Pink Nominee Ltd, the new core investor of Okitipupa Oil Palm Plc, has commenced a modernisation drive in the company with the acquisition of four new state-of-the-art mills.

These new mills were acquired several decades after the first and second mills were installed, and they would be installed at the Ikoya, Apoi, Ilutitun, and Iyansan Plantation Estates.

In a statement issued on Monday, it was disclosed that to complement their installation and ensure a sustainable primary feeder, the company has finalised plans to plant nearly 750,000 and 1,200,000 young, high-yield oil palm seedlings on its 5,000-hectare greenfield, an initiative expected to be launched by the Ondo State Governor, Lucky Aiyedatiwa, in the second quarter of 2025.

The Managing Director, Mr. Taiwo Adewole, said that these measures are part of a strategic vision to reposition the company as a major player in the oil palm value chain.

“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 per cent growth in its share price since the initial listing in June 2024,” part of the statement read.

After acquiring the controlling interest, PNL has moved to re-establish good corporate governance practices in the firm.