Edo State Government has denied claims that it revoked the land titles of Presco Plc, one of Nigeria’s leading agribusiness companies.
The state clarified that the earlier circulated notice was unauthorized and misrepresented the government’s position.
A senior government official said the state only acknowledged federal jurisdiction over land containing strategic oil assets and that Presco’s full holdings were never withdrawn.
“Contrary to misinformation, Edo State is not dispossessing Presco Plc of its land. The government only acknowledged federal control over land hosting oil assets,” the official stated.
Public backlash follows earlier publication
The earlier notice, which suggested that Presco’s entire 13,545 hectares had been revoked on grounds of “overriding public interest,” had triggered widespread criticism. Analysts warned that such an action could damage investor confidence and threaten the state’s reputation as an investment hub.
Presco Plc has operated in Edo State for over 34 years, employing thousands of residents directly and indirectly. It is also one of the most profitable companies listed on the Nigerian Exchange.
Capital market investor Evans Asagwu said the government’s clarification was necessary to calm fears.
“Abrupt policy disruption sends a wrong signal to investors. This clarification brings some relief,” he said.
Government launches investigation
The state government has opened an administrative review to determine how the unauthorized notice was processed and circulated. It urged the media, investors and the public to disregard the earlier document.
“The public is advised to ignore any unauthorized notice regarding Presco Plc. Government will uphold due process and investor protection,” the statement added.
Possible next steps for Presco Plc
Presco has not yet issued an official response. Industry experts say the company may seek legal clarity or request compensation if any portion of its operational land is affected.
Economists warn that the state must balance control of mineral resources with the need to protect major agricultural investments.
“Balancing mineral resource control with agribusiness continuity is critical,” a development policy analyst said.
Stakeholders await outcome of probe
The controversy has renewed debate around Edo State’s investment policies. While the government maintains its support for large-scale agricultural investments, observers say future decisions will be closely monitored.
For now, the state insists Presco remains a valued partner and that only a small parcel of land—not the entire estate—is under review.
Stakeholders now await the findings of the administrative investigation and how the state manages the overlap between agriculture, oil exploration and investor confidence.
