Rasheed Sarumi’s US$46-million gain from Presco’s acquisition of Saro Oil Palm underscores the deepening connection between Nigeria’s corporate elite and the country’s agricultural trajectory, while reigniting debate over governance standards, inclusive growth, and fair wealth distribution within the sector.
The acquisition is part of a larger strategy to invest in assets in key geographies to provide increased market access and maximum efficiency for the cooperative’s owners.
The initiative plans to elevate beans from a staple crop to an engine of economic growth, climate-smart agriculture, and improved nutrition.
The acquisition aligns with Bunge’s strategy to deepen its presence in the food, feed, and biofuel sectors.
TGM’s renovations include an additional 1.5 million bushels of storage, a new 40-car railroad spur with a loadout facility, and two new, 1,000-bushel receiving pits.