• Presco plans $162M rights issue to raise capital
• 166.6M shares offered at ₦1,420 each to shareholders
• Funds to expand palm oil output, cut import dependence

Presco Plc, one of Nigeria’s leading palm oil producers, plans to raise as much as 236.7 billion naira (about $162 million) through a rights issue to boost its capital base. The company has applied to the Nigerian Exchange Limited (NGX) for approval to list the new shares, according to a statement from the exchange dated Oct. 13, 2025.

The rights issue covers 166.6 million new ordinary shares with a nominal value of 50 kobo each, offered at 1,420 naira per share. Existing shareholders will be entitled to one new share for every six held. Only shareholders on record as of Oct. 13, 2025, will be eligible to participate.

The offer is being managed by CardinalStone Securities, Dunbell Securities, and Meristem Stockbrokers, the statement said. Presco plans to use the proceeds to expand production capacity, invest in agro-processing and sustainability projects, and reinforce its market position in Nigeria’s palm oil sector, considered key to the national economy.

The company aims to become Nigeria’s leading producer of specialty fats and oils and to strengthen its competitiveness amid growing regional demand for palm-derived products.

Nigeria is Africa’s largest palm oil producer, yet the country still imports up to 25% of its roughly 2 million metric tons in annual consumption. The government and industry players are seeking to narrow the gap and promote self-sufficiency.

Sandrine Gaingne