Companies
Presco welcomes new management as former Olam Vice President, Reji George takes over as CEO
Presco Plc has announced the appointment of Mr. Reji George as the new Managing Director of the company, effective June 7, 2024.
Prior to his appointment, Reji George was the Vice President of farming at Olam International.
He spent 18 years in Olam, where he led the development of large-scale facilities, including the establishment of Olam’s integrated and fully mechanized rice farm in Nassarawa State.
According to the corporate notice signed by Patrick Uwadia, Presco’s company secretary, George had been with Presco since August 2023, as the CEO. It was also noted that the former CEO of Presco Plc, Felix Nwabuko will now become the Group Chief Executive Officer of SIAT NV.
Commenting on his appointment, Reji George noted,
“I am pleased to be joining the Presco Board as MD/CEO at such an exciting time in the company’s journey. Working with my colleagues, the aim is to optimize market opportunities and streamline our operations;”
He highlighted the opportunities for expansion for the company,
“Presco Plc is in a prime position to expand its market capabilities across the continent, and I look forward to collaborating with our shareholders to drive the company’s continuous transformation and growth.”
About Reji George
Reji George is an Indian national, with many years of experience in plantation management and agribusiness. He obtained a BSc. (Chemistry) from the Mar Ivanios College, Trivandrum, a part of the Kerala University, India.
He then obtained an MBA (Marketing and Finance) from TKM Engineering College, Quilon, still a part of Kerala University, India.
George worked with AVT Plantations as a Senior Manager of operations for 16 years, between 1985 and 2001. He managed the group’s rubber plantations as well as its factories.
After working with AVT, he worked in Uganda as the Deputy General Manager of Tilda Riceland, between 2001 and 2005.
In 2005, he moved to Olam as the Vice President of farming, a position he held until 2023.
In Olam, he achieved remarkable milestones in agricultural development, particularly the conceptualization and establishment of Africa’s largest commercial rice farm, the Olam Rice Farm in Rukubi, Nassarawa State.
Presco’s management changes
The board of Presco Plc has undergone significant changes since the acquisition of SIAT N.V by Oak and Saffron Limited. In March 2024, it was announced that Oak and Saffron Limited had entered into a deal with Fimave to acquire its 86.7% stake in the SIAT group.
In taking over the reins in SIAT Group, the owner of Oak and Saffron Limited, Olalekan Rasheed Sarumi took over as the Board Chairman at Presco Plc, replacing Jean Van Gysel.
In welcoming Reji to Presco, Sarumi noted,
“We are excited to welcome Reji George to Presco and confident that his extensive expertise, strategic mindset, and dedication to sustainability will propel Presco Pl to new heights of success.”
He then appreciated the former CEO, Felix Nwabuko,
“We would like to offer our sincere thanks to Mr. Felix Nwabuko whose leadership credentials will be of great value as he takes on his new position at SIAT NV Group.”
Felix Nwabuko has now transitioned to the Group CEO of SIAT NV. Nwabuko had previously served as the Acting Managing Director of Ghana Oil Palm Development Company Limited (GOPDC). He also served as a Finance Controller at Okomu Palm Oil Plc.
One of the first steps Sarumi has taken as Presco’s Chairman is to expand the Presco footprint. It was announced that Presco was in the process of acquiring 100% equity in Ghana Oil Palm Development Company.
As of June 11, 2024, Presco was trading at N323.20 in the NGX, representing a 9.97% gain from the previous trading session.
This year, Presco has posted a year-to-date gain of 67.5%, making it one of the best performers in the NGX.
