Thursday, May 23rd 2019 1:03 PM

Market Digest Nigeria


PZ Cussons not leaving Nigeria

PZ Cussons
  •  PZ Cussons is not leaving Nigeria

PZ Cussons Nigeria Plc, leading homecare product maker,  has debunked reports that it is pulling out of Nigeria.

A report had emerged on an online platform, Nairaland, on Wednesday, titled, “PZ pulls out from Nigeria.”

The story, however, lacked body and only one line saying, “details later…” followed the title.

In its response, PZ Cussons in a statement on Thursday,  issued by the Chief Executive Officer, PZ Cussons Nigeria Plc, Christos Giannopoulos, described the story as false.

Giannopoulos also responded to another report circulating on the social media with the caption, “Nigeria PZ Cussons to withdraw amid tough conditions,” saying that the headline was misleading and creating the impression that PZ had decided to leave the country.

The CEO explained that the trading statement issued to the London Stock Exchange was clear on PZ Cussons’ continued operations in Nigeria.

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

“This year, 2019, we shall be celebrating 120 years of making life better and adding value to Nigeria.

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

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