Business
PZ Cussons Divests From Nigerian Palm Oil, Trims Profit Forecast
The London-listed firm said its profit outlook has been impacted by £2 million of new packaging recycling costs.
Imperial Leather and Carex soap firm PZ Cussons has trimmed the top end of its profit guidance and announced plans to sell its half of a Nigerian oils business.
The London-listed firm said its profit outlook has been impacted by £2 million of new packaging recycling costs under the so-called Extended Producer Responsibility (EPR) rules, as well falling sales of self-tanning St Tropez ranges in the US.
It is now guiding for underlying earnings of between £52 million and £55 million for the year to the end of May, with the top end being cut from the £58 million previously expected.
Shares fell 4% in trading on Wednesday.
PZ said the guidance update “reflects the recognition in the fourth quarter of an additional £2 million Extended Producer Responsibility costs in our UK business, and the significant impact on group profitability as a result of the softer St Tropez US performance”.
“These factors were partly offset by cost management initiatives across the group.”
The group also announced the sale of its 50% stake in PZ Wilmar, one of the largest sustainable palm oil businesses in Nigeria, to joint venture partner Wilmar International for 70 million US dollars (£51 million).
The group, which has been looking at a possible sale of its entire African business, said the move was a “significant step in the portfolio transformation”.
It has been looking to exit Nigeria after economic woes in the country have seen extreme inflation and devaluation of the Nigerian naira, which pushed the firm to a loss of £95.9 million in the year to May 31 2024.
On the PZ Wilmar sale Jonathan Myers, chief executive of PZ Cussons, said “we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet”.
“Having delivered a solid full-year 2024-25 performance, our focus now is to continue transforming PZ Cussons into a business with stronger brands in a more focused portfolio, delivering sustainable profitable growth,” he added.
In its latest update, the group said it saw like-for-like sales grow 8% in the year to May 31, with reported revenues of around £505 million.
It said the UK saw “good growth”, which helped offset a double-digit decline in St Tropez in the US.
Standard.co.uk
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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