Zichis Agro Allied Industries Plc has announced the signing of a land purchase agreement to acquire 2,000 acres in the communities of Ajebo and Ogbere, Ogun State.
The company disclosed this in a recent filing on the Nigerian exchange, with its board noting that the acquisition forms part of its medium- to long-term growth strategy.
According to the board, the strategy aims to position the company as a leading player in the oil palm plantation and processing industry, while also inter-cropping maize and cassava with palm seedlings.
The announcement follows news that NGX suspended trading in the company’s shares for regulatory review, after prices surged over 800% from N1.81 per share since its January 20, 2026 listing.
What the company is saying
Zichis Agro Allied’s land acquisition disclosure is its latest positive development following the suspension of its shares by the Nigerian Exchange (NGX), according to a market bulletin issued to dealing members on Monday.
The suspension took effect on 23 February 2026 and, according to NGX, will remain in place until the ongoing investigations are concluded.
To address concerns, the board of Zichis Agro Allied issued a statement on Monday recognizing the recent significant movement in the company’s share price and trading volume.
The board confirmed that, to the best of its knowledge, no material or corporate information has been withheld from the public.
Reassuring investors of its regulatory compliance, the company stated: “Zichis Agro Allied remains committed to continuous disclosure obligations under applicable listing rules.”
It further added that it will notify the exchange or investing public of any material information requiring disclosure.
The statement concluded by advising shareholders and potential investors to exercise caution when dealing in the company’s shares pending clarification.
Get up to speed
The company officially listed 600 million shares on 20 January 2026, following SEC approval and admission to the Nigerian Exchange under the guidance of its board and management.
Priced at N1.81 per share, the listing valued the company at about N1.19 billion, with Qualinvest Capital Limited as Lead Issuing House and Anchoria Investment and Securities Limited as Lead Stockbroker.
Originally incorporated on 12 April 2012 as Zichis Farms Limited, the company became a public entity in May 2024 and adopted its current name.
Since the 20 January 2026 listing, the company’s shares surged over 800%, triggering an NGX investigation into trading activities and a subsequent suspension of the shares.
What to know
The company’s board is chaired by Hezekiah Chinyere Oshaba, with Antonia Chinyere Akabusi serving as Managing Director and CEO.
- For the nine months ended 30 September 2025, revenue rose 122% year-on-year to N464.1 million from N209.2 million.
- Profit before tax surged 364% to N201.04 million, while earnings per share increased to N0.28 from N0.06.
The recent land acquisition is the latest material event publicly disclosed by the board through NGX.
NGX confirmed that the trading suspension, which began on 23 February 2026, will remain in effect pending investigation.
