By Milcah Tanimu

On December 1, 2023, Jonathan Oppenheimer, a member of the South African billionaire family known as Oppenheimer, secured a controlling stake in GZ Industries Ltd., Nigeria’s leading beverage can manufacturer. This acquisition, completed through Oppenheimer Partners Limited, involved purchasing the remaining shares from Affirma Capital (formerly Standard Chartered Private Equity), which previously held a significant 37.5% stake in GZ Industries.

While the financial details of the deal remain undisclosed, the move signals a strategic bet on the potential revitalization of Nigeria’s economy, the largest in Africa. GZ Industries, a key supplier of cans to major entities like Coca-Cola Co., started its operations in Nigeria in 2019, with Ayodeji Adelakun serving as the Executive Director and Group Chief Executive Officer.

The Oppenheimer family’s investment aligns with GZ Industries’ expansion plans within sub-Saharan Africa, aiming to tap into the region’s lucrative consumer base. 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 financially challenged Nampak Ltd., which is in the process of selling assets and restructuring debt.

Affirma Capital’s initial investment in GZI dates back to 2012. GZ Industries boasts significant production capacity, manufacturing 3 billion aluminum cans annually in Africa, with 1,800,000,000 of those cans produced in Nigeria.