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Presco Plc, a 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 to expand production. The company said the purchase will increase output capacity and support domestic edible oil supply as Nigeria seeks to reduce reliance on imports.
Building supply at the source
Presco said the new estates will widen its plantation base and secure fresh fruit bunch supply for its mills and refineries. The company plans to integrate the plantations into its existing operations, raising processing volumes and improving efficiency across its value chain.
“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 Nsadop and Boki as well-located assets that fit with Presco’s current footprint and provide the scale needed to run facilities at higher capacity.
Presco deepens agribusiness investments
The Cross River expansion follows Presco’s recent acquisitions of Ghana Oil Development Company and Saro Oil Palm Limited, completed in a combined $171.6 million deal. To support those transactions, the company launched a N237 billion ($163.42 million) rights issue, open to existing shareholders. George said the latest purchase goes beyond adding land. “It is about securing long-term supply and backing our confidence in Nigeria’s agribusiness sector,” he said.
Presco said it will extend its approach to sustainable farming and community engagement to the new plantations. It plans to work with host communities, support jobs and apply its existing social investment programs to ensure stable operations. The added capacity will support earnings growth, as Presco benefits from scale and stronger control over raw materials.
Strong recent performance
Presco operates from Edo State and is among the few fully integrated palm oil producers in West Africa. It plays a central role in Nigeria’s drive to boost local refining and reduce edible oil imports. Since Sarumi became chairman in May 2024, the company has reported sharp gains. Profit for the nine months ended Sept. 30, 2025, rose to N110.79 billion ($76.39 million) from N51.76 billion a year earlier, while revenue climbed to N274.5 billion ($189.28 million).
