PZ Cussons Nigeria PLC has announced that its Board of Directors, after careful deliberation, has decided to convert $34.26 million of its outstanding loan into equity.
In June 2022, PZ Cussons Holdings Limited (PZCH) loaned $40.26 million to PZ Cussons Nigeria PLC (PZCN) to help cover raw material and operational costs, which were difficult to manage due to currency shortages.
However, between 2023 and 2024, the Naira experienced significant devaluation, which negatively impacted PZCN’s financial results and led to a rise in its foreign currency-denominated loans.