PalmCrest, the agro-real estate initiative of Reftop Holdings, is targeting an annual production of 75,000 metric tonnes of palm oil as it expands its plantation operations across Ogun and Oyo states.
The company said the target would represent five per cent of Nigeria’s estimated annual palm oil output of 1.5 million metric tonnes, with plans to grow its agricultural land portfolio to 30,000 acres.
The Chief Executive Officer of Reftop Homes Limited, Dr David Assogba, urged Nigerians to embrace farming, describing agriculture as a major opportunity to diversify the economy and reduce dependence on crude oil.
He said Nigeria had neglected its agricultural potential despite the importance of palm oil across West Africa.
“Palm oil is not a new thing to us. In all West African states, palm oil is not a new thing. We have neglected standing on where we are,” Assogba said.
He challenged the perception that farming was meant for poor people, arguing that agriculture could generate significant economic opportunities.
“Farm is the next thing, farm is the next oil,” he said.
Assogba explained that PalmCrest sells designated farmland to individuals and supports them with cultivation and plantation management, with proceeds shared between the company and landowners according to agreed terms.
He described participants as farmers rather than investors, adding that the model combines land ownership with agricultural production.
He also urged the government to make farming more attractive through support for fertiliser, mechanisation and improved security.
Reftop Homes Board Chairman, Dr Akin Akinpelu, said the company’s long-term plan was to build 30,000 acres of agro-real estate holdings, combining land ownership with agricultural productivity and asset management.
He said the company’s combined agro-farm portfolio stood at about 6,500 acres, including its three PalmCrest phases and an existing productive palm plantation in Idiroko, Ogun State.
According to Akinpelu, about 2,100 subscribers had signed up across the first two phases, while approximately 5,580 acres had been sold. About 2,700 acres had been physically allocated to subscribers as of September 2026.
He said the company’s focus extended beyond land sales to developing productive oil-palm assets and strengthening farm management.
“Growth can bring attention, but one thing we are really looking at is governance. That’s what makes you endure for a long time,” Akinpelu said.
The company’s Chief Operating Officer, Emmanuel Oluwatosin, said Phase One, located in Anigbado, Ogun State, was launched in March 2025 with 1,500 acres and about 700 subscribers. Phase Two, in Afon, Ogun State, was launched in August 2025 with 3,800 acres and approximately 1,400 subscribers.
Phase Three, comprising 1,000 preliminary acres in Iseyin, Oyo State, was launched in May 2026 and remains at the seedling nursery stage.
Oluwatosin said PalmCrest had allocated 2,700 acres, equivalent to 16,200 plots, to subscribers between April and September 2026. The allocations covered 1,200 acres in Phase One and 1,500 acres in Phase Two.
As of October 19, 2026, physical allocation had covered 513 clients in Phase One and 670 in Phase Two, he said.
He added that 1,200 acres had been planted in Phase One and 1,500 acres in Phase Two, while more than 150,000 oil-palm seedlings were ready for transplanting across the two phases. Another 40,000 seedlings were being nursed for Phase Three.
Oluwatosin said the company handled land preparation, planting, maintenance and production management for subscribers’ farms.
He disclosed that PalmCrest had spent N2.27bn on land clearing, planting, allocations, inspections and documentation over the preceding 15 months.
The company projected a further N2.5bn in expenditure over the next nine months for plantation development, maintenance, infrastructure, allocations and documentation.
Oluwatosin said the 6,500 acres accounted for about 21.7 per cent of the company’s 30,000-acre target, with expansion expected to support its long-term palm oil production ambition.
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