Benin, Edo – Presco Plc, Nigeria's leading integrated edible oils producer, has announced a significant expansion through the acquisition of 10,000 hectares of oil palm plantations in the Nsadop and Boki areas of Cross River State.

The deal, revealed in a company press release Thursday, underscores Presco's long-term strategy to solidify its market leadership amid growing demand for sustainable palm oil products.

The transaction marks a pivotal milestone for Presco, enhancing its production capacity and raw material security. By integrating these estates into its operations, the company aims to unlock new agronomic potential while supporting higher processing and refining throughput across its value chain.

This move comes as Nigeria pushes for greater self-sufficiency in food security, reducing reliance on imported oils and fostering agro-industrial growth.

Reji George, Managing Director and CEO of Presco Plc, described the acquisition as a "decisive execution" of commitments to shareholders.

"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," George stated in the release.

He emphasized that the strategically located estates complement existing operations and enable the scale needed to power the company's mills and refineries at higher capacity.

George further highlighted the broader implications, "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."

The company plans to apply its model of sustainable agriculture, community development, and responsible land stewardship to the new sites, working closely with host communities to replicate social investment frameworks that support job creation and mutual benefits.

Presco Plc, a subsidiary of the Belgium-based Siat Group and led by Nigerian tycoon Rasheed Sarumi, operates as a fully integrated agro-industrial entity.

It cultivates oil palms, processes crude palm oil into refined products, and leads the market in specialty fats and oils. With key subsidiaries including Ghana Oil Palm Development Company (GOPDC) and Siat Nigeria Limited, Presco has extended its footprint across West Africa.

The company's operations are bolstered by facilities such as palm oil mills, kernel crushing plants, and West Africa's first biogas plant for treating mill effluent, emphasizing environmental responsibility.

The acquisition is expected to drive meaningful productivity and profitability upside, delivering sustainable long-term value for shareholders while positioning Presco as a key player in Nigeria's agro-industrial transformation.

Analysts note that this expansion could help mitigate supply chain vulnerabilities in the edible oils landscape, particularly as global palm oil demand rises.

As Nigeria's economy continues to emphasize agricultural diversification, deals like this highlight the sector's potential to drive economic stability and job creation.