Okitipupa Oil Palm Plc Acquires 4 New Mills, Set to List on NGX

• Another key player is to be expected in the Nigerian oil palm production space, as Okitipupa oil palm unveils plan to list on NGX
• The company also recently acquired four new state-of-the-art mills to process products from its greenfields
• This is part of the strategic vision of the new core investor to position the company as an industry leader

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Okitipupa Oil Palm Plc is set to position itself as a key player in oil palm production, with the recent acquisition of four new mills to increase its production.

This new move is part of the company’s modernization drive under the new core investor, Pink Nominee Limited.

The mills will be installed at the Ilutitun, Apoi, Iyansan and Ikoya plantation estates.

A statement from the company revealed that the company is also set to plant almost 2 million high-yield seedlings on its 5,000-hectare field by the next quarter, and the proceeds from these fields will service the newly installed mills.

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The greenfield initiative will be launched by the governor of Ondo state, Mr. Lucky Aiyedatiwa, PUNCH reports.

Listing on the NGX

Managing Director Mr. Taiwo Adewole said the newly constituted board is also resolved to position the company at the top of Nigeria's Oil Palm value chain.

Part of its strategy is the ongoing redevelopment of its 8,000-hectare brownfield with new high-yield oil palm seedlings. The company also listed on the NASD OTC Exchange in June 2024, and its strategic moves since then have seen its share price appreciate 400%.

According to the MD, this is a prelude to ultimately being listed on the Nigerian Stock Exchange (NGX).

Since its takeover, the new major investor, Pink Nominee Limited, has established a transparent corporate governance system in preparation for listing on the NGX.

NGX delists Flour Mills

Recently, Legit.ng reported that the Nigerian Stock Exchange (NGX) had delisted the entire issued share capital of the Flour Mills of Nigeria (FMN) Plc.

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Flour Mills of Nigeria now has its majority shareholder, Excelsior Shipping, as the group's owner, and it has listed plans to restructure the business.

Minority shareholders are to await the cash for share settlement from their stockbrokers, which aligns with the settlement price.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng