ZICHIS Agro Allied Industries Plc has taken a major step in advancing its long-term growth strategy with the acquisition of 2,000 acres of land in Ogun State to expand its oil palm plantation and processing capacity.
In a notification to the Nigerian Exchange Limited (NGX) on Tuesday, shareholders and the investing public, the company disclosed that it has signed land purchase agreements with the communities of Ajebo and Ogbere in Ogun State. The acquisition forms part of the company’s medium- to long-term plan to strengthen its position in Nigeria’s oil palm industry and deepen its footprint across the agricultural value chain.
According to the board of directors, the new land bank will be dedicated primarily to oil palm cultivation, reinforcing the company’s ambition to become a leading player in plantation development and downstream processing. The move is also expected to enhance raw material security for its processing operations, reduce supply chain constraints, and improve overall operational efficiency.
Beyond oil palm production, Zichis Agro Allied Industries Plc said it intends to adopt an inter-cropping strategy in the short- to medium- term by cultivating maize and cassava alongside palm seedlings. The approach is designed to optimise land use during the early growth cycle of the oil palm trees while generating additional revenue streams.
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The company noted that the inter-cropping initiative will contribute to national food security efforts by increasing the supply of staple crops such as maize and cassava. It also aligns with its backward integration strategy, enabling the firm to harness operational synergies and strengthen its agricultural ecosystem.
Industry analysts say the acquisition signals growing private sector investment in large-scale agribusiness, particularly in oil palm cultivation, as companies seek to tap into rising domestic demand for palm oil and related products.
With the Ogun expansion, Zichis Agro Allied Industries Plc is positioning itself for sustained growth, improved value addition, and stronger competitiveness within Nigeria’s agricultural landscape.
NGX probes Zichis trading
On Monday, the Nigerian Exchange Limited (NGX) suspended trading in the shares of Zichis Agro-Allied Industries Plc pending the outcome of a regulatory investigation into recent trading activities.
In a market bulletin issued to dealing members, the NGX said the suspension took effect from February 23 and would remain in place until the review was concluded.
In a separate investor note, the NGX said it had observed significant price movements in the shares of some listed companies in recent trading sessions, urging investors to predicate investment decisions on publicly available information and a careful assessment of companies’ fundamentals, risk profile and financial performance.
“NGX confirms that it will continue to monitor trading activity to ensure market integrity and compliance with the Exchange’s Rules,” the notice read.
The exchange also advised investors to exercise due diligence before making investment decisions, avoid speculative trading based on rumours or unverified information, and consult licensed stockbrokers or investment advisers where necessary, reiterating its commitment to maintaining a fair, orderly and transparent market.
On its part, Zichis Agro-Allied Industries Plc issued a warning to shareholders and the investing public, acknowledging the recent surge in the price and trading volume of its shares.
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“The Company remains committed to complying with its continuous disclosure obligations under the applicable Listing Rules and will promptly notify The Exchange and the investing public of any material information requiring disclosure,” the statement read.
Zichis Agro-Allied Industries urged shareholders and potential investors to exercise caution when dealing in its shares pending further clarification, noting that to the best of its knowledge, there was no material information or corporate development that had not been disclosed to the market.
Zichis Agro Allied Industries Plc was listed on the NGX Growth Board on January 20. The company is listed with 1.086 billion shares at N1.81 per share, but it has since grown by 772.36 percent year-to-date, fuelling patronage but also suspicion among market makers.
