Prime Business Africa
The majority shareholder of Presco Plc, Rasheed Sarumi, has increased his controlling stake in the palm oil producer, raising it from 60 percent at the end of 2024 to 61.20 percent as of December 31, 2025.
Sarumi held 600 million shares in Presco through SIAT Group as of December 31, 2024, however, a year later, the businessman increased his shareholding by 114.05 million shares to 714.05 million at the end of last year.
Join our WhatsApp ChannelThe increase led to his investment in Presco rising from N285 billion at the end of 2024 to N1.41 trillion as of April 10, 2026, according to Prime Business Africa’s (PBA) analysis of SIAT shareholding status.
The shareholding status was disclosed in the palm oil producer’s unaudited consolidated and separate financial statements for the year ended December 31, 2025.
Analysis further showed that the N1.12 trillion increase in investment within 12 months was also driven by a 316.84 percent growth in Presco ‘s share price, as the share traded at N1,980 per share on April 10, 2026, compared to the N475 recorded at the end of 2024.
It was also gathered that Felix O. Nwabuko, who left Presco as group chief executive officer (GCEO) in January 2026, also recorded a 54,140 increase in his share volume, which rose from 361,700 to 415,840 between the end of 2024 and 2025.
Consequently, the value of his investment surged from N171.80 million to N823.36 million between December 31, 2024, and April 10, 2026, representing a N651.55 million increase.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
