UPPL invests $2.2m in palm oil refinery, eyes Nigerian Exchange listing

By Onu Okorie

Revamped United Palm Produce Limited UPPL has invested more than $2.2 million in the construction of an oil refinery as part of a fresh drive to restore the company’s position as a major player in Nigeria’s palm oil industry.
The Managing Director of UPPL, Prof. George Nwangwu, disclosed this while briefing Enugu State Governor, Peter Mbah, on the progress made since the company was revitalised.
Nwangwu said the management inherited the company’s facility largely overgrown with vegetation but had since transformed the estate into a productive agricultural enterprise through the replanting of more than 1,000 hectares of palm trees.
He said UPPL had commenced the processing and marketing of palm oil under the Evop Palm Oil brand, alongside Evop Groundnut Oil, while expanding its processing operations.
According to him, the company is also constructing an industrial complex that will integrate its various production activities and improve efficiency across the agricultural value chain.
Nwangwu explained that the adoption of the Evop brand was deliberate, as the company sought to preserve a link with the historical foundation of AVOP Oil, which was previously produced at Nachi.
He said UPPL had introduced sachet packaging for its products to make them more affordable and accessible to consumers across the country.
The managing director added that the company’s products had obtained certification from the National Agency for Food and Drug Administration and Control (NAFDAC) and other relevant regulatory agencies.
He said authentication codes had also been placed on the products to enable consumers to verify their genuineness and guard against counterfeit products.
Nwangwu disclosed that UPPL was targeting the commencement of palm kernel oil refining once the refinery under construction is completed, stressing that the investment was part of a broader strategy to maximise the value of the company’s agricultural resources through local processing.
The refinery investment represents a significant shift from merely producing agricultural commodities towards deeper value addition within the state, potentially allowing more of the economic value generated from palm production to be retained locally.
Mbah eyes capital market
Responding, Governor Mbah commended the UPPL management for transforming the previously overgrown plantation into a productive agricultural enterprise.
He pledged continued support from the state government, saying his administration was committed to helping UPPL realise its full potential and make a stronger contribution to Enugu’s economic growth.
Mbah also mooted the possibility of listing UPPL on the Nigerian Exchange (NGX) as part of efforts to strengthen the company’s capital base, institutionalise its operations and position it for sustainable expansion.
The proposal could open a new chapter for the company by providing access to long-term capital from the Nigerian capital market while potentially strengthening corporate governance, transparency and accountability.
The governor said the revitalisation of UPPL was consistent with his administration’s broader economic strategy of moving Enugu from a consumption-based economy towards production, industrialisation and value addition.
The planned capital-market route could also provide UPPL with the financial capacity to expand its plantations, processing facilities and product lines if the company ultimately meets the requirements for a public listing.
The renewed activities at UPPL are expected to strengthen Enugu’s agricultural processing base, create employment opportunities and deepen local value addition in palm oil and other agricultural products.