PZ Cussons Nigeria Plc has debunked several media reports that it plans to exit Nigeria. A senior company official said that shareholders have decided to continue operations in Nigeria. PZ for 125 years have been in operation in Nigeria, and the reports claim that the shareholders want to consolidate their over 124 years business cycle in Nigeria. The official noted that the further noted that the board of directors of PZ has also resolved in their last Annual General Meeting that they were not exiting Nigeria.
The Senior Official said unlike the other companies that were leaving, Nigeria is an important market. The official was quoted as saying: “we are not going anywhere.” Although everybody has difficulty, you have to think of what you have benefitted from the country for that length of time.” He admitted that the board has however decided buy-off the minority shareholders, adding that discussions are on to agree on price.
