Ownership of oil palm giant Presco returns to Nigeria after 33-year Belgian control.

Presco is the country’s biggest fully integrated agro-industrial palm processor, according to GCR Ratings.

Oil palm powerhouse Presco switched ownership from long-time investor Siat N.V, based in Brussels, Belgium, which had held on to the company’s majority control for well over three decades until the start of this month.

Fimave N.V., holder of 86.7 per cent of the total issued shares of Siat, which owned a 60 per cent interest in Presco, consummated a deal shifting that stake to Oak and Saffron Limited, the oil palm processor said in a regulatory note.

Oak and Saffron, PREMIUM TIMES check with Corporate Affairs Commission shows, is backed by Rasheed Sarumi, founder, owner and managing director of Saro Africa International, an agribusiness group whose subsidiaries include Gossy Warm Springs, Saro Agrosciences, Saro Oil Palms and Saro Lifecare.

Oak and Saffron is “established for oil palm, rubber and horticulture businesses” and “intends to keep Presco Plc Plc listed on the NGX,” Presco stated in the document. Yet, the company has little or no online presence, with no website.

The document said the transaction is “strategic” for Oak and Saffron, especially “its long-term commitment to developing the oil palm and rubber industries in West Africa and the horticulture industry in China, Belgium and the United States.”

The takeover moves the control of approximately 50,000 hectares of currently-cultivated oil palms on a plantation able to produce 100,000 metric tons of palm kernel oil, crude palm oil and natural rubber in thousands of metric tons every year to the new investor.

Benin City-based Presco is the country’s biggest fully integrated agro-industrial palm processor, GCR Ratings says. In addition to six oil palm plantations are a palm kernel crushing plant, palm oil milling facilities and vegetable oil refining & fractionation plants.

Siat has been operating in Nigeria since 1991 when it bought the government-owned Obaretin Estate, then comprising 2,700 hectares of cultivated area.

Last March, it was fingered in a report by Journalismfund Europe for polluting the groundwater of its host community in Rivers State where the company acquired the assets of Risonpalm, a smaller rival owned by the state.

Such sustainability issues and others like deforestation and land grab for oil palm production are generating heated debates on the need for the industrial oil palm industry to adhere to high environmental, social and governance (ESG)principles.

That is compelling activists and environmentalists to demand strict criteria for how an organisation like Roundtable for Sustainable Palm Oil issues, of which Siat is a member, issues badges of approval to companies they deem to be environmentally responsible.

Presco ended 2023 reporting a 27.3 per cent growth in revenue, and its net profit, at N30.4 billion, more than three times higher than the previous year’s.

Total assets rose to N171.7 billion from N132.4 billion a year earlier, according to its unaudited earnings report.

Source: https://www.premiumtimesng.com/business/business-news/678571-ownership-of-oil-palm-giant-presco-returns-to-nigeria-after-33-year-belgian-control.html

If Hope Uzodinma cannot manage Adapalm, he should lease or sell it to Presco. As Nigeria's largest palm plantation, Adapalm can generate Imo State over #120 billion per annum.

This is what you get when the Supreme Court decides who will be your governor. There's a lot of money in farm produce now.

https://innonews.com.ng/2021/08/05/adapalm-can-generate-n10bn-monthly-gm/?amp

SoNature:
If Hope Uzodinma cannot manage Adapalm, he should lease or sell it to Presco. As Nigeria's largest palm plantation, Adapalm can generate Imo State over #120 billion per annum.

This is what you get when the Supreme Court decides who will be your governor. There's a lot of money in farm produce now.

https://innonews.com.ng/2021/08/05/adapalm-can-generate-n10bn-monthly-gm/?amp

You are so correct

I hope it is for the good of the nation....

Hmmmm
Interesting . So apart from imo state having the largest gas reserves in Africa they also have such a gigantic palm oil plantation? Plus all the crude oil wells ? All in the same state ?

Nigerian Leaders are just evil and corrupt

SoNature:
If Hope Uzodinma cannot manage Adapalm, he should lease or sell it to Presco. As Nigeria's largest palm plantation, Adapalm can generate Imo State over #120 billion per annum.

This is what you get when the Supreme Court decides who will be your governor. There's a lot of money in farm produce now.

https://innonews.com.ng/2021/08/05/adapalm-can-generate-n10bn-monthly-gm/?amp

it is easier said online and on paper

So the Belgians are still here?🤔

If only you see the size of this farm that you would know how much money this guys are making. If this country was well managed, only agricultural sector alone can generate more than a enough for all.

Ok

SoNature:
If Hope Uzodinma cannot manage Adapalm, he should lease or sell it to Presco. As Nigeria's largest palm plantation, Adapalm can generate Imo State over #120 billion per annum.

This is what you get when the Supreme Court decides who will be your governor. There's a lot of money in farm produce now.

https://innonews.com.ng/2021/08/05/adapalm-can-generate-n10bn-monthly-gm/?amp

You get issue with Isodima, solve it.
Stop lying with statistics.

Meanwhile, I read in history that Malaysia learned oil palm business from Nigeria and today they are world biggest palm oil sellers.
Nigeria always relenting on promoting her future!

This is a Major Breakthrough For Edo & Delta ,

Good News!

Never heard of Presco before...

Abi na Presco Palm oyel, I dey chop since wey I no no?

SoNature:
If Hope Uzodinma cannot manage Adapalm, he should lease or sell it to Presco. As Nigeria's largest palm plantation, Adapalm can generate Imo State over #120 billion per annum.

This is what you get when the Supreme Court decides who will be your governor. There's a lot of money in farm produce now.

https://innonews.com.ng/2021/08/05/adapalm-can-generate-n10bn-monthly-gm/?amp

You mean the same Supreme Court president you people prayed vehemently that Peter Gregory obi became but God bleeped you up 😆

Na so you go dey praise Alex otti for 500billion budget being sponsored with 70% loans but criticizing other politicians for doing something not even close.


Obi people and hypocrisy

Oil palm is one of the areas Nigeria failed woefully. It should have been our second major export after crude oil if we had focused leaders. Check Indonesia; in the past, they were nothing compared to Nigeria in oil palm resource. Today, they are major producers and exporters of oil palm all over the world

Rasheed Sarumi, founder, owner and managing director of Saro Africa International, an agribusiness group whose subsidiaries include Gossy Warm Springs, Saro Agrosciences, Saro Oil Palms and Saro Lifecare.

Rasheed has done well for himself. I liken his company Saroafrica to Syngenta.

That's good

See the humongous profit they declare year in year out yet the workers work like slaves in their plantation and production plants.

Obasanjo should be cursed everyday for instituting contract jobs in Nigeria.

This is what is killing the brains of young Nigerians everyday and also fueling brain drain. How can you be working like a slave in your own fatherland while the government is busy looting and padding budget?

Ok

Reforms of Obaseki led government

Lip service as always. Propaganda govt.

This is suppose to be good news but since it's Nigeria it will be bad.

Staffs over-time benefits, health insurance, leave allowance, housing allowance, holiday bonuses will all be slashed by the new Nigerian management. Not forgetting nepotism also.

After Shell sold their onshore assets to Nigerian oil firms to manage that's exactly what happened

CountinBlessins:
Hmmmm
Interesting . So apart from imo state having the largest gas reserves in Africa they also have such a gigantic palm oil plantation? Plus all the crude oil wells ? All in the same state ?

Nigerian Leaders are just evil and corrupt

Who tutored this Nigerian leaders ?
Are these Nigerian leaders aliens?

PlayerMeji:
Never heard of Presco before...

Abi na Presco Palm oyel, I dey chop since wey I no no?

That company is based in Nigeria but earns in dollars.

PlayerMeji:
Never heard of Presco before...

Abi na Presco Palm oyel, I dey chop since wey I no no?

That company made a lot of people extremely wealthy. At some point in time and just few years ago, it's share price was barely up to N10, suddenly it picked and rose to over N200!
They are very profitable multibillion naira company today. The Belgians really tried too. They achieved their vision before divesting.

The founder of the new major shareholder who now owns the controlling shares in Presco is Rasheed Sarumi, a Nigerian who is phenomenally successful but is hardly in the media attention. The Sarumi family I know like late Dapo Sarumi of the SDP days are from Epe, Lagos East Senatorial district. I learnt that some Sarumi family are from Ilesha, Osun state too. Congratulations to Nigeria.

Some Nigerians are doing great exploits while many others feast on negativity and still wonder why they keep losing out in the land. In life, if you focus on the positive, you attract it and if you focus on the negatives you will equally attract negative events with your negative mindset.

God bless Nigeria for ever! Check my signature for free stuffs!

Impressive News

Welcome Back Boss.

Ok

Ok, Mr Sarumi may just be gunning to become one of the richest men in Nigeria at this rate.