is acquiring the 50% stake from PZ Cussons plc, a company listed on the London Stock Exchange.

PZ Cussons Nigeria plc, a subsidiary of PZ Cussons plc, is not a shareholder of PZ Wilmar and its operations are unaffected.

Following completion of the transaction, PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course.

The transaction between the two existing joint venture partners of PZ Wilmar establishes a strong basis for continuity and a smooth transition of ownership, with no substantive impact expected on people or operations.

Completion, which remains conditional on a number of relevant approvals, is expected to take place in the last quarter of calendar 2025.

Commenting on the transaction, Mr Kuok Khoon Hong, Wilmar’s chairman & CEO,  said:

“We would like to thank PZ Cussons for their cooperation and support since inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria. Wilmar is acquiring PZ Cussons plc’s 50% stake in PZ Wilmar as 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.

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 the upstream palm plantation and downstream businesses in Nigeria.

As a global industry leader, Wilmar is well positioned to invest and realise these opportunities following the completion of the transaction. However, we recognise the importance of having strong local partnerships in the markets where we operate and will be looking for a suitable local partner for the business.”

Jonathan Myers, CEO of PZ Cussons plc said:

“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 PZW employees for their contribution and great results over the years. 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.”

The decision was made during the company’s Extraordinary General Meeting (EGM) on March 13, 2025.

The proposal failed to secure the required 75% approval from shareholders, preventing the conversion from going forward.

PZ Cussons Nigeria had sought the conversion as a way to address financial challenges caused by the naira’s devaluation and foreign exchange shortages.

Despite a 42% year-on-year increase in revenue for the period ending November 30, 2024, the company’s negative net equity worsened to ₦34.5 billion.

Commenting on the benefits the proposal would have brought, Dimitris Kostianis, the company’s chief executive officer, said:

“We believe that there were strong benefits for the company and shareholders from the proposed transaction. By converting the intercompany loan into equity, the Company’s exposure to foreign exchange would have been significantly reduced, our balance sheet would have been strengthened, and future cash flow would have been freed up to be allocated to productive investments that support the Company’s profitable and sustainable growth ambitions. This would have established the basis for improving shareholder liquidity.”

Kostianis thanked shareholders for their participation and assured them that the company remains committed to stabilizing its financial position.

He added that PZ Cussons Nigeria will explore other options to restore its assets and drive sustainable growth.

This initiative, delivered in partnership with the National Office for Technology Acquisition and Promotion (NOTAP), is part of PZ Cussons Nigeria PLC’ broader Corporate Social Responsibility (CSR) efforts to enhance research capabilities and foster innovation in higher education institutions.

The commissioning ceremony, held at the University of Jos, was officiated by Chief Uche Nnaji, the minister of Innovation, Science, and Technology, represented by the Director-General of NOTAP, Dr Obiageli Amadiobi. Key dignitaries in attendance included senior representatives from PZ Cussons Nigeria PLC, NOTAP, and UNIJOS, as well as members of the academic and corporate communities.

Speaking at the event, Mr. Dimitris Kostianis, chief executive officer of PZ Cussons Nigeria Plc, reaffirmed the company’s commitment to supporting education and innovation in Nigeria.

“At PZ Cussons, we believe that investing in education and scientific research is key to shaping the future of our nation. This donation, the 8th under our partnership with NOTAP, underscores our commitment to providing world-class research infrastructure that empowers students and researchers. By equipping institutions like the University of Jos with modern facilities, we are fostering innovation, enabling groundbreaking discoveries, and contributing to national development. We encourage other corporate organisations to join us in supporting educational institutions, as strengthening research and learning is a shared responsibility that benefits the entire nation”, Kostianis said.

Also speaking at the event, Dr. Barr. Lady Obiageli Amadiobi, director-general of NOTAP, commended PZ Cussons Nigeria PLC for its dedication to advancing Nigeria’s research and education sector.

“The donation of this state-of-the-art laboratory highlights the importance of public-private collaboration in advancing scientific and technological capacity in Nigeria. Through our partnership with PZ Cussons, we are ensuring that universities have access to the tools and resources they need to drive innovation and research excellence.

“This initiative is a demonstration of how corporate social responsibility (CSR) can be aligned with national development goals, particularly in the areas of science, technology, and innovation. We hope this serves as a call to action for other private-sector players to invest in Nigeria’s knowledge economy.”

The upgraded chemistry laboratory is set to enhance research and learning opportunities for both undergraduate and postgraduate students, equipping them with the necessary skills to advance scientific discovery.

Faculty members at UNIJOS as well as student leadership commended the initiative, noting its potential to improve hands-on learning, experimentation, and capacity-building within the institution.

This intervention further strengthens the long-standing partnership between PZ Cussons Nigeria PLC and NOTAP in supporting Nigeria’s academic institutions. It serves as a testament to the vital role that private-sector investment plays in fostering innovation, knowledge-sharing, and sustainable development, in line with Nigeria’s broader vision for scientific and technological advancement.

Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.

The conversation around PZ Cussons share, buyback, and delisting revolves around three key things.

They are;

1. The depletion of the shareholders’ funds due to a significant loss and foreign exchange challenges,
2. Response to the ongoing challenges faced by the company in securing foreign currencies to meet its trade obligations and settle outstanding debts.
3. Considerable deterioration in the company’s net asset position

According to the PZCN Board, the offer is a response to the ongoing challenges faced by the company in securing foreign currencies to meet its trade obligations and settle outstanding debts.

Additionally, the Board highlights the considerable deterioration in the company’s net asset position, as elucidated in the Abridged Unaudited Report for Quarter 1 ended on 31 August 2023, published on 3 November 2023 as another reason for the decision.

The pivotal moment in PZ Cussons’ recent financial history was marked by a post-tax loss of about N24 billion in Q1 2024. This staggering loss was primarily attributed to a foreign exchange loss of about N27 billion.

Before the Q1 2024 setback, PZ Cussons maintained a more conservative debt structure. The debt-to-equity ratio stood at a moderate 50% as of the end of the 2023 financial year, reflecting a balanced mix of debt and equity financing.

However, the subsequent increase in the debt-to-equity ratio to 439% and the debt-to-asset ratio to 23% in Q1 2024 are indicative of the profound impact of the foreign exchange loss and elevated debt on the company’s capital structure.

The company’s decision to acquire minority shares at an increased offer price and subsequently delist from the exchange raises intriguing questions. Is this a desperate move prompted solely by the foreign exchange challenges faced by the company, or is it a strategic play in capital structure management?

While the foreign exchange woes are undeniable and might have contributed to the decision to acquire minority shares, it may also be seen as a calculated effort to regain control over the company’s ownership structure. This move could offer a lifeline to shore up the eroded net asset position, currently standing at N9.724 billion after an 80% reduction.

With a negative retained earnings position of -N565.265 million, the acquisition of minority shares may be viewed as a strategic step to consolidate ownership and strengthen the company’s financial standing.

The decision to delist from the Nigerian Stock Exchange further adds a layer of complexity. Delisting can be perceived as a means to operate with more flexibility, away from the scrutiny of public markets, and allow the company to implement strategic changes without immediate market repercussions.

However, it’s crucial to acknowledge the potential impact on minority shareholders. The increased offer price to ₦23 per share, endorsed by the Board in consideration of the company’s challenges in obtaining foreign currencies and a deteriorated net asset position, raises questions about the fairness of the deal for minority shareholders.

In navigating these challenges, PZ Cussons could have explored alternative strategies. A rights issue, for instance, might have been a more transparent way to raise capital, albeit with potential dilution. This could have allowed the company to address its financial challenges while maintaining a balance between debt and equity

As the company proceeds with its acquisition and delisting plans, stakeholders, including minority shareholders, will keenly observe the outcomes.

Transparent communication from the management regarding the rationale behind these decisions and their anticipated impact will be essential in maintaining trust.

AS PZ Cussons grapples with the aftermath of a substantial foreign exchange loss and charts a course toward financial recovery, whether the company’s moves are driven primarily by FX challenges or represent a strategic maneuver in capital structure management remains a question that only time and unfolding events will answer.

[Featured Image Credit]

The Manchester-based personal care giant, with a significant presence in Nigeria, has informed its investors about the potential consequences of the devaluation of the naira on its immediate financial performance.

The CBN recently adjusted its foreign exchange policy, eliminating intricate trading restrictions on the official market and allowing the naira to trade freely.

This resulted in a historic single-day decline of nearly 25% in the currency’s value. While the devaluation of the naira will have a temporary impact on the company’s reported financial performance in the short term, PZ Cussons believes that the economic reforms being implemented by the new Nigerian government will greatly enhance the future prospects of its Nigerian business in the medium to long term.

PZ Cussons has estimated that a 10% devaluation in the naira, based on the rate used in its 2023 full-year income statement, would lead to a £23 million decrease in revenue and a £3 million decline in adjusted operating profit.

Additionally, it could result in a 0.5p reduction in adjusted earnings per share and a decrease of approximately £20 million in its cash balance.

The company acknowledges that a weaker naira is likely to result in higher material costs for its Nigerian operations due to more expensive imports from the United States.

However, PZ Cussons believes that any cost increases can be mitigated through price adjustments. Despite the immediate challenges, the company views the currency liberation as a positive move in the long run.

The recent currency volatility in Nigeria follows a period of instability earlier in the year, triggered by elections and the problematic introduction of new banknotes after the expiration of the old ones.

Jonathan Myers, the CEO of PZ Cussons, expressed confidence in the company’s Nigerian business, stating that while the short-term impact of the naira devaluation will be felt, the ongoing economic reforms introduced by the new government are expected to significantly improve the medium to long-term prospects of the business.

PZ Cussons reported a 6% increase in revenues for the year ending in May, compared to the previous year, buoyed by strong performance in Africa despite the currency challenges.

The company anticipates achieving an adjusted pre-tax profit of at least £70 million for the year, underscoring its commitment to long-term brand-building and meeting the demands of cost-conscious consumers.

The 2023 financial year marks the third consecutive year of like-for-like revenue growth for PZ Cussons.

Mrs. Olubukola Olonade-Agaga is a corporate governance and company secretarial lawyer with over 20 years of experience.

Before joining the company, she was a Managing Associate at a top-tier law firm in Nigeria, where she worked with a variety of companies and gained extensive knowledge and experience, which she will apply in her role with the company.

Mrs. Olonade-Agaga, Acting Company Secretary, will assist the Board in ensuring compliance with regulatory and statutory requirements.

PZ Cussons plc is a major British manufacturer of personal healthcare products and consumer goods. It operates worldwide, especially in nations in Africa and the Commonwealth. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index

On Friday, the business also announced that it had approved critical board nominees in the aftermath of the retirement and resignation of two members of its senior hierarchy.

The consumer goods producer announced in a statement to the Nigerian Exchange that Gbenga Oyebode has stepped down as chair of its board and a non-executive director, effective January 25.

Mr. Oyebode currently serves as Chairman of Okomu Oil and as an independent non-executive director of Nestle Nigeria.

He has been replaced by Mrs. Okauru, whose tenure took effect on 25 January, following approval of her appointment at a board meeting held after the company’s annual general meeting (AGM) on the same date.
Mrs. Okauru is the first female chair of the company, having joined the board in April 2021 as an independent non-executive director.

She holds a Master’s of Public Administration from the Harvard Kennedy School, an MSc in Management Science from Imperial College London as well as a BSc in Accounting (First Class) from the University of Lagos.

Mrs. Okauru is a Fellow, of the Chartered Institute of Taxation of Nigeria, a Fellow, of the Compliance Institute of Nigeria, and a Fellow, of the Institute of Chartered Accountants of Nigeria.

She trained as a chartered accountant and is a strategy and change management consultant with experience in both the private and public sectors. She headed strategy practice at Arthur Andersen and Co, where she spent more than ten years.

“She emerged as the first female Executive Chairman of the Federal Inland Revenue Service (FIRS),” the document said.

“She currently serves on the boards of MTN Nigeria Plc and Nigerian Breweries Plc. as non-executive Director and on the Boards of AfyaCare Ltd and ReStraL Ltd. as chair.”

Before her latest appointment, Mrs. Okauru was the chairperson of the Audit and Risk Committee as well as the chair of the Statutory Audit Committee and member of the Governance and People Committee of PZ Cussons.