South African Billionaire Family Acquires Leading Nigerian Can Manufacturer


South Africa’s Oppenheimer family, the second richest in the country, has taken a controlling interest in Nigeria’s prominent can manufacturer, GZ Industries Ltd. Jonathan Oppenheimer, son of South Africa’s second richest man, Nicky Oppenheimer, strategically secured full control of GZ Industries, a significant player in Nigeria’s beverage can manufacturing sector. The acquisition involved Oppenheimer Partners Ltd. completing the purchase of the remaining shares in GZ Industries from Affirma Capital, which formerly held a substantial 37.5% stake in the company. GZ Industries, a key supplier of cans to major entities like Coca-Cola Co., commenced operations in Nigeria in 2019, led by Executive Director and Group CEO Ayodeji Adelakun.

While the financial details of the deal remain undisclosed, the Oppenheimer family’s combined net worth of $9.4 billion, primarily from the 2012 sale of their stake in De Beers, highlights their robust financial standing. The acquisition aligns with Nigerian President Bola Tinubu’s ambitious 2024 spending plans, amounting to N27.5 trillion ($34 billion), focusing on job-rich economic growth, macroeconomic stability, and a more favorable investment environment. The Oppenheimers’ move reflects their strategic positioning to capitalize on emerging opportunities in Africa’s dynamic economic landscape, emphasizing a commitment to shaping industries that align with the continent’s growth potential.


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