Presco acquires 10,000 hectares Nsadop, Boki plantations in new expansion drive

Nigeria’s largest oil palm producer, Presco Plc, said today it’s acquiring 10,000 hectares across the Nsadop and Boki plantations in Cross River State in its latest expansion move.

The palm oil maker said the acquisition will significantly expand its production footprint and strengthen the company’s ability to meet the rapidly growing domestic demand for edible oil products.

It also sees the new move unlocking new agronomic potential while securing a broader raw material base to support higher processing and refining throughput across Presco’s value chain.

“This acquisition is a decisive execution of the commitments we made to our shareholders,” Reji George, managing director and CEO of Presco Plc said.

Read also: Edo govt denies revoking Presco’s 13,545 hectares of land

The Edo-based crude oil palm maker has been on an aggressive expansion strategy as it acquires Ghana Oil Development Company (GOPDC) and Saro Oil Palm Limited (SOP) in a combined deal worth $171.6 million.

The renewed expansion drive led to the opening of a N237 billion rights issue targeted at existing shareholders to fund the various acquisitions.

“Nsadop and Boki are strategically located estates that complement our existing operations and expand the scale required to power our mills and refineries at higher capacity,” George said.

“This move is not only about expanding land, it is about strengthening our leadership, securing long-term supply, and reinforcing our belief in the future of Nigeria’s agribusiness sector,” he added.

Analysts see the acquisitions playing a significant role in helping Presco advance its profitability streak while maintaining its upward growth trajectory.

The company has maintained strong earnings growth with net profit for the nine months ended September 2025 rising to the highest levels on record at N139.7 billion.

Read also: Edo to get boost as Presco secures $100m in FDIs for expansion

Presco said it will apply its proven model of sustainable agriculture, community development, and responsible land stewardship to Nsadop and Boki.

It also plans to work closely with host communities, replicating its established social investment framework, supporting job creation, and ensuring a stable and mutually beneficial operating environment.

“This acquisition represents a pivotal step in Presco’s mission to reshape Nigeria’s edible oils landscape. By expanding its plantation base by 10,000 hectares, Presco advances national food security, reduces reliance on imports, and supports the Federal Government’s drive toward industrial self-sufficiency,” the company said in a statement.

“As these estates are upgraded and integrated, they are expected to generate meaningful productivity and profitability upside, delivering sustainable long-term value for shareholders while strengthening Presco’s role as a key driver of Nigeria’s agro-industrial transformation.”

Wasiu Alli is a business and economics journalist with more than two years experience covering macro trends, government policies, corporate earnings and comparative economics analysis. Alli turns raw data into trends that not only tells compelling stories but nudges investors to make valued and informed decisions. An alumnus of Lagos State University and trained at Lagos Business School, he heads the Companies and Markets desk at BusinessDay where he writes and supervises the production of well researched articles on earnings updates, corporate sectoral comparisons, market intelligence as well as interviews with C-suite executives.

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