Presco Plc, Nigeria’s leading palm oil producer, is accelerating its expansion drive across West Africa with two major acquisitions worth a combined $171.6 million. The agribusiness firm, based in Edo State, disclosed on Thursday that it is finalising plans to acquire Saro Oil Palm Limited in Nigeria, even as it moves to conclude an earlier phased takeover of Ghana Oil Palm Development Company (GOPDC) Limited.
The local acquisition, valued at $46.1 million, will bring Saro Oil Palm—currently a subsidiary of Saro Africa International—under Presco’s control. Saro Africa is owned by businessman Rasheed Sarumi, who also serves as Presco’s chairman. The company projects that the deal could generate as much as N85 billion in operating profit by 2029, underscoring its confidence in the long-term potential of the asset.
Saro Oil Palm’s most prized holding is a 10,000-hectare plantation in Edo State, though the project has faced community resistance amid land grab allegations tracked by international watchdogs.
Beyond Nigeria’s borders, Presco is also deepening its footprint in Ghana through the $124.9 million acquisition of GOPDC. The Ghanaian company operates two estates covering 21,000 hectares, with an annual production capacity exceeding 35,000 tonnes of palm oil and palm kernel oil. Presco’s current 52 per cent stake in GOPDC already accounted for 8 per cent of its revenue in 2024, according to its latest audited results.
These acquisitions mark a new chapter in Presco’s corporate evolution, coming just over a year after Oak and Saffron—Saro Africa’s special purpose vehicle—acquired an 86.7 per cent majority stake in Presco from Belgian agribusiness group SIAT SA, which had controlled the company for more than three decades.
To finance the expansion and strengthen its balance sheet, Presco announced it will undertake a rights issue, raising fresh equity capital to refinance debt and fund both transactions.
The aggressive growth strategy is already reflecting in its financial performance. For the first half of 2025, Presco reported a 125.8 per cent surge in revenue to N198.7 billion, while net profit more than doubled to N88.7 billion. Total assets also rose by 29 per cent to N613 billion, reinforcing its position as one of the most capitalised agribusinesses in Nigeria.
By consolidating its Nigerian and Ghanaian operations, Presco is betting on scale, regional integration, and rising demand for edible oils to cement its dominance in West Africa’s palm oil market.