Zichis Agro-Allied Industries Plc has plenty of land. What it lacks is palm trees old enough to bear fruit.
On October 26, 2026, the company said its board had approved a plan to begin acquiring a 221-hectare oil palm plantation from Amandel Nigeria Limited. The approval came at a virtualmeeting on October 23, 2026. The deal is not final. It depends on due diligence, agreement on final terms and required approvals. Futureview Financial Services Limited is the financial adviser.
The reason is in the company's own figures. Its 61 acres of fruiting palm are expected to yield about 244 tonnes of fresh fruit bunches this year. At an average oil extraction rate of 20 percent, that means about 49 tonnes of crude palm oil.
At the start of the year, Zichis acquired 2,000 acres for new palm cultivation, and more than 300 acres are already planted.
But those young palms need another four to five years to yield maximally, and buying fruit from local farmers "has remained a challenge," the company said.
The Amandel estate sits off the Owo/Ifon Express Road in Ose Local Government Area of Ondo State. It has 74 hectares of fruiting palms and 54 hectares of palms less than two years old. The other 93 hectares have yet to be cultivated.
Zichis says the extra fruit will let it raise crude palm oil output and begin palm kernel oil extraction. It expects better returns on assets and equity "in a short distance." It has not disclosed a price, a funding plan or a completion date.
The company's nine-month results, filed with the Nigerian Exchange on October 28, show what is at stake. Palm oil produce revenue rose 130.1% to N235.53 million, while total revenue reached N1.22 billion. Feed mill products rose more than 200%. Egg sales remain the biggest revenue source, at N394.72 million. Palm oil is growing fast but is not yet Zichis's main earner, which is the gap the Amandel deal is meant to close.