Nigeria, Feb. 17 -- Following extensive consideration, the company reported that the Board of Directors of PZ Cussons Nigeria PLC has chosen to convert $34.26 million of its outstanding debt into equity.

In June 2022, PZ Cussons Nigeria PLC (PZCN) received a $40.26 million loan from PZ Cussons Holdings Limited (PZCH) to assist with operating and raw material expenses, which were challenging to control because of currency shortages.

However, the Naira saw a substantial devaluation between 2023 and 2024, which had a detrimental effect on PZCN's financial performance and increased the amount of debts denominated in foreign currencies.

The company's board has chosen to address these issues by resolving the outstanding shareholder loan obl...