Presco and Okomu revenues rise 50% on the back of CBN’s 41 item ban

Presco and Okomu Plc, two of Nigeria’s leading producers of palm oil in the country have seen their sales and financial performance boosted significantly by the Federal Government’s ban of the importation of palm oil products into the country.  Both companies released their financial results for 2016 to the Nigerian Stock Exchange yesterday, showing significant rise in both profits and sales.

Both companies are benefiting from the Central Bank of Nigeria’s decision to ban importers from using official foreign exchange to import about 41-items into the country. Palm Oil related products are  on the list of 41-items not eligible for official FX funding.

Okomu is an indigenous agro-allied company engaged in the cultivation of oil palm, processing of fresh fruit bunches into crude palm oil for resale, rubber plantation and processing of rubber lumps into rubber cake for export.

Presco is a fully-integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant. It also has an olein and stearin packaging plant and a biogas plant to treat its palm oil mill effluent.

 

Iheanyi Nwachukwu