The Okitipupa Oil Palm Plc, Okitipupa, Ondo State, says it has commenced a modernisation drive with the acquisition of four new state-of-the-art mills.
Pink Nominee Ltd (PNL), the new core investor of the company, disclosed this in a statement issued by its Managing Director, Mr Taiwo Adewole.
These new mills, according to the statement, would be installed at the Ikoya, Apoi, Ilutitun and Iyansan Plantation Estates.
It disclosed that to complement their installation and ensure a sustainable primary feeder, the company has finalised plans to plant nearly 750,000 and 1,200,000 young, high-yield oil palm seedlings on its 5,000-hectare greenfield.
The statement said that the initiative was expected to be launched by Governor Lucky Aiyedatiwa in the second quarter of 2025.
It noted said that the measures were part of a strategic vision to reposition the company as a major player in the oil palm value chain.
“The initiative also includes the redevelopment of its current but ageing 8,000-hectare brownfield to be replaced with young and high-yielding seedlings, which were aimed at positioning the company as a leader in the oil palm industry in Nigeria.
“Under the leadership of the newly reconstituted Board, the company has been successfully listed on the NASD trading platform as a prelude to relisting on the Nigerian Stock Exchange.
“This milestone has driven a 400 per cent growth in its share price since the initial listing in June 2024,” the statement read in parts
Thefrontrank reports that after acquiring the controlling interest, PNL has moved to re-establish good corporate governance practices in the firm.
