Edo Government Reaffirms Presco Plc’s Land Rights Amid Clarification on Oil-Asset Jurisdiction

The Edo State Government has clarified that it has not revoked the land titles of Presco Plc, stating that only a portion of land containing federally controlled oil assets is under review. The clarification follows public concern triggered by an unauthorised notice that was circulated last week, suggesting a broad withdrawal of the agribusiness company’s holdings.

Government Distances Itself from Unauthorised Notice

According to senior officials, the document implying the withdrawal of Presco’s entire land portfolio misrepresented the state’s position and did not originate from the authorised channels of government. The state emphasised that the adjustment relates strictly to parcels that fall under federal jurisdiction due to subsurface mineral resources, not Presco’s operational estate.

The officials noted that the state remains committed to ensuring stability for large-scale agribusiness operators, given their role in employment creation and local economic development.

Investor Concerns and Economic Implications

The earlier notice, which referenced more than 13,000 hectares of land, had generated criticism from market analysts who warned that abrupt disruptions to established agribusiness operations could send negative signals to both domestic and international investors.

Presco Plc, an integrated palm oil producer with over three decades of presence in Edo State, is considered a key contributor to the state’s agricultural output and to the Nigerian Exchange, where it has consistently reported strong financial performance.

A number of capital market stakeholders remarked that the government’s clarification was necessary to restore confidence. They argued that transparent communication is essential for maintaining Edo State’s attractiveness as an investment destination.

Administrative Review Underway

The government has initiated an internal inquiry to determine how the unauthorised revocation notice was generated and disseminated. Officials stated that the investigation is expected to outline corrective steps and reinforce the integrity of administrative procedures related to land governance.

The state also urged the public and the media to disregard any unofficial communication not endorsed by authorised agencies.

Future Considerations for Presco Plc

Presco Plc has yet to publish a formal statement, though industry analysts note that the company may request further legal clarification to ensure operational certainty. They add that policy stability will be crucial to maintaining the balance between agricultural production and federal oversight of mineral resources.

The controversy has reignited conversation around how states manage the intersection of agriculture, land administration and federally controlled mineral resources. Development experts argue that states must be deliberate in safeguarding long-term investments while complying with constitutional requirements on resource management.

Conclusion

The Edo State Government’s clarification underscores its intention to maintain a predictable and investment-friendly environment for agribusiness operators. While a limited land area containing oil assets is being reviewed, state officials reaffirm that Presco Plc remains a strategic partner and that its core land assets remain intact. Stakeholders now await the outcome of the ongoing administrative investigation.