Source: World Rainforest Movement
Okomu Oil Palm, which operates in the palm oil as well as rubber production business, was established in 1976 as a Federal Government of Nigeria pilot project covering an area of 15,580 hectares out of which 12,500 hectares could be planted with oil palm. In 1979 the company was incorporated as a private company with limited liability and in 1990, within a Structural Adjustment Programme, it was converted to a Public Limited Company (PLC). It is a member of the Belgian Socfin, a global player group in the cultivation of oil palm as well as rubber, coffee and tropical flowers. Socfin owns 62.69% of Okomu Oil Palm’s shares.
It has since grown to become one of Nigeria’s leading oil palm companies with an oil palm area of 9.713 ha (2012) in the State of Edo, with plans to add 402 ha in 2013 and other 400 ha in 2014.
The company’s 2012 annual report announced the intention to expand its oil palm and rubber plantations and also revealed plans to build the biggest oil mill in Africa expanding its oil mill capacity from 30 tons per hour to 60 tons per hour in Sierra Leone (see article below). Continue reading