Presco Plc, one of Nigeria’s leading fully integrated edible oils producers listed on the Nigerian Exchange, has announced the acquisition of approximately 10,000 hectares of oil palm estates, comprising the Nsadop and Boki plantations in Cross River State. This strategic expansion is set to reinforce the company’s position as a market leader in Nigeria’s palm oil industry.

The acquisition significantly broadens Presco’s production footprint, ensuring a steady supply of raw materials for its mills and refineries. The move is expected to boost domestic edible oil production, reduce reliance on imports, and support national food security initiatives.

Reji George, Presco’s Managing Director/CEO, described the acquisition as a fulfillment of commitments made to shareholders during the company’s recent rights issue. He emphasized that the strategically located estates complement existing operations, enabling the company to operate at higher capacity and meet growing domestic demand.

Presco plans to integrate the Nsadop and Boki plantations using its sustainable agriculture model, focusing on community development, responsible land stewardship, and job creation for host communities.

The acquisition aligns with the Federal Government’s push for industrial self-sufficiency and is projected to generate long-term value for shareholders by unlocking new productivity and profitability potential.

With this expansion, Presco Plc cements its leadership in Nigeria’s palm oil sector, further strengthening its position as a key player in the country’s agribusiness landscape. Visit www.jocomms.com for more news.