Palmcrest, the agro-real estate initiative of Reftop Holdings, is targeting a five per cent contribution to Nigeria’s 1.5 million metric tonnes yearly palm oil output as it expands its oil-palm plantation operations across Ogun and Oyo states.

The project, which combines agricultural land ownership with oil-palm cultivation and professionally managed plantation operations, has set a long-term vision of producing 75,000 metric tonnes of palm oil yearly from 30,000 acres of agricultural land.

This was disclosed at a press conference to announce the company’s project.

The Chief Executive Officer of Reftop Homes Limited, Dr David Assogba, urged Nigerians to return to farming, stating that agriculture remained critical to achieving food self-sufficiency and reducing dependence on crude oil.

Assogba said Nigeria had neglected its agricultural potential despite the importance of palm oil across West Africa.

“Palm oil is not a new thing to us. In all West African states, palm oil is not a new thing. We have neglected not standing where we are,” he said.

He urged Nigerians to change the perception that farming is meant for poor people, noting that agriculture could provide significant economic opportunities, and that farming is the next thing; farming is the next oil.

Explaining the Palmcrest model, he said the company sells land to individuals and assists them with farming, with the yield shared between the company and landowners based on an agreed percentage.

He described the participants as farmers rather than investors, saying the model combines real estate ownership with agriculture.

Assogba also called on the government to make agriculture more attractive by supporting farmers with fertiliser, mechanisation and improved security.

The Board Chairman, Reftop Homes Limited, Dr Akin Akinpelu, said the company is targeting 30,000 acres of agro-real estate holdings as part of efforts to build long-term economic value through land ownership, agricultural productivity and asset management.

Akinpelu, who disclosed this while outlining the company’s growth strategy, noted that Reftop’s combined agro-farm portfolio currently stands at approximately 6,500 acres, comprising its three PalmCrest phases and an existing productive farm in Idiroko.

He said the company had recorded about 2,100 subscribers across PalmCrest phases one and two, with approximately 5,580 acres sold, while about 2,700 acres had been physically allocated as of September 2026.

According to him, the company’s focus goes beyond land sales to developing productive oil palm assets, strengthening farm management and building capacity to contribute to Nigeria’s agricultural economy.

Akinpelu said governance remained central to Reftop’s expansion, stressing that growth must be matched with responsible execution and fulfilment of commitments to subscribers.

The Chief Operating Officer (COO), Reftop Homes Limited, Emmanuel Oluwatosin, while stating the company’s project report, said PalmCrest currently has 6,500 acres of combined agro-palm assets across its three phases and an existing productive palm farm at Idiroko, Ogun State.

He said Phase One, located in Anigbado, Ogun State, was launched in March 2025 with 1,500 acres and about 700 subscribers, while Phase Two in Afon, Ogun State, was launched in August 2025 with 3,800 acres and about 1,400 subscribers.

Phase Three, comprising 1,000 preliminary acres in Iseyin, Oyo State, was launched in May 2026 and is currently at the seedling nursery stage.

Oluwatosin said PalmCrest had allocated 2,700 acres, representing 16,200 plots, to subscribers between April and September 2026.

He noted that the allocations covered 1,200 acres in Phase One and 1,500 acres in Phase Two.

He said the physical allocation exercise included 513 clients in Phase One and 670 clients in Phase Two as of October 19, 2026.

The project’s operational development also includes the planting of 1,200 acres in Phase One and 1,500 acres in Phase Two, while more than 150,000 oil-palm seedlings were reportedly ready for transplanting across the two phases.

For Phase Three, the COO said 40,000 oil-palm seedlings were being nursed.

Oluwatosin said the company’s model goes beyond land sales, with the company responsible for preparing land, planting and maintaining the palms and managing production.