Presco Plc, Nigeria’s leading fully integrated edible oils group, on Thursday formally announced the acquisition of 10,000 hectares across the Nsadop and Boki plantations in northern Cross River State for an undisclosed amount.
The transaction, which further consolidates its position as the dominant player in Nigeria’s palm oil industry, it said, marks a major milestone in the company’s long-term expansion strategy.
The acquisition, Presco continued in a notice to the Nigerian Exchange Limited, significantly expands production footprint, while strengthening the company’s ability to meet the rapidly growing domestic demand for edible oil Products.
By integrating these estates into the group, Presco said it will unlock new agronomic potential and secure a broader raw material base to support higher processing and refining throughput across its value chain.
The statement quoted Reji George, Managing Director and CEO of Presco Plc, as describing the acquisition as ”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.
The announcement, he continued, ”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.”
This move, he added, ”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.”
Presco, the statement further quoted as saying, ”will 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 represents a pivotal step in Presco’s mission to reshape Nigeria’s edible oils landscape,” it stressed.
By expanding its plantation base by 10,000 hectares, Presco said it is contributing to national food security, reducing reliance on imports, and supporting the Federal Government’s drive toward industrial self-sufficiency. As these estates are upgraded and integrated, Presco expects 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.
