Okitipupa Oil Palm Plc, is set to increase its share capital from N50m to N1b.
The capital obtained would be injected into projects including the completion, rehabilitation of existing 9000 hectares of brownfield; development of over 5,800 hectares of greenfield; developing refining capacities among others.
Company Chairman, Mobolaji Osomo, disclosed that despite the COVID-19 pandemic, the company was able to commence the turnaround maintanance of its 4.5 tonnes per hour oil milling facility at Ipoke, which would be completed in six months.
Chief Executive Officer of the company, Mr. Taiwo Adewole, stated that although some government policies supported the company’s growth trajectory, the board and management took strategic steps to reposition the company.
He said that the State Government under governor Rotimi Akeredolu provided adequate security support that helped the company repossess its plantations.
He explained that the management also put in place an innovative operational model, which was to licence out the plantations which reduced the company’s expenditure.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, who spoke on behalf of the shareholders, said that a lot of years had been wasted, noting that the dividend declared of 25k was not much, but expressed the shareholders happiness with the current profit turnaround of the company.
He said that the shareholders had high hopes on the company and were elated that it was on the part of profitability.
Annual reports of the company from 2008 to 2019 were presented at the AGM.