Jonathan Oppenheimer Photo

A billionaire family from South Africa purchases the foremost CAN manufacturing company in Nigeria

A controlling interest in GZ Industries, a leading can manufacturing company in Nigeria, has been acquired by the Oppenheimer family, renowned South African billionaires.

Jonathan Oppenheimer, the son of Africa’s second wealthiest individual, Nicky Oppenheimer, successfully secured full control of GZ Industries Ltd.

This move reflects a strategic investment in the potential revitalization of Nigeria’s prominent beverage can manufacturing industry, a significant player in Africa’s largest economy.

Jonathan Oppenheimer completed the acquisition of the remaining shares in GZ Industries from Affirma Capital (formerly Standard Chartered Private Equity) through Oppenheimer Partners Limited, the family’s company.

The details of the financial transaction are undisclosed, but the private equity firm previously held a substantial 37.5% stake in GZ Industries.

This company is a crucial supplier of cans to major entities like Coca-Cola Co., underscoring the significance of the acquisition in the beverage packaging sector.

Establishing its operations in Nigeria in 2019, GZ Industries is currently led by Ayodeji Adelakun, who holds the positions of Executive Director and Group Chief Executive Officer.

With this acquisition, Jonathan Oppenheimer is strategically positioned to guide the direction of GZ Industries’ growth across sub-Saharan Africa.

The area represents a crucial market, featuring urban, educated adults who hold the global record for consuming the highest amount of sugary drinks, averaging 12.4 servings per week, as indicated by research published in Nature Communications.

This acquisition is strategically aimed at capitalizing on this lucrative consumer demographic.

Oppenheimer Partners initially became involved in the GZI venture in 2018, concurrently with the establishment of a GZI factory in South Africa.

Currently, GZI commands a 20% market share in the South African market, contending with the financially strained Nampak Ltd., which is undergoing asset sales and debt restructuring.

Affirma Capital’s initial investment in GZI traces back to 2012.

GZ Industries boasts substantial production capacity, manufacturing 3 billion aluminum cans annually across Africa. Of this production volume, 1,800,000,000 cans are manufactured in Nigeria.


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Peter Ritdung Wakkias is a Nigerian blogger and programmer, known for being the CEO of and He holds a Higher National Diploma in Computer Science from Isa Mustapha Agwai 1 Polytechnic Lafia. Based in Lafia, Nasarawa State.

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