Acquires four new high tech mills
The Okitipupa Oil Palm Plc, under the leadership of its new core investor, Pink Nominee Ltd (PNL), has embarked on groundbreaking modernisation project with the acquisition of four state-of-the-art mills to be installed in some of its eight plantations located across three local councils of the Ondo State.
The first and second mills were built 50 and 34 years ago respectively, with no additional one since then.
To complement the installation of the new mills and ensure a sustainable primary feeder for them, 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. This initiative will be flagged off by the Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, during the second quarter of 2025.
In line with the board’s directive, the new mills would be installed at the Ikoya, Apoi, Ilutitun , and Iyansan Plantation Estates.
OOP Plc has also developed a new Corporate Social Responsibility (CSR) initiative to positively impact the host communities.
The Managing Director, Mr. Taiwo Adewole, stated that these measures are 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 the company’s share price since its initial listing in June 2024.
It is worth noting that PNL, having successfully acquired a controlling interest in OOP Plc, has moved swiftly to re-stablish good corporate governance practices. This commitment to progress is reflected in the extraordinary transformation of the company’s business activities.
