PZ Cussons Nigeria Plc has appointed Nigerian business executive Oghale Elueni as managing director and chief executive officer following a sharp recovery in earnings. Elueni, who led the consumer division since 2021, assumed the role on June 1, according to a regulatory filing.

He succeeds Dimitrios Kostianis, who stepped down on May 31 to accept a new position within the broader UK-based parent company, PZ Cussons Group. Kostianis leaves after successfully pulling the Lagos-listed business back into a positive equity position, restoring net profits despite severe macroeconomic pressures.

Corporate governance shift strengthens executive board

To support the new management, the company elevated Chief Financial Officer Ebenezer Oludare Elusakin to the board as an executive director. In a corporate statement, Board Chair Ifueko M. Omoigui Okauru expressed confidence in the transition, noting that the board is counting on Elueni’s 20 years of sector experience.

Elueni previously held leadership roles at Procter & Gamble Co. and SC Johnson across Africa and the United States. Meanwhile, the UK parent company, which holds a 73.27 percent controlling stake, reiterated its commitment to Nigeria. Group Chief Executive Officer Jonathan Myers made an expression of long-term investment support.

PZ Cussons net income surges 246 percent

PZ Cussons Nigeria manufactures and distributes consumer products and home appliances, managing popular brands in soaps, cosmetics, and refrigerators. Its local network combines the parent entity with its specialized manufacturing subsidiary, HPZ Limited, where the company maintains a 74.99 percent equity stake to serve the West African market.

This corporate shuffle follows a significant financial turnaround. During the nine months ended February 28, 2026, PZ Cussons Nigeria posted a profit after tax of 39.11 billion naira ($28.6 million). This represents a 246 percent surge from the 11.29 billion naira ($8.26 million) reported in the previous year.

Strong commercial gains yield record revenues

The corporate statement attributed the profit surge to expanding commercial revenues and increased non-operating items, including property sales. Revenue for the nine-month period rose 28 percent to 197.22 billion naira ($144.3 million), up from 154.41 billion naira ($113 million) in the corresponding period of 2025.

Operating profit climbed by 287 percent to 68.25 billion naira ($49.9 million) from 17.65 billion naira ($12.9 million). Profit before taxation jumped 355 percent to 68.2 billion naira ($49.9 million) from 14.97 billion naira ($11 million), safely absorbing an increase in total tax expenses.