OOP acquires 4 high tech mills to boost palm oil production

Okitipupa Oil Palm Plc (OOP), under the leadership Pink Nominee Ltd (PNL) – its new core investor, has acquired four state-of-the-art mills for its eight plantations across Ondo state to boost production after 50 years.

The first and second mills were built 50 and 34 years ago respectively, with no additional one since then, the organiosation said in a statement.

To complement the installation of the new mills and ensure a sustainable primary feeder for them, the organisation has finalised plans to plant nearly 750,000 and 1,200,000 young, high-yield oil palm seedlings on its 5,000-hectare greenfield.

Taiwo Adewole, managing director at OOP said that the measures of acquiring four high tech palm oil mills are part of a strategic vision to reposition the orgabnisation as a major player in the oil palm value chain.

The initiative will be flagged off by Governor Lucky Aiyedatiwa in 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 has also developed a new corporate social responsibility initiative to positively impact the host communities.

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 percent 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 reestablish good corporate governance practices. This commitment to progress is reflected in the extraordinary transformation of the company’s business activities