Business

PZ Cussons UK Seeks To Take Full Control of Nigerian Subsidiary For Profitability

Published

3 years ago

September 6, 2023

389 Views

PZ Cussons Group has applied for a total buyout of the shares owned by the Nigerian subsidiary shareholders at N21 per share.

This is disclosed by PZ Cussons Nigeria Acting Company Secretary, Olubukola Olonade-Agaga.

In a statement the company Secretary said that the UK healthcare manufacturer said the complete takeover of PZ Cussons Nigeria will strengthen operations in the West African country.

” PZ Cussons Nigeria Plc (“PZCN” or the “Company”) hereby notifies the Nigerian Exchange Limited (“NGX”) and the investing public that PZ Cussons (Holdings) Limited (the “Core Shareholder”) has informed the Board of Directors of the Company (the “Board”) of its intention to acquire the shares held by all the other shareholders of PZCN, subject to prevailing market conditions, at an offer price of ₦21 per share (the “Proposed Transaction”).

The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities,” said the statement.

The firm further stated that: “It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations.

This will require the Company to convene a general meeting of its shareholders by an order of the Federal High Court (the “Court Ordered Meeting”).

“Details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court.
The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders prior to the Court Ordered Meeting.”

Related Topics:Nigeria PZ Cussons Group Subsidiary UK

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Business

Naira Exchange Rates Friday, 3 July 2026

Published

14 hours ago

July 3, 2026

OCHEFA

22 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

45 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.