• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets

Shareholders applaud SEC’s rejection of PZ Cussons’ buyout and delisting proposal

Chris Ugwu by Chris Ugwu
March 21, 2024
in Markets, Stock Market
PZ Cussons, NGX
Share on FacebookShare on TwitterShare on Linkedin

Shareholders under the aegis of the New Dimension Shareholders Association of Nigeria applauded the Securities and Exchange Commission’s (SEC) rejection of PZ Cussons’ bid to acquire shares of minority shareholders and delist from the NGX.

According to a corporate disclosure seen by Nairametrics, PZ Cussons (Holding) intended to buy the shares held by other PZ Cussons Nigeria shareholders at N23 per share. However, the SEC declined the company’s request for “No Objection” to this move.

Reacting to the development, Mr Patrick Ajudua, the President of the New Dimension Shareholders Association, who spoke to Nairametrics exclusively said shareholders were excited at the news of the rejection notice for the application to delist, seeing it as a clear affirmation of the SEC’s commitment to safeguarding minority shareholders.

RelatedStories

Securities and Exchange Commission Nigeria building exterior

SEC fines Stanbic IBTC Capital N50.1 million over GTCO public offer process 

October 3, 2025
SEC: Nigeria is ready for stablecoins that empower citizens and safeguard markets

SEC DG urges West Africa to fast-track Capital Market Integration

October 2, 2025

Ajudua noted that the development underscores the importance of a strong collaborative effort between regulatory authorities in the capital market and shareholders to ensure the protection of investors.

  • “The management of PZ, represented by the majority holder PZ (UK), had attempted to discreetly disadvantage minority shareholders through a delisting payment offer of a meagre N23, despite requests for a fairer offer of N40, reflecting the stock’s market value and considering the challenges faced by PZ shareholders, including inconsistent dividend payments and prevailing economic conditions,” he said.

Ajudua noted that there has been a consistent inclination within PZ’s management to exit Nigeria, reminiscent of actions taken in Ghana, where assets were sold off over the past four years.

He noted, however, that they continue to receive substantial payments for global shared services, technical expertise, research and development support, and management fees.

Additionally, they hold dominant positions within the company, such as GMD, CFO, supply chain director, and procurement director, to the detriment of qualified Nigerians.

Ajudua noted that the issue of foreign exchange losses created a better opening for the company to accomplish their agenda to exit Nigeria.

  • “Shareholders, recognizing the lack of sincerity in the management’s application, wrote to the regulator urging its rejection.
  • It is essential to emphasize our collective determination as shareholders of publicly traded companies to safeguard our interests and ensure equitable treatment,” he said.

What you should know

Nairametrics reported that PZ Cussons Nigeria’s attempt to delist from the NGX has hit the rock as the Securities and Exchange Commission has declined the company’s request for its major shareholder, PZ Cussons (Holdings) to buy out other shareholders.

According to a corporate disclosure seen by Nairametrics, PZ Cussons (Holding) intended to buy the shares held by other PZ Cussons Nigeria shareholders at N23 per share.

However, the SEC declined the company’s request for “No Objection” to this move.

Reasons for SEC’s decline to the request were not contained in the statement signed by the Company’s Secretary, Olubukola Olonade-Agaga.

The statement read,

  • “PZ Cussons Nigeria Plc (“PZCN” or the “Company”) hereby notifies the Nigerian Exchange Limited (“NGX”) and the investing public that the Securities and Exchange Commission (“SEC”) has declined the Company’s request for its No Objection to PZ Cussons (Holdings) Limited’s (“the majority shareholder”) intention to acquire the shares held by all the other shareholders of PZCN at an offer price of ₦23 per share (the “Proposed Transaction”).”
  • “The Board will communicate further developments to shareholders in due course.”

Follow us for Breaking News and Market Intelligence.
Tags: PZ CussonsSECShareholders
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

Related Posts

Securities and Exchange Commission Nigeria building exterior
Banking

SEC fines Stanbic IBTC Capital N50.1 million over GTCO public offer process 

October 3, 2025
SEC: Nigeria is ready for stablecoins that empower citizens and safeguard markets
Markets

SEC DG urges West Africa to fast-track Capital Market Integration

October 2, 2025
Securities and Exchange Commission Nigeria building exterior
Business News

SEC urges youth to build wealth through capital market investment 

October 2, 2025
Nigerian companies, NAHCO, Okomu Oil
Financial Literacy

Financial reporting: Half-yearly vs quarterly debate for Nigerian companies 

September 29, 2025
Securities and Exchange Commission Nigeria building exterior
Blurb

A new era for bonds: SEC’s mark-to-market reform takes center stage

September 22, 2025
Securities and Exchange Commission Nigeria building exterior
Breaking News

SEC approves ‘marked to market” valuation for fixed income securities 

September 22, 2025
Next Post
CBN, forex

Nigeria’s inflation expected to rise to 32.63% in March 2024 – CBN deputy gov

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Palmpay
access bank
nairametrics
first bank








DUNS

Recent News

  • Nigeria’s car market shifts to high-end SUVs as import costs rise — Bassey-Duke 
  • NDLEA arrests boutique owner with 1.4kg cocaine at Kano Airport
  •   Drinks & Mics EP 6: Why I will invest in a Nigerian version of “Only Fans” 

Follow us on social media:

Recent News

Nigeria’s car market shifts to high-end SUVs as import costs rise — Bassey-Duke 

Nigeria’s car market shifts to high-end SUVs as import costs rise — Bassey-Duke 

October 12, 2025
NDLEA arrests boutique owner with 1.4kg cocaine at Kano Airport

NDLEA arrests boutique owner with 1.4kg cocaine at Kano Airport

October 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics