The managing director of Okitipupa Oil Palm Plc, Taiwo Adewole, has emphasized the potential for Nigeria to reclaim its position as a leading oil palm-producing nation if the government creates a favourable environment for agribusinesses.
Speaking at the signing ceremony for the Okitipupa Palm Oil Plc rights issue with the Nigerian Stock Exchange in Lagos, Adewole stressed the importance of investing locally to support farmers and reduce the need for palm oil imports.
Adewole highlighted Nigeria’s historical connection to palm oil production and advocated for prioritizing local production to meet domestic demand before considering exports.
He expressed optimism about the company’s aim to raise N3.5 billion through issuing shares at a discounted price, emphasizing the significance of this step in achieving the firm’s transformation goals.
However, he acknowledged the challenges posed by insecurity, which he identified as the primary obstacle for farmers.
Adewole welcomed efforts to address insecurity, including the approval of state police by the federal government and governors.
Oluwatobiloba Kuye, representing Greenwich Merchant Bank, expressed satisfaction with the progress made in facilitating Okitipupa Plc’s recapitalization efforts.
He emphasized the importance of shareholders supporting the company’s vision for continued profitability.