The deal seeking to sell PZ Cussons Nigeria to core investors from Britain hit a brick wall midway after the Nigerian capital market watchdog sought clarification on some irregularities in the PZ board’s request for approval, sources familiar with the matter told PREMIUM TIMES.
Nigeria’s Securities and Exchange Commission (SEC) raised an eyebrow after pinpointing flaws in the document by PZ Cussons Nigeria asking the regulator to endorse PZ Cussons (Holdings) UK, which has a 73.3 per cent interest in the company to acquire other shares held by minority shareholders.
“Some deficiencies were spotted in the document submitted to SEC by PZ Cussons and those anomalies were queried,” one source involved in the regulatory process said, asking not to be named.
