PZ Cussons Nigeria financially distressed as liabilities surpass assets
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…