South African Billionaire Family, Oppenheimer, Acquires Controlling Stake in Nigeria’s Company - The Top Society

South African Billionaire Family, Oppenheimer, Acquires Controlling Stake in Nigeria’s Company


In a strategic move signaling confidence in Nigeria’s economic potential, the Oppenheimer family, renowned South African billionaires, have secured a controlling stake in GZ Industries Ltd., one of Nigeria’s leading beverage can manufacturers. Jonathan Oppenheimer, son of the second richest man in Africa, Nicky Oppenheimer, completed the acquisition, gaining full control of GZ Industries.

The acquisition involved purchasing the remaining shares in GZ Industries from Affirma Capital, formerly known as Standard Chartered Private Equity. While the financial details of the deal remain undisclosed, Affirma Capital previously held a substantial 37.5% stake in GZ Industries, a key supplier of cans to major entities like Coca-Cola Co.

GZ Industries, under the leadership of Executive Director and Group Chief Executive Officer Ayodeji Adelakun, commenced operations in Nigeria in 2019. The company holds significant production capacity, annually producing 3 billion aluminum cans in Africa, with 1,800,000,000 of those cans manufactured in Nigeria.


The move by Jonathan Oppenheimer is poised to influence the expansion trajectory of GZ Industries within sub-Saharan Africa. The region represents a critical market with urban, educated adults displaying the world’s highest consumption of sugary drinks, averaging 12.4 servings per week, according to research published by Nature Communications.

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The strategic alignment of this acquisition reflects the ambition to tap into the lucrative consumer base in the region. Oppenheimer Partners initially entered the GZI venture in 2018, coinciding with the establishment of a GZI factory in South Africa. Currently, GZI holds a 20% market share in South Africa, competing with the financially challenged Nampak Ltd., which is undergoing asset sales and debt restructuring.

Affirma Capital’s initial investment in GZI dates back to 2012, showcasing the long-term partnership between the private equity firm and the Nigerian beverage can manufacturer. The completion of this acquisition positions the Oppenheimer family to guide GZ Industries toward further success and growth in the dynamic African market.

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