Okitipupa Oil Palm Plc, has bounced back, after being moribund for years, contributing well to the country’s economy by providing jobs for thousands of Nigerians.
It took the present management, drastic decisions in the last three years, to put the once bouncing company on the right path.
Taiwo Adewole, Managing Director of the organisation, stated that the company is today a totally rebranded company with far greater potential never explored in the last 30 years.
According to him, ” we came in 2018, the company was in total comatose with no hope for the future. But today, we want to thank God that it has become a totally different company. It holds the promise for the future, because the result that is coming out today is totally different. The various strategies and drastic decisions we have taken in the last three years, has paid off with great results.
Adewole harped on continuous re-engineering for successes recorded.” In 2018, when we came in, we started with cashless policy, which gave us the opportunity to have full control of our income. Also, because of the huge illegality going on in our plantations, with the support of the Ondo State government that provided the required security, we were able to have some measures of control of the plantations, which prior to our coming, had been totally taken over by illegal harvesters, some of who even set up illegal mills close to some of our plantations. That is to tell you the extent we had lost out the company and to prove that it was no longer in the hand of management. The plantations, collectively is the soul of the company. However, in 2020, we had to change strategy, which was very novel and at the end of 2020, our result has shown to us that we were right with the strategy we adopted, we now have over 200 per cent return on revenue and for the first time the company has reported a profitability that is enough to wipe our 12 years of consistent losses. This for us, is monumental and we believe that when we consolidate in 2021 to further drive up the profit up looking of the company.
The Chief Executive Officer of the company stated that, ” We have also embarked on a strategic move to commence the development of our green fields, which is about 6,000 hectares that has never been done in the last 40 years.
We have about 14,000 hectares and about 9,000 of it was developed between 1968 and 1974. After that, there has not been any development in OOP. The land has been there with a lot of encroachment here and there, but because of the level of change that we have achieved within three years, we discovered that, this is the best time to start planning for the development of the 6,000 hectares green fields, so that we can push up our revenue and be able to face our real development. Today, most of our palms are very old, we can’t deny that.
We believe that by the time we have fully developed the green fields and they start yielding, then, we can put in place a plan to start re-planting the old ones “.