By Simeon Shodimu
Nigeria’s agricultural sector has been witnessing an influx of investments by agropreneurs, which has continued to strengthen the country’s quest for agricultural growth and food security.
Farmlife Media is pleased to present one such individual making remarkable contributions to the sector: the CEO of Presco, Olakanmi Rasheed Sarumi, who has been committing significant resources to the development of oil palm across several states in Nigeria.
Olakanmi Rasheed Sarumi serves as Chairman of Presco Plc and Group Managing Director and CEO of Saroafrica International, a major Nigerian agribusiness group with significant interests in agriculture and related value chains.
Sarumi has emerged as a prominent figure in Nigeria’s agricultural investment landscape, particularly in the oil palm industry, where he has been driving large-scale investments in plantation development, processing and refining.
He has also served in national advisory capacities, including as a member of the Presidential Economic Coordination Council and the Presidential Committee on Food Security Systems.
Under his leadership and through the businesses he controls, significant investments have been directed towards expanding oil palm production and processing capacity. In 2026, Presco announced plans to invest an initial $200 million in Ondo State in plantations, a processing mill and a refinery.
A similar $200 million investment was announced for Abia State in March, involving approximately 14,000 hectares, while the company acquired about 10,000 hectares across the Nsadop and Boki plantations in Cross River State in December.
These investments come against the backdrop of a significant supply gap in Nigeria’s palm oil industry. Nigeria faces a substantial deficit in crude palm oil production and spends hundreds of millions of dollars annually importing edible oils. Presco is among the relatively few fully integrated oil palm producers in West Africa, with operations spanning cultivation, milling and refining.
Sarumi’s expansion strategy has also involved major acquisitions. Presco acquired a 52 per cent stake in Ghana Oil Palm Development Company for approximately $124.92 million and subsequently acquired Saro Oil Palm for about $46.7 million. The acquisitions contributed to an increase in Presco’s plantation area from approximately 43,547 hectares to 59,760 hectares.
The expansion has, however, attracted scrutiny. Sarumi had previously owned Saro Oil Palm through Saroafrica International, while also chairing the company that acquired it, raising questions about the governance and related-party nature of the transaction. The acquisition was valued at approximately $46.7 million, while the plantation was not expected to become profitable until 2027.
The expansion has also faced challenges relating to land ownership claims by surrounding communities, while litigation resulted in Presco’s board having to resubmit resolutions passed at its 2024 Annual General Meeting. The company financed part of its expansion through a rights issue of approximately ₦250 billion.
Sarumi’s business interests in the oil palm sector are linked to SIAT, a Belgium-based agribusiness group, through which his control and investment interests in the sector have expanded significantly.
An Agricultural Engineering graduate of Obafemi Awolowo University, Sarumi has also undertaken executive education programmes at Harvard Business School and Lagos Business School.
Through Presco and Saroafrica International, Sarumi continues to participate in the expansion of Nigeria’s agricultural value chain, with particular emphasis on oil palm production, processing, industrial capacity and investment in agricultural infrastructure.
