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AGM: Presco Declares N44.66 Total Dividend on Record profit

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PRESCO.LG NGX: PRESCO), Nigeria’s leading fully integrated agro-industrial company, today held its 33rd Annual General Meeting (AGM), where shareholders adopted the Company’s audited financial statements for the year ended 31 December 2025 and approved key business and governance resolutions. The AGM also highlighted Presco’s record 2025 performance, its expanded regional platform and priorities for 2026.

Presco delivered record financial performance in 2025. Revenue rose 59.3% to ?330.6 billion, Profit Before Tax (PBT) increased 57.1% to ?177.9 billion and Profit After Tax (PAT) rose 56.1% to ?121.4 billion. EBITDA grew 43.7% to ?211.8 billion, while total assets increased 94.9% to ?926.0 billion. A landmark ?236.7 billion rights issue more than doubled total equity to ?442.7 billion, materially strengthening the balance sheet and supporting the Company’s growth plans.

Shareholders approved a final dividend of ?14.66 per 50 kobo ordinary share, taking the total dividend for FY2025 to ?44.66 per share. The payout reflects Presco’s disciplined approach to balancing reinvestment for growth with consistent cash returns to shareholders.

Commenting on the Company’s performance, Mr. Rasheed Olakanmi Sarumi, Chairman, Presco Plc, said:
“I commend our management teams across the region for their exceptional execution during a transformational year, and I thank my colleagues on the Board for their diligent oversight.
The record performance delivered in 2025 reflects the strategic choices we have made and the stronger regional platform we are building.

As we integrate our operations across Nigeria and Ghana, our focus remains clear: build scale, improve efficiency and create sustainable long-term value for our shareholders and stakeholders.”

The record performance was matched by significant strategic progress. Presco completed the acquisition of the remaining 48% shareholding in Ghana Oil Palm Development Company Limited (GOPDC), taking its ownership to 100%, and acquired Saro Oil Palm Limited (SOP), including the Nsadop and Boki estates in Cross River State.

Together, these transactions expanded the Company’s plantation base and production pipeline, deepened its regional presence and positioned Presco for medium- to long-term volume growth. The successful rights issue further strengthened funding capacity for integration and expansion.

Commenting on the Company’s outlook, Mr. Reji George, Managing Director and Chief Executive Officer, Presco Plc, said: “We enter Presco’s next phase of growth with greater scale, stronger operating capabilities and a more integrated regional platform. Our priority is to convert that scale into measurable efficiencies and stronger performance, while building the people, systems and capabilities required to sustain growth across West Africa.”

The AGM also recorded key governance outcomes. Shareholders ratified the appointments of Mr. Ademola Adebise, Mr. Adewale Arikawe and Mr. Francois VanHoydonck as Directors of the Company, while Mr. Rasheed Olakanmi Sarumi, Mr. Abdul Akhor Bello and Ms. Osayi Alile were re-elected as Directors retiring by rotation.

The Chairman paid tribute to Mr. Felix Nwabuko FCA, a former Managing Director and Chief Executive Officer of Presco and former Group Chief Executive Officer of SIAT, who retired from the Board with effect from 2 January 2026, and expressed the Board’s appreciation for his distinguished service and enduring contribution to the Company.

Looking ahead, Presco is focused on translating its expanded scale into stronger operational performance and sustainable value creation. Immediate priorities include completing operational harmonisation across its businesses, capturing synergies across procurement, production and logistics, optimising the integrated cost base and pursuing disciplined growth opportunities aligned with the Company’s long-term strategy.

With a stronger balance sheet, an increasingly integrated operating model and a growing regional platform, Presco is well positioned to strengthen its competitive position across the West African edible oils value chain and deliver sustainable long-term value for shareholders and other stakeholders.

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NDDC Tasks Contractors, Consultants On ADR For Faster Project Delivery

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The Niger Delta Development Commission, NDDC, has charged contractors and consultants handling its projects across the Niger Delta to embrace Alternative Dispute Resolution, ADR, mechanisms to ensure faster and sustainable project delivery.

The Managing Director and Chief Executive Officer of the Commission, Dr Samuel Ogbuku, gave the charge while declaring open a three-day sensitisation programme with the theme: “Enhancing Capacity for Alternative Dispute Resolution” for NDDC contractors and consultants.

Ogbuku, who was represented by the Executive Director, Corporate Services, Hon. Ifedayo Abegunde, said the programme was informed by the recognition that while conflicts are inevitable in project implementation, their escalation can be prevented through early identification and professional management.

He noted that disagreements in the course of execution could arise from issues such as payments, variations, designs, project timelines, quality of work, measurements, access to sites, contractual obligations and relationships with host communities.

According to him, the ability to address such issues promptly could determine whether a problem is resolved within days or allowed to degenerate into a dispute lasting months or years.

The NDDC Chief Executive said the consequences of delayed projects go beyond the Commission and its contractors, stressing that communities waiting for roads, bridges, schools, healthcare facilities and other interventions bear the ultimate burden.

He listed delayed completion, increased project costs, strained relationships, litigation, claims and loss of valuable time among the consequences of unresolved conflicts.

Ogbuku described contractors and consultants as critical first responders in conflict management because of their proximity to project sites, host communities and emerging challenges, and urged them to develop capacity to identify early warning signs and negotiate effectively.

He identified negotiation, mediation, conciliation, adjudication and arbitration as practical ADR mechanisms that could be deployed depending on the nature of disputes, adding that the International Federation of Consulting Engineers, FIDIC, emphasizes early dispute avoidance as key to successful delivery.

He stressed that ADR should not be seen as a means of avoiding accountability or compromising legitimate contractual rights, but as a mechanism for addressing problems intelligently, proportionately and early enough.

Also speaking, the Director of the Alternative Dispute Resolution Department, Mr Godwin Ayewumi Ogedegbe, said the complex social, economic and environmental realities of the Niger Delta often generate tensions which, if poorly managed, could undermine development projects.

He said contractors must understand host community dynamics to ensure their interventions promote inclusion, trust and cooperation, rather than deepening divisions.

Presenting the lead paper, Prof. Isaac Olawale Albert called on the NDDC and its contractors to integrate conflict sensitivity and ADR into everyday project execution, warning that technically sound projects could still fail when community expectations and grievances are poorly managed.

He identified elite capture, exclusion, local-content disputes, land and compensation issues, employment grievances and environmental concerns as major risks, and advocated stakeholder mapping, transparent communication, early-warning mechanisms and accessible grievance channels, declaring that “peace is not an accessory to project delivery; it is part of the infrastructure we are building.”

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16 Niger Delta Universities Clash in 2026 NDDC Moot Court Competition in Port Harcourt

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Sixteen law faculties from universities across the Niger Delta region have gathered in Port Harcourt for the 2026 Niger Delta Development Commission, NDDC, Moot and Mock Trial Competition.

The competition opened on Monday at the Nigerian Law School, Port Harcourt Campus. The Chairman of the NDDC Governing Board, Mr. Chiedu Ebie, reaffirmed the commission’s commitment to strengthening legal education and human capacity development as key drivers of sustainable growth in the region.

Mr. Ebie said legal advocacy plays a strategic role in shaping confident and competent legal minds that can address the challenges confronting the Niger Delta.

He explained that the moot court competition was originally conceived as an annual programme but was suspended for about eight years. He added that the current Governing Board revived it and that the 2026 edition marks the third consecutive year it has been held.

The Board Chairman also highlighted the commission’s Foreign Postgraduate Scholarship Programme. He said 200 indigent students from the Niger Delta, aged below 40, are selected annually for one-year postgraduate programmes abroad.

According to him, “The NDDC spends about $40,000 per beneficiary, in addition to a pre-departure grant of approximately ?6.5 million to support related expenses.”

He disclosed that 51 beneficiaries graduated with distinctions in 2023, while 59 recorded distinctions in 2024. Due to the high number of applications, more than 10,000 for only 200 slots, the commission introduced a domestic postgraduate scholarship. Under it, 1,000 deserving students receive ?5 million each to pursue postgraduate studies in Nigerian institutions.

Beyond scholarships, Mr. Ebie said the NDDC is investing in university infrastructure, particularly student accommodation. He cited the construction of a 200-bed hostel at Niger Delta University, Amassoma, and disclosed plans for similar projects at the University of Benin and the University of Delta, Abraka.

The commission further linked the moot and mock trial competition to its broader efforts to use law and legal advocacy to address development challenges in the Niger Delta. It recalled its recent Law and Development Summit, which brought together civil leaders and experts to examine the relationship between law and sustainable development.

The Managing Director and Chief Executive Officer of the NDDC, Dr. Samuel Ogbuku, urged law students to deploy their skills for regional development. Represented by the Director of Finance and Administration, Hon. Boma Iyaye, he described moot court competitions as critical platforms for equipping aspiring lawyers with practical advocacy skills.

Delivering the keynote address, retired Supreme Court Justice, Justice Mary Ukaego Odili, urged students to embrace moot court competitions as a veritable platform for building confidence before entering legal practice. She said such contests bridge the gap between classroom learning and the realities of courtroom advocacy.

In a goodwill message, the 30th President of the Nigerian Bar Association, Mr. Olumide Akpata, commended the NDDC for the initiative. He advised the competing students that the competition was more than winning a trophy. “As you participate, learn to research thoroughly, think independently, listen carefully, speak confidently, and argue respectfully,” he stated.

 

By Akujobi Amadi

PORT HARCOURT

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Former Rivers Councillor Bags PhD

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Former Councillor of the Oyigbo Legislative Assembly, High Chief (Hon.) Godson Chukwudi Oyegorom, has been awarded a Doctor of Philosophy (PhD) by Haggai International School of Divinity, an affiliate of Open University, USA.
Oyegorom was among the graduands honoured during an epoch-making graduation and empowerment ceremony held at St. Mark’s Anglican Church, Oyigbo, Rivers State, where more than 200 beneficiaries also received training and empowerment in various skills.
The ceremony attracted friends, relatives, in-laws, community leaders and other well-wishers who gathered to celebrate the achievements of the graduating students.
Speaking during the presentation of certificates to the graduands, the Director-General of Haggai International School of Divinity, Prof. Kotoye, said the programme, which commenced two years ago, had successfully produced graduates in different areas of academic and skills development.
According to him, the programme was structured in two phases, with participants graduating with Doctor of Philosophy degrees as well as acquiring practical skills in various fields.
Prof. Kotoye urged the graduating students to focus on personal growth, capacity building and contributing meaningfully to the development of society.
He expressed satisfaction with the quality of graduates produced by the institution, noting that they had been properly tested, groomed and equipped with the knowledge and skills required to make positive contributions to society.
The Director-General said the establishment of Haggai International School of Divinity in the Garden City had contributed to educational advancement in Rivers State while empowering youths to excel in various areas of human endeavour.
He expressed confidence that the graduands would live up to expectations by applying the knowledge and skills acquired towards achieving their personal aspirations and contributing to the development of society.
Prof. Kotoye also commended the member representing Oyigbo Constituency in the Rivers State House of Assembly, Prince Gerald Oforji, for his support towards the success of the programme.
He disclosed that the lawmaker contributed more than 60 per cent of the resources deployed for the empowerment and skills acquisition component of the programme, describing his contribution as worthy of commendation.
Speaking on behalf of the graduating students, Dr. Godson Oyegorom expressed gratitude to God for enabling him and his colleagues to successfully complete the programme.
Oyegorom described the attainment of the PhD as a major milestone for him and his family, attributing the achievement to the grace of God, dedication, hard work and passion.
He noted that the accomplishment had brought immense joy to the Oyegorom family, particularly as he had followed in the footsteps of his elder sister, who he said was the first PhD holder in their kindred.
“I am happy that the academic journey which started two years ago has finally come to fruition. This was achieved through dedication, hard work and passion,” he said.
He encouraged youths to remain dedicated and committed to their education, personal development, God and the service of humanity.
The former councillor also thanked members of the Oyigbo Ex-Councillors Forum, friends, family members and other well-wishers for their support and solidarity throughout his academic journey.

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