Leading consumer goods company PZ Cussons Nigeria Plc has denied reports that it is pulling out of Nigeria.
In a series of reports that appeared online earlier in the week, first at online platform, Nairaland, with the heading, “PZ pulls out from Nigeria,” and yet at another online platform with the caption, “Nigeria PZ Cussons to withdraw amid tough conditions,”
However, none of the report lacked details and only said, “details later…” following the heading.
In a statement issued on Thursday by PZ Cussons Nigeria Chief Executive Officer, Christos Giannopoulos, he described the stories as false.
He said the headline was misleading and creating the impression that PZ had decided to leave the country.
The PZ CEO explained that the trading statement issued to the London Stock Exchange (LSE) was clear on PZ Cussons’ 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,” he stated.
“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,” he added.
The firm’s parent company in the UK by the same name “PZ Cussons Plc” has been issuing cautionary trading statements ahead of the release of its quarterly results as its business in Nigeria faced tough conditions due to weak consumer demand precipitated by a lingering recession.
PZ Cussons Nigeria Plc makes a wide range of consumer goods which including electricals, personal and homecare products, dairy brands under the Nutricima business line, among others. Its dairy brands include industry heavyweights such as Nunu, Olympic and Coast milk brands as well as drinking yoghurt “Yo!”