KEY POINTS

• Presco palm oil expansion adds 10,000 hectares in Cross River State.
• The deal secures fresh fruit bunch supply for mills and refineries.
• Presco palm oil expansion supports Nigeria’s import reduction drive.

Presco Plc, the Nigerian agro-industrial palm oil producer, chaired by Rasheed Sarumi, is acquiring 10,000 hectares of land across the Nsadop and Boki plantations in Cross River State as it moves to expand output and secure raw material supply.

The company said the land purchase will increase production capacity and support domestic edible oil availability at a time when Nigeria is working to reduce reliance on imports. Presco plans to fold the new estates into its existing plantation and processing network.

Presco palm oil expansion strategy

The additional land will widen Presco’s plantation base and strengthen access to fresh fruit bunches for its mills and refineries. Management said the integration will lift processing volumes and allow existing facilities to operate at higher capacity.

“This acquisition is a clear delivery on the commitments we made to our shareholders,” Managing Director and Chief Executive Officer Reji George said in a statement. He described the Nsadop and Boki plantations as strategically located and well aligned with Presco’s current footprint.

George said the scale provided by the new estates supports more efficient operations and improves supply security across the value chain. He added that the move reflects confidence in long-term demand for locally produced palm oil.

Presco expansion builds scale

The Cross River deal follows a period of rapid expansion for Presco. Earlier, the company completed the acquisitions of Ghana Oil Development Company and Saro Oil Palm Limited in a combined transaction valued at $171.6 million, according to Billionaire Africa.

To finance those purchases, Presco launched a N237 billion rights issue that was offered to existing shareholders. George said the latest land acquisition goes beyond adding hectares. “It is about securing long-term supply and backing our confidence in Nigeria’s agribusiness sector,” he said.

Presco said it will apply its established sustainability practices and community engagement programs to the new plantations. The company plans to work closely with host communities, support employment and extend its social investment initiatives to ensure stable operations.

The expanded plantation base is expected to support earnings growth by improving control over raw materials and reducing exposure to supply disruptions. Management said scale remains a key advantage as the company deepens its integrated model.

Presco operates from Edo State and is one of the few fully integrated palm oil producers in West Africa. The company plays a central role in Nigeria’s push to boost local refining capacity and curb edible oil imports.

Since Sarumi became chairman in May 2024, Presco has reported strong financial gains. Profit for the nine months ended Sept. 30, 2025, rose to N110.79 billion from N51.76 billion a year earlier. Revenue increased to N274.5 billion over the same period.