Presco Plc has acquired 10,000 hectares of plantation assets across the Nsadop and Boki estates in Cross River State, in a move to significantly expand its production footprint and reinforce its leadership position in Nigeria’s palm oil industry.
Announcing the transaction in a notice to NGX seen by the company described it as a major milestone in its long-term growth strategy and a step aimed at meeting rising domestic demand for edible oil products.
The acquisition increases Presco’s land bank and strengthens its ability to secure raw materials to support higher processing and refining capacity across its integrated value chain.
Managing Director and Chief Executive Officer, Reji George, said the acquisition fulfils commitments made to shareholders during the company’s recent Rights Issue, when it pledged to accelerate plantation expansion to support future growth.
“This acquisition is a decisive execution of the commitments we made to our shareholders,” George said. “Nsadop and Boki are strategically located estates that complement our existing operations and provide the scale required to power our mills and refineries at higher capacity.”
He added that the deal goes beyond land expansion, noting that it is designed to strengthen Presco’s long-term supply base, reinforce its market leadership and deepen its confidence in Nigeria’s agribusiness sector.
According to the company, the newly acquired estates will be integrated into Presco’s operating model, which emphasizes sustainable agricultural practices, responsible land stewardship and structured community engagement.
Presco said it plans to work closely with host communities, replicating its existing social investment framework to support job creation and ensure stable operating relationships.
The company noted that the 10,000-hectare expansion aligns with national objectives on food security and import substitution, as it is expected to boost local palm oil production and reduce reliance on imports over the medium to long term.
Presco added that as the Nsadop and Boki plantations are upgraded and fully integrated into its operations, they are expected to deliver productivity and profitability gains, supporting sustainable long-term value for shareholders while strengthening the company’s role in Nigeria’s agro-industrial development.