Reviving Nigeria’s Oil Palm Legacy: Okitipupa Oil Palm Plc Embarks on Modernisation Drive
Okitipupa Oil Palm Plc, under its new core investor, Pink Nominee Ltd (PNL), has launched an ambitious modernisation campaign to rejuvenate the company’s operations and reclaim its status as a leader in Nigeria’s oil palm sector. Central to this initiative is the acquisition of four state-of-the-art processing mills, decades after the installation of its original facilities.
The newly acquired mills are slated for installation across the company’s plantation estates in Ikoya, Apoi, Ilutitun, and Iyansan, marking a significant upgrade to Okitipupa’s processing infrastructure.
In a statement issued on Monday, the company also revealed plans for a large-scale replanting programme aimed at ensuring a sustainable supply of raw materials. Nearly 750,000 to 1.2 million high-yield oil palm seedlings will be cultivated on a 5,000-hectare greenfield site, with the planting initiative set to be inaugurated by Ondo State Governor, Lucky Aiyedatiwa, in the second quarter of 2025.
Managing Director Taiwo Adewole described the initiatives as part of a strategic vision to reposition Okitipupa Oil Palm Plc as a major player in Nigeria’s oil palm value chain.
“This revitalisation effort includes the redevelopment of our ageing 8,000-hectare brownfield plantations, which will be replanted with high-yield seedlings. These steps are critical to ensuring the company’s competitive edge and sustainability in the oil palm industry,” Adewole explained.
The company’s progress under PNL’s leadership has not been limited to operational upgrades. The reconstituted Board has reintroduced strong corporate governance practices, which have contributed to Okitipupa’s successful listing on the NASD trading platform in June 2024. This move serves as a prelude to its planned relisting on the Nigerian Stock Exchange, a milestone that has already driven a 400% surge in the company’s share price.
PNL’s acquisition of a controlling stake in Okitipupa signals a new chapter for the company, combining modern technology with a sustainable, forward-looking approach to agriculture. The transformation is expected to revitalise the firm’s legacy while contributing to Nigeria’s broader economic diversification efforts.
As the company accelerates its modernisation plans, stakeholders are optimistic that these strategic measures will solidify Okitipupa’s standing in Nigeria’s oil palm industry and set a benchmark for sustainable agricultural practices across the region.
