Cussons

The deal seeking to sell PZ Cussons Nigeria to core investors from Britain hit a brick wall midway after the Nigerian capital market watchdog sought clarification on some irregularities in the PZ board’s request for approval, sources familiar with the matter told PREMIUM TIMES. Nigeria’s Securities and Exchange Commission (SEC) raised an eyebrow after pinpointing flaws in the document by PZ Cussons Nigeria asking the regulator to endorse PZ Cussons (Holdings) UK, which has a 73.3 per cent interest in the company…

The plan by the British majority owner of consumer goods company PZ Cussons Nigeria to fully acquire the Lagos-listed organisation and take it private fell apart after a key regulator withheld an assent necessary to take the transaction further. “The Securities and Exchange Commission (“SEC”) has declined the company’s request for its No Objection to PZ Cussons (Holdings) Limited’s (“the majority shareholder”) intention to acquire the shares held by all the other shareholders,” a statement published on the…

PZ Cussons Nigeria is facing possibly its biggest existential problem since setting foot in the country 125 years ago after Nigeria’s harrowing foreign exchange crisis plunged the country deeper into troubled waters. The local unit of British healthcare products and consumer goods giant PZ Cussons Plc slipped into a negative net asset position after a free fall in the value of the naira eroded earnings and wiped out its shareholders’ fund in its entirety. Negative net asset is a financial condition whereby a…

PZ Cussons Nigeria Plc has appointed a former chair of the Federal Inland Revenue Service (FIRS), Ifueko Omoigui Okauru, as chair of the company’s board. The company also said Friday it approved key appointments in its board following the exit of two persons in its top hierarchy on account of retirement and resignation. In a note to the Nigerian Exchange, the consumer goods manufacturer disclosed that Gbenga Oyebode retired as the chair of its board and a non-executive director with effect from 25 January. Mr…

PZ Cussons Nigeria, the local unit of British consumer goods and healthcare products manufacturer PZ Cussons Plc, said Thursday it has tentatively appointed Brian Egan as its chief finance officer (CFO) following the departure of Zuber Momoniat, who resigned on 31 December, 2022. Mr Egan’s interim appointment took effect on 1 January, the company said. He has functioned in the position of CFO of a number of companies listed on the London Stock Exchange’s FTSE250 as well as other international bourses including…

PZ Cussons Nigeria came within a whisker of recording its third and biggest loss in at least nine years in 2021 but found rescue in proceeds from sale of its properties, helping avert a big blow to its accounts in a year that was particularly turbulent for business. The firm’s revenue neared the N100 billion mark as it reached its peak level since at least 2013 and was possibly at its all-time high in the review period. But that did not translate to improved profitability and would have tipped the firm into its…

Profit-taking was a pressure point for Nigerian stocks in the week that just went by although the scramble moderated substantially compared to the penultimate week, when equities generally fell by 2.7 per cent. But moments of downturn like this when most stocks are experiencing price drop are often the best time to invest because equities become cheaper as the market slips into market correction, which strategic investors usually watch out to take entry positions. For instance, the…