The Managing Director of Okitipupa Oil Palm Plc, Taiwo Adewole, has expressed optimism that the company is on the verge of getting to the mainstream of palm oil value chain for sustainable return on their investment.
Adewole, who disclosed this at its Extraordinary General Meeting in Lagos, chaired by the Chairman, Governance Committee of the board, Senator Victor Ndoma-Egba, said three new directors were elected during the meeting to bring their wealth of experience to transform the fortune of the company.
He said: “As a responsible public company, we need to have enough directors to run the company, and this is what this extraordinary board meeting has done. The shareholders have responded and appointed three directors – Mr Bankole Adefemi Oluwajana, Mr. Siyanbola Aderinola Oladapo and Mr. Abubakar Lawal to join the existing eight.
“With this, we now have the full complement of directors to run the company efficiently, to deliver value to the shareholders and that’s essentially why we are here today. With the appointment, I am sure they’ll begin to take further steps that will take the company towards the right direction. We are hoping that before the end of the year, the company will be listed back on the Stock Exchange Market.”
He noted that there are strategic decisions to be made, expressing optimism that the board will begin to take those steps to judiciously utilise the resources that the shareholders have provided, which would be targeted at building new mini infrastructure for the company and then taking steps to develop a brand field.
Adewole, who disclosed the company’s rights issue to raise N3.5b, said the offer was a big success. “We are very glad that the shareholders are supportive of the company and we do promise that we will make judicious use of the resources that you have given to us,” he stated.
He said the new directors are expected to bring new energy and drive to the company and create more value for all stakeholders, adding that this should bring stability to the company.
“Also, if shareholders invest in the company, they don’t want stories. They want value created at the end of the day they want a high and sustainable return on their investment. And that is what has been demonstrated today. We are happy to have the new directors. They have very great profiles and believe they will bring us into the mainstream of the oil palm value chain and I think every shareholder will be happy for it,” he said.
On his part, Ndoma-Egba, who said the company has made remarkable progress in the past few years, added that the company was more or less Mori under for almost 20 years, but currently making profit and declaring dividends.
“I believe with the new directors coming in with new insights, new investments and energies, we will even progress faster than we would have.”
