The Edo State Government has refuted claims that it revoked the Statutory Right of Occupancy (R of O) granted to Presco Plc, one of Nigeria’s leading agribusiness companies listed on Nigerian Exchange (NGX), dismissing a widely circulated public notice as “unauthorized, misleading and not reflective of government position.”
In an official announcement dated November 26, 2025, the state government described the earlier announcement purportedly signed by the governor as false and not emanating from any authorized government source.
The statement clarified that the state did not revoke Presco’s land rights and has not taken any action disrupting the company’s operations.
Instead, it said what was under consideration was the excision of approximately 20 hectares of land, part of a much larger holding spanning over 13,500 hectares in Ologbo, Ikpoba-Okha Local Government Area, due to the presence of two strategic crude oil wells.
“The alleged publication did not emanate from the Governor or any authorized organ of the Edo State Government,” the announcement stated, adding that the action was allegedly orchestrated by the immediate past Managing Director of the Edo State Geographic Information Service (EDOGIS), who “acted without authorization and in complete disregard for established procedures.”
Background information
An earlier statement purportedly issued by the State Government claimed that the government revoked the Statutory Right of Occupancy granted to Presco Plc over a 13,545-hectare plantation site in Ologbo, Ikpoba-Okha Local Government Area, citing “over-riding public interest” and the presence of two oil wells on the land.
The notice quoted Governor Monday Okpebholo as saying that the revocation was carried out pursuant to Sections 28 and 38 of the Land Use Act of 1978, empowering government intervention where public interest is established.
The now refuted notice cited the affected land as Plot No. 38445, Rural Zone / B33 / Ologbo, with boundaries detailed under Certificate of Occupancy No. 133, Volume 30, dated 23 February 2025.
A copy of the disputed notice allegedly credited to the governor had cited “overriding public interest and the fact that two oil wells are on the land” as grounds for revoking Presco’s entire 13,545-hectare occupancy rights.
Government reacts
In response, the government denied revoking the land but admitted it was considering taking out a limited portion of the land, saying the adjustment was necessary to preserve federal control over oil and mineral assets, as mandated by national law.
It cited Section 44(3) of the 1999 Constitution, the Petroleum Industry Act, and Section 28 of the Land Use Act, as the law that collectively vest ownership of petroleum resources in the Federal Government and permit excision by overriding public interest.
However, the government emphasized that such excision did not equate to revoking Presco’s entire certificate of occupancy, nor was it an attempt to disrupt the company’s long-standing agricultural investment.
“Contrary to misinformation, Edo State is not dispossessing Presco Plc of its land. The government only acknowledged federal control over land hosting oil assets,” a senior official said.
The government’s announcement confirmed that an administrative review has begun to determine how the unauthorized publication was processed and circulated. The government urged the public, stakeholders and the media to disregard the revoked land notice.
“The public is advised to ignore any unauthorized notice regarding Presco Plc. Government will uphold due process and investor protection,” it said. Presco Plc has yet to issue a formal response.
What you should know
On November 12, Presco Plc launched a Rights Issue to raise fresh equity capital meant to reinforce its long-term growth strategy and fund major expansion initiatives. The offer, expected to close on December 2, 2025 targets to raise N236.67 billion.
The company stated that proceeds from the Rights Issue will be strategically deployed to drive both Greenfield and Brownfield acquisitions, several of which are nearing final contractual stages.
In addition, the funds will support ongoing industrial expansion projects across Presco’s oil palm plantations and processing facilities in Nigeria. These investments form part of a broader effort to expand production capacity, enhance operational efficiency, and strengthen the company’s integrated supply chain.
