PZ Cusson debunks Nigeria exit rumour

PZ Cussons, a major British manufacturer of healthcare products and consumer goods, has debunked a rumour that surfaced on social media that it has exited the Nigerian market.

In a release signed by the Christos Giannopoulos, CEO PZ Cussons Nigeria Plc. on the Nigerian Stock Exchange site yesterday, the company said it had no plans of leaving Nigeria.

On January 29, the rumour was rife on social media. One of the national dailies equally published the headline “Nigeria PZ, Cussons to Withdraw amid tough conditions”.

The report, which focused on PZ Cusson’s half-year report published on the London Stock Exchange on January 29, indicated PZ had commented on the weak state of its affair in the Nigerian market due to the low consumer disposable income.

However, in its release on the NSE site, the firm said the trading statement issued to the London Stock exchange was clear on their continued operations in Nigeria.

“While these conditions prevail, we will maintain our strong market shares in key product categories in Nigeria until growth returns to the market,” it said.

The firm also said it would be celebrating ”120 years of making life better and adding value to Nigeria this year”.

“In our 120 years of doing business in Nigeria, we have faced different conditions and come out stronger at the end of each phase,” it said.

It said Nigeria remains a market of interest for the firm.

It also announced that all its factories in Ikorodu, Aba and all distribution centres around the country are operational ”and will continue to be”.