May 04, (THEWILL) — Zichis Agro-Allied Industries Plc has secured shareholder approval to raise ₦50 billion in fresh capital as part of an ambitious plan to scale operations across Nigeria’s agribusiness value chain.
The approval was granted at the company’s 3rd Annual General Meeting (AGM) held in Ogun State. Shareholders endorsed a flexible fundraising structure that allows the company to tap both equity and debt markets through public offers, rights issues, commercial papers, or a hybrid of financing options, subject to regulatory clearance.
As part of the plan, Zichis will issue 400 million ordinary shares via a special placing to fund the acquisition of 2,000 acres of land in Ogun State, valued at ₦5.5 billion. The company is also authorised to raise ₦5 billion through short-term debt instruments, while increasing its share capital by ₦1 billion to support new equity issuance.
The capital injection is expected to accelerate expansion in key segments, including palm oil plantations, poultry farming, feed mill operations, and strategic acquisitions within the agro-industrial space.
Shareholders also approved a final dividend of 20 kobo per 50 kobo ordinary share, alongside a bonus issue of one new share for every existing share held, moves aimed at boosting investor returns and market liquidity.
Speaking at the AGM, Chairman Hezekiah Adejoh said the capital raise would strengthen the company’s financial position and support long-term growth. He noted that Zichis had made significant progress in expanding its operational capacity, particularly in animal feed and crop production.
Adejoh added that plans are underway to expand the company’s palm oil plantation, reinforcing its position in a critical segment of the agro-industrial market while aligning with its broader sustainability and wealth creation objectives.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
