Days after announcing the injection of $100 million from SIAT NV, Presco Plc has acquired about 10,000 hectares across the Nsadop and Boki plantations in Cross River State.
The fully integrated edible oils group disclosed in a statement made available to Business Post on Friday that the strategic acquisition further consolidates its position as the dominant player in Nigeria’s palm oil industry.
The plantations is part of efforts to significantly expand Presco’s production footprint and strengthen its ability to meet the rapidly growing domestic demand for edible oil products.
By integrating these estates into the group, Presco will unlock new agronomic potential and secure a broader raw material base to support higher processing and refining throughput across its value chain.
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.
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 the country’s agro-industrial transformation.
Presco said it would apply its proven model of sustainable agriculture, community development, and responsible land stewardship to Nsadop and Boki.
The company 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 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. 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,” the chief executive of Presco, Mr Reji 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.