PalmCrest targets 5% boost to Nigeria’s oil palm output
PalmCrest, an oil palm investment project promoted by Reftop Homes Limited, is targeting the production of 75,000 metric tonnes of palm oil by 2031, with the company projecting that its planned five per cent contribution to Nigeria’s oil palm output could help move the country from fourth to second place among Africa’s producers.
The company disclosed this at a press conference in Lagos where its management presented an update on plantation development, farmland allocations, subscriber participation and plans to expand agricultural production and processing capacity.
Managing Director of Reftop Homes Limited, Oyinkansola Yusuf, explained that the targeted contribution was expected to strengthen Nigeria’s position in Africa’s oil palm industry, adding that the projection forms part of the company’s ambition to increase domestic production through plantation expansion and a model combining farmland ownership with agricultural investment.
The company’s production target, however, remains an ambition to be achieved by 2031, rather than an output level already attained.
Group Chief Executive Officer of Reftop Homes Limited, Dr David Assogba, said Nigeria had neglected its agricultural potential despite the region’s long history of oil palm cultivation.
“The truth is that palm oil is not new to us, particularly in West African countries. However, we have neglected the sector instead of building on what we already have,” Assogba said.
He said PalmCrest was designed to encourage individuals to participate in agriculture through a model that combines land ownership with plantation cultivation and an agreed sharing of harvested produce.
“At Palmcrest, we sell the land to you and help you cultivate it. Once the land is farmed and the produce is harvested, we share the yield according to an agreed percentage,” he said.
Assogba described the arrangement as an opportunity for subscribers to own real estate while participating in agricultural production. He also urged the government to make farming more attractive by providing fertilisers, promoting mechanised agriculture and strengthening security in farming communities.
He said changing negative perceptions about farming was necessary to attract more people to the sector, adding that Nigeria needed to pay greater attention to agriculture rather than depend heavily on oil.
The company’s Chief Operating Officer, Emmanuel Oluwatosin, presented its operational progress, outlining sales across the first two phases of PalmCrest, land clearing, plantation development and expenditure on delivering the project.
Opening his presentation, Oluwatosin stressed the importance of accountability in maintaining the confidence of subscribers and business partners.
“One thing we have stood for is integrity, and integrity cannot go without accountability,” he said.
According to the presentation, PalmCrest Phase I was launched in March 2025 and recorded sales of 1,380 acres. Phase II was launched in August 2025, with sales of 3,700 acres completed in February 2026. The two phases accounted for a reported combined sale of 5,080 acres.
Phase III was launched in May 2026, with the company continuing sales and development activities.
Oluwatosin said the company had a long-term vision of developing 30,000 acres of farmland. Its combined farmland portfolio was put at approximately 6,500 acres, including an existing productive farm.
A significant part of the presentation was the reported clearing of 2,700 acres of land within six months, an achievement the company presented as evidence of its efforts to move from land sales to physical agricultural development.
“2,700 acres had been physically allocated as at September 2026, making Reftop Homes Limited the first to company in history to allocate 2,700 acres, (16,200 plots) of property investments in Nigeria with six months,” he explained.
He described the work involved in clearing extensive farmland while coordinating planting activities around seasonal rainfall, noting that clearing and planting operations faced different weather requirements.
For the following nine months, management outlined proposed expenditure on planting, farm maintenance, infrastructure development, allocations and documentation. Some of the larger budget figures in the available transcription require confirmation before publication.
Oluwatosin said plantation development was progressing across the first two phases, with plantations established on 1,200 acres in Phase I and 1,500 acres in Phase II, according to the presentation.
He also reported that approximately 150,000 nursery seedlings were awaiting transplantation across the two phases, while 40,000 seedlings were ready for planting.
Oluwatosin said the company intended to fulfil its outstanding obligations while continuing plantation development.
Chairman of the Board of Reftop Homes Limited, Dr Akin Akinpelu, said the company was looking beyond land sales to developing productive farms and strengthening its agricultural operations, with plans to expand its impact beyond Nigeria.
“Our goal is to contribute meaningfully to Nigeria’s agricultural economy, and very soon, Africa’s. We are not just selling land; we are building a credible agricultural institution that will create lasting value,” Akinpelu said.
He stressed that achieving the vision would require strong governance, proper documentation and a commitment to fulfilling promises made to subscribers.
