S’Africa’s Oppenheimer acquires stake in Nigerian can manufacturer, GZ Industries

By Clement Alphonsus

Jonathan Oppenheimer, son of South African billionaire, Nicky Oppenheimer, has bought majority stake in Nigeria’s biggest beverage can manufacturer, GZ Industries.

According to Bloomberg, the deal was announced in a statement from Affirma Capital, formerly known as Standard Chartered Private Equity, on Thursday.

Oppenheimer has acquired Affirma Capital’s 37.5 per cent stake in GZI, which supplies cans to companies including Coca-Cola Co. Prior to this latest acquisition, Oppenheimer already held a majority 62.5 per cent stake in GZI.

This signals a positive outlook towards the Nigerian economy especially as President Bola Tinubu and members of his cabinet have been pushing to increase foreign investments in Nigeria.

In the reports, the acquisition will enable Oppenheimer, determine GZI’s future in Nigeria and the West African region.

GZI produces three billion aluminum cans a year in Africa.

Bloomberg further disclosed that Affirma Capital has invested in 11 companies in Africa since 2008, and has completed exits from eight, returning more than $800m to investors over the period.