NIGERIA—Okitipupa Oil Palm Plc (OOP Plc), a prominent player in Nigeria’s oil palm sector, has taken a significant step forward by acquiring four state-of-the-art oil palm mills.
This marks the first addition of new mills to the company’s operations in over three decades, signaling a transformative era for the company under the leadership of its new core investor, Pink Nominee Limited (PNL).
The newly acquired mills will be installed across four key plantation estates in Ondo State, particularly Ikoya, Apoi, Ilutitun, and Iyansan.
These installations are expected to substantially enhance the company’s processing capacity, enabling it to meet the growing demand for palm oil in local and international markets. In tandem with this development, OOP Plc has announced plans to plant nearly two million high-yield oil palm seedlings across a 5,000-hectare greenfield site.
This ambitious planting initiative, scheduled to commence in the second quarter of 2025, underscores the company’s commitment to a sustainable and robust supply chain. Ondo State Governor Lucky Aiyedatiwa will officially launch the initiative, further highlighting the local government’s support for agricultural revitalization.
In addition to its greenfield expansion, the company is actively redeveloping its existing 8,000-hectare brownfield plantation. By replacing older and less productive oil palm trees with high-yielding varieties, OOP Plc aims to optimize its production and strengthen its position in Nigeria’s oil palm value chain.
Taiwo Adewole, the company’s Managing Director emphasized the company’s strategic vision of establishing itself as a dominant force in the sector, leveraging innovation and modernized operations.
The company’s financial performance has also seen significant improvements in recent months. After its listing on the NASD OTC Exchange in June 2024, OOP Plc’s share price appreciated by an impressive 400%.
This financial milestone reflects growing investor confidence and sets the stage for the company’s eventual relisting on the Nigerian Stock Exchange (NGX). Pink Nominee Limited has been instrumental in these advancements, introducing a transparent corporate governance framework that has bolstered the company’s reputation and market credibility.
OOP Plc’s transformation is unfolding against the backdrop of a broader resurgence in Nigeria’s oil palm sector. Once the global leader in palm oil production, Nigeria’s prominence in the industry has waned due to competition from countries like Indonesia and Malaysia.
However, recent investments in plantation rehabilitation, processing technologies, and agricultural innovations are driving a renaissance in the sector.
Sign up to HERE receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.