“Nigeria Poised to Lead in Oil Palm Production with Proper Support, Says Okitipupa MD”
Taiwo Adewole, the managing director of Okitipupa Oil Palm Plc, has emphasized that Nigeria has the potential to reclaim its position as the largest producer of oil palm globally if the government provides adequate support to the agricultural sector.
Adewole made this assertion during the signing ceremony for the Okitipupa Palm Oil Plc’s right issue with the Nigerian Stock Exchange in Lagos held in February. He stressed that Nigeria should no longer rely on palm oil imports but rather invest in local production by supporting farmers.
Expressing his views, Adewole stated, “I firmly believe that Nigeria should not be importing palm oil for any reason. Instead, we should invest in local farmers to boost the economy and reduce the pressure on the government to import processed palm oil with foreign currency.”
He highlighted the importance of Nigeria regaining its status as a leading oil palm producer, emphasizing that the country should focus on meeting local demand before considering exportation.
“Our priority should be to satisfy domestic consumption needs first and then explore opportunities for exporting surplus production,” Adewole emphasized.
Regarding Okitipupa Oil Palm Plc’s initiative to raise N3.5 billion, Adewole explained that the company aims to issue approximately 382 million shares at N9 per share. He emphasized that the discounted price is intended to encourage existing shareholders to participate in the company’s growth.
“This right issue marks a significant milestone in our recapitalization journey. Okitipupa Plc is poised to become a major player in Nigeria’s agricultural sector, and we are committed to delivering value to our shareholders,” Adewole remarked.
Addressing the challenges facing farmers, particularly insecurity, Adewole stressed the urgent need for improved security measures. He applauded the government’s approval of state police as a step in the right direction, emphasizing that security is paramount for agricultural development.
Oluwatobiloba Kuye, the desk officer handling the transaction for the right issue at Greenwich Merchant Bank, expressed optimism about Okitipupa Plc’s future. He commended the company’s efforts to recap
