Presco Plc, Nigeria’s leading fully integrated edible oils producer, has announced the acquisition of 10,000 hectares of oil palm estates spanning the Nsadop and Boki plantations in Cross River State, marking one of the most significant plantation expansions in the sector in recent years.
The transaction deepens Presco’s upstream capacity at a time of rising domestic demand for edible oils and intensifying pressure to reduce Nigeria’s dependence on imports.
By folding the new estates into its existing operations, the company is positioning itself to lift plantation output, improve mill utilisation rates, and strengthen supply security across its refining and downstream value chain.
Consolidating Leadership in Nigeria’s Palm Oil Industry
Presco said the acquisition aligns with its long-term expansion strategy and reinforces its position as the dominant player in Nigeria’s palm oil industry.
The additional land significantly broadens the group’s plantation footprint, providing fresh agronomic potential to support higher processing throughput over the medium to long term.
Reji George, Managing Director and Chief Executive Officer of Presco Plc, described the transaction as a clear execution of commitments made to shareholders during the company’s recent Rights Issue.
“During the launch of our recent Rights Issue, we pledged to accelerate our plantation expansion and position Presco for its next phase of growth. Today’s announcement delivers on that promise,” George said, adding that the Nsadop and Boki estates are strategically located to complement Presco’s existing operations.
According to the company, the scale provided by the new plantations will enable Presco to run its mills and refineries at higher capacity, improving operating leverage and long-term earnings resilience.
Strategic Importance for Food Security and Import Substitution
Beyond corporate growth, Presco framed the acquisition within the broader national context of food security and industrial self-sufficiency.
Nigeria remains a net importer of palm oil, despite having favourable agro-ecological conditions for large-scale oil palm cultivation.
By expanding its plantation base by 10,000 hectares, Presco said it is contributing to efforts to narrow the supply gap, stabilise domestic prices, and support the Federal Government’s push to reduce foreign exchange outflows linked to food imports.
As the new estates are upgraded and integrated into the group’s operating model, management expects meaningful productivity and profitability upside, translating into sustainable long-term value for shareholders.
Community Engagement and Sustainable Agriculture
Presco said it plans to apply its established framework for sustainable agriculture, responsible land stewardship, and community development to the Nsadop and Boki plantations.
The company intends to work closely with host communities, replicating its existing social investment initiatives, supporting job creation, and fostering stable operating relationships.
“This move is not only about expanding land,” George said. “It is about strengthening our leadership, securing long-term supply, and reinforcing our belief in the future of Nigeria’s agribusiness sector.”
About Presco Plc
Presco Plc is a fully integrated edible oils company engaged in oil palm cultivation as well as the production, refining, and marketing of specialty fats and oils.
The group’s regional footprint is reinforced through its subsidiaries, including Ghana Oil Palm Development Company Limited (GOPDC) and Siat Nigeria Limited, positioning it as a key agro-industrial player across West Africa.
