The Edo State Government has officially denied issuing any notice to revoke the statutory land rights of Presco Plc, a major agro-industrial company. This clarification comes after a fraudulent document, allegedly signed by the governor, caused significant concern among investors and the business community.
Government Sets the Record Straight
In a statement released on November 26, 2025, the government labelled the earlier notice as completely false and unauthorised. The administration of Governor Monday Okpebholo confirmed that no action has been taken to disrupt the operations of Presco, a company that has been a key player in oil palm cultivation and processing in Edo for 34 years.
The government clarified that the confusion stemmed from a proposal for a limited excision of about 20 hectares from Presco's vast land holding of over 13,500 hectares. This consideration is due to the presence of two strategic crude oil wells located on that specific portion of land.
Root of the Controversy and Investor Concerns
The government pointed a finger at the immediate past Managing Director of the Edo State Geographic Information Service (EDOGIS), accusing the individual of orchestrating the publication "without authorisation and in complete disregard for established procedures." An administrative review is now underway to investigate how this unauthorised notice was circulated.
The initial notice had triggered alarm bells, with market analysts warning it could damage investor confidence in the state. Mr. Evans Asagwu, a capital market investor with holdings in Presco shares, had earlier cautioned that "abrupt policy disruption sends a wrong signal to investors." Following the government's clarification, Asagwu expressed relief, noting that the move appears to be a "coordinated effort to reassure investors, business partners and the agribusiness community."
Balancing Agricultural and Oil Interests
The government emphasised that while national laws permit land excision for public interest, this does not equate to a revocation of Presco's entire occupancy rights. A senior official stated, "Contrary to misinformation, Edo State is not dispossessing Presco Plc of its land. The government only acknowledged federal control over land hosting oil assets."
While Presco Plc has not issued a public response, industry observers suggest the company may seek legal clarity or compensation if its operations are ultimately affected by the excision. The government has urged all stakeholders to disregard the unauthorised notice, reaffirming its commitment to due process and investor protection. As the situation develops, the focus remains on how Edo State will navigate the intersection of agriculture, vital oil interests, and maintaining a stable environment for investment.
