Prior to this acquisition, the billionaire family’s company, Oppenheimer Partners Ltd, already held a majority stake of 62.5% in GZI. This strategic move comes at a time when some international companies are exiting Nigeria, citing a challenging business environment.
Despite the challenges, the Oppenheimer family sees an opportunity in President Tinubu’s ambitious goal of achieving a $1 trillion economy in three years. This move aligns with their historical success in transforming De Beers into the world’s largest diamond producer and shaping GZI’s growth in sub-Saharan Africa.
The billionaire family, known for founding the mining giant Anglo American Plc, aims to replicate the growth it facilitated in South Africa. Their initial investment in GZI dates back to 2018 when the company established manufacturing in South Africa, where it currently commands about a 20% market share.
This acquisition positions the Oppenheimer family strategically in the beverage can industry in Nigeria, despite challenges faced by some other companies exiting the market. The move reflects a calculated bet on the economic potential of the country and its future prospects.
