SIAT invests $100 million in Rasheed Sarumi-led Presco

Edo State is set to receive a $100 million foreign investment as Belgian agro-industrial group SIAT NV injects fresh capital into Presco Plc, Nigeria’s largest fully integrated agro-industrial palm processor, chaired by Rasheed Sarumi. The funding is part of a broader $1 billion plan to expand operations across the country over the next decade. 

The first tranche will scale Presco’s production, expand plantations, and enhance value-added processing, the company said Monday. It will also fund technology upgrades and workforce development, reinforcing Nigeria’s position in the regional edible oils and specialty fats market.

Strong local focus, international confidence

“Nigeria and Edo State remain central to Presco’s long-term strategy,” said Olakanmi Rasheed Sarumi, chairman of Presco Plc. “This renewed investment reflects our confidence in ongoing reforms, the resilience of the country, and the leadership guiding Presco’s steady performance.” 

The project is expected to create thousands of jobs and boost local output as plantation development and processing capacity expand. Presco, listed on the Nigerian Exchange, is a major regional employer and one of the country’s largest integrated palm oil producers. 

Rising domestic demand, coupled with government policies, aimed at reducing dependence on imported vegetable oils, has supported Presco’s strong shareholder returns in recent years. The new investment is expected to accelerate its growth and strengthen Edo State’s role in Nigeria’s industrial diversification away from oil. 

Presco’s growth under new leadership 

Founded in 1991, SIAT NV has long managed agro-industrial operations in tropical regions, acquiring a majority stake in Presco that has since contributed roughly 60 percent of group revenue. Operating from Edo State, Presco is one of West Africa’s few fully integrated palm oil processors and a key player in Nigeria’s efforts to cut imports and boost local production.

Since Sarumi became chairman in May 2024, Presco’s profit for the nine months ended Sept. 30, 2025, rose to N110.79 billion ($75.7 million) from N51.76 billion ($35.4 million) a year earlier, while revenue nearly doubled to N274.5 billion ($187.5 million). Last month, the company announced plans to raise N237 billion ($164 million) through a rights issue to expand its footprint and strengthen its market position in edible oils.