Zichis Agro Allied Industries to Acquire Palm Plantation

Zichis Agro-Allied Industries Plc announced on October 26, 2026 that its Board of Directors, at a virtual meeting held on October 23, 2026, approved management's plan to begin acquiring a 221-hectare oil palm plantation owned by Amandel Nigeria Limited.

The plantation is located along the Ago-Kona Elegbeke Road, off the Owo/Ifon Express Road, in Ose Local Government Area, Ondo State. It consists of 74 hectares of fruiting palms, 54 hectares of palms under two years old, and 93 hectares yet to be cultivated.

Zichis currently operates 61 acres of fruiting palm, projected to yield approximately 244 tonnes of Fresh Fruit Bunches this year. At a 20% Oil Extraction Rate, that translates to roughly 49 tonnes of Crude Palm Oil. The Company also acquired 2,000 acres of land earlier in 2026 for new cultivation, with over 300 acres already farmed, though those palms require another four to five years to yield maximally.

Futureview Financial Services Limited has been appointed as financial adviser for the transaction. The deal remains subject to due diligence, agreement on final terms, and all required regulatory approvals.

The Board also approved the Company's nine-month unaudited financial statements, due for public release on or before October 30, 2026.