Wilmar International has formed an equally split joint venture with Tropical General Investments Group to combine their operations in Nigeria and the Republic of Benin. The two partners have signed definitive agreements to place a portfolio of complementary operating businesses and brands into a new jointly owned holding company, headquartered in Singapore.
The combined entity will span agriculture, oil-palm plantations, nuts, rice, culinary products, food manufacturing and distribution. Brands in the portfolio include Mamador and Devon King's in edible oils and consumer food products, Golden Terra in oils, and Tastemaker and Terra in culinary items, alongside Big Bull in rice and Peppe Terra cooking pastes.
Strategic rationale
Kuok Khoon Hong, Wilmar's chairman and CEO, identified Nigeria and the Republic of Benin as key consumer markets in Africa with an addressable value of more than $12bn. The joint venture is positioned to serve this market and will also explore opportunities in selected regional export markets where appropriate.
Wilmar will contribute its upstream palm-oil, speciality fats and food-staples operations to the venture, including oil-palm plantations and palm-oil milling activities in Cross Rivers State, Nigeria. TGI Group brings its manufacturing footprint, local brands and distribution network in West Africa. The manufacturing operations cover edible oils, margarine, spreads, rice, seasonings cubes, cooking and culinary paste, and other packaged food products, supported by extensive route-to-market capabilities across Nigeria.
Santosh Pillai, Wilmar's Africa head, described the arrangement as a compelling strategic fit for the group.
Wilmar's recent Nigeria expansion
This deal follows Wilmar's moves last year to build its edible-oils presence in Nigeria. The group agreed to acquire UK consumer goods company PZ Cussons' 50% stake in their Nigerian edible-oils joint venture for $70m. Wilmar also agreed to buy additional shares in Fortune, an edible-oils maker, from Indian conglomerate Adani Enterprises.
Timeline
Completion is subject to customary conditions and is expected to close before the end of 2026. Cornelis Vink, founder and chairman of TGI, noted that the combination brings together two complementary platforms built on delivering high-quality, locally manufactured food products across the sub-region.