By Seun Ibiyemi
Nigeria’s leading fully integrated edible oils producer, Presco Plc, has announced the strategic acquisition of 10,000 hectares of plantation land across the Nsadop and Boki estates in Cross River State, strengthening its long-term growth plan and production capacity.
This was stated in a statement made available on NGX website.
The company said the acquisition represents a significant milestone in its expansion strategy and further reinforces its position as a key player in Nigeria’s palm oil industry.
The additional estates are expected to boost Presco’s ability to meet rising domestic demand for edible oil products.
Presco explained that integrating the Nsadop and Boki plantations into its operations will unlock new agronomic opportunities and provide a wider raw material base to support increased processing and refining capacity across its value chain.
Speaking on the development, Presco’s Managing Director and Chief Executive Officer, Mr. Reji George, said the move fulfils commitments made to shareholders during the company’s recent Rights Issue.
“This acquisition is a decisive execution of the commitments we made to our shareholders. 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.
He noted that the strategic location of the Nsadop and Boki estates complements Presco’s existing operations and provides the scale needed to operate its mills and refineries at higher capacity.
George added that the acquisition is aimed not only at expanding land holdings but also at securing long-term supply, strengthening industry leadership and reinforcing confidence in Nigeria’s agribusiness sector.
Presco stated that it will apply its proven approach to sustainable agriculture, responsible land management and community development at the newly acquired estates.
The company plans to engage host communities, support job creation and replicate its social investment framework to ensure mutually beneficial operations.
According to the company, the expansion supports national food security objectives, reduces dependence on edible oil imports and aligns with the Federal Government’s push for industrial self-sufficiency.
Presco added that the estates are expected to deliver improved productivity and profitability as they are upgraded and integrated, creating sustainable long-term value for shareholders while deepening its role in Nigeria’s agro-industrial transformation.