Okitipupa Oil Palm Plc is a palm oil processing company based in Ondo State. It operates estates in areas including Ilutitun, Ikoya, Irele, Iyansan, Igbotako and Apoi. The firm was incorporated in May 1976 as a limited-liability company to take over the Okitipupa Oil Palm Project that Nigerian Joint Agency Ltd had earlier managed.
Its operations include cultivation of oil-palm plantations, milling, kernel processing, refining, and producing related products such as crude palm oil, refined palm oil, palm kernels, stearin, technical oil, and other by-products.
After several years of decline and under-performance, including financial losses, neglect of plantations, ageing mills, and issues of illegal occupation or misuse of its estates, the company has been undergoing a turnaround process. Key turning points include the repossession and rehabilitation of plantation estates, improving the security of its lands, implementing a new agricultural operations model, and restoring some of its milling facilities.
In 2020, Okitipupa Oil Palm reported its highest revenue in twelve years, with sales rising from about ₦281.2 million in 2019 to ₦548.2 million in 2020, nearly a 95% year-on-year growth. Profit after tax for 2020 was ₦229.8 million, a sharp reversal from a modest profit of ₦3.6 million in 2019. The company also resumed paying dividends in 2020, after a 27-year gap without any. The dividend declared was 25 kobo per 50 kobo share.
Beyond financial recovery, OOP has been actively restructuring. Shareholders approved an increase in share capital, from ₦50 million to ₦1 billion, to fund expansion and rehabilitation programmes. In 2024, the company opened its shares to the investing public, listing on the NASD Over-the-Counter (OTC) trading platform, after having been delisted from the main Nigerian Exchange (NGX) in 2011.
More recently, under its new core investor Pink Nominee Ltd (PNL), OOP has embarked on an ambitious modernization programme. This includes acquiring four new, modern mills to replace its two ageing ones.
