Zichis Agro Allied Industries Plc has finalized a land purchase agreement to acquire 2,000 acres of land across the Ajebo and Ogbere communities in Ogun State.
The company disclosed the acquisition in a regulatory filing with the Nigerian Exchange (NGX) on February 24, 2026, describing the move as a foundational element of its medium-to-long-term expansion strategy.
The newly acquired acreage is slated for the development of oil palm plantations and integrated processing facilities, with interim plans to inter-crop maize and cassava to boost immediate output and support national food security.
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This massive land acquisition comes at a high-stakes moment for the firm, occurring just as the NGX suspended trading of Zichis shares on February 23, 2026.
The suspension followed an extraordinary 800% surge in share price since the company’s initial listing in January, prompting a regulatory review into the trading volatility.
Despite the investigation, the Board of Directors maintains that no material information has been withheld from the public and that the 2,000-acre deal demonstrates the company’s commitment to scaling its industrial footprint.
By securing these high-potential corridors in Ogun State, Zichis aims to transition from a mid-cap agro-enterprise into a dominant player in Nigeria’s oil palm and cash crop value chains.
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Image Credit: Nairametrics
Source: Nairametrics
