Agro Allied Firm Gets Shareholders Approval to Raise N50bn
Kayode Tokede
Zichis Agro Allied Industries Plc has obtained shareholders approval to raise N50 billion additional capital through debt finance or equity raising by public offers, rights issue or a combination of both.
The shareholders during the company’s 3rd Annual General Meeting (AGM) in Ogun State, also approved the management’s decision to issue up to N5 billion debt finance by issuance of a commercial paper and acquiring 2,000 acres of land at a total cost of N5.5 billion.
In addition, a final dividend of N0.20 per ordinary share of 50kobo and a bonus issue of one ordinary share for every one existing shares held was approved by shareholders who attended the AGM.
Speaking at shareholders, the Chairman of Zichis Agro Allied, Mr. Hezekiah Adejoh noted that the dividend and bonus payout to shareholders aimed to enhance shareholders value, , improve liquidity and reinforce investors confidence in the company’s long-term growth prospects
He expressed that the 2025 financial year was characterized by a challenging macroeconomic environment, with persistent inflationary pressures, foreign exchange volatility and rising operating costs impacting businesses across Nigeria and within the agro-industrial sector.
“These challenges were accompanied by opportunities driven by increasing demand for local production, heightened focus on food security, huge export gap to earn foreign currency and most importantly government support in boosting the agriculture sector,” he said.
In 2025, the company reported a revenue of N675.62 million , about 134 per cent increase from N288.89 billion reported in 2024. The growth in revenue was driven by increased production capacity, improved market penetration and enhanced operational efficiency.
Zichis Agro Allied closed 2025 with profit before tax of N364.21 million, representing an increase of 405 per cent , while profit after tax rose to N328.06 million, a significant 478 per cent increase from N56.71million recorded in 2024.
