Hold onto your hats, folks! The Edo State government has dropped a bombshell, completely denying any move to revoke the land rights of Presco Plc. This comes after a notice, allegedly from the Governor, sent ripples of concern through the business community. We’ve got the inside scoop on why this whole thing kicked off and what it means for investors.
Here’s a quick rundown of what you need to know:
- The Edo State government says a notice to revoke Presco Plc’s land rights is fake news!
- Presco Plc, a major player in oil palm, has been in Edo for 34 years.
- A small portion of land might be excised due to oil wells, but not a total land grab.
- The government blames a former EDOGIS boss for the unauthorised notice.
- This whole saga had investors sweating about Edo’s investment climate.
Edo Govt Drops Bombshell: Presco Plc Land Rights Safe (For Now!)
The whole drama started when a notice surfaced, supposedly from the Governor’s office, stating that Presco Plc’s statutory rights of occupancy were being revoked. Now, Presco isn’t some new kid on the block; they’ve been cultivating and processing oil palm in Edo State for a solid 34 years. So, you can imagine the panic when such a notice dropped!
But hold up! The Edo State government has come out swinging, calling the notice “false and unauthorised.” In a statement released on November 26, 2025, they made it crystal clear that no official action has been taken to mess with Presco’s operations. Phew!
A Tiny Slice for Big Oil?
So, what’s the deal with the notice then? It seems there’s a bit of a misunderstanding, or perhaps a deliberate mischief. The government clarified that they are only *considering* a limited excision of about 20 hectares from Presco’s massive 13,500+ hectare landholding. Why? Because there are two strategic crude oil wells smack-dab in the middle of that particular piece of land. This isn’t about kicking Presco out; it’s about acknowledging federal control over land that holds crucial oil assets, as per national laws that allow for land excision in the public interest. They stressed that this doesn’t mean Presco’s entire land rights are toast.
Who’s Behind the Confusion?
The Edo State government didn’t mince words when pointing fingers. They stated that the bogus publication “did not emanate from the Governor or any authorised organ of the Edo State Government.” The alleged culprit? The immediate past Managing Director of the Edo State Geographic Information Service (EDOGIS), who apparently went rogue, acting without any authorisation and completely ignoring the rulebook. It’s a classic case of one person’s rogue action causing chaos for everyone else.
Investor Confidence Takes a Hit (Briefly!)
This whole kerfuffle understandably sent jitters through the investment community. News like this can make potential investors think twice about putting their money into Edo State. Analysts were quick to warn about the potential impact on investor confidence. Mr. Evans Asagwu, a capital market investor who has a stake in Presco shares, voiced his concerns, noting that “Abrupt policy disruption sends a wrong signal to investors.” Thankfully, the government’s swift clarification seems to have doused those flames. Asagwu expressed relief, stating, “The latest clarification appears to be part of a coordinated effort to reassure investors, business partners and the agribusiness community.”
What Happens Next?
An administrative review is already in motion to figure out exactly how this unauthorised notice managed to get out there. The government is urging everyone to just ignore it. While Presco Plc hasn’t officially responded yet, it’s expected they’ll be watching closely. If their operations are indeed affected, they might be looking for legal clarity or even compensation. It’s a delicate balancing act for the Edo State government as they try to foster growth in agriculture and oil while keeping investors happy and confident. One thing is for sure: due process and investor protection are key!
| Aspect | Details |
|---|---|
| Government Stance | Denies revocation notice; calls it false and unauthorised. |
| Presco Plc Tenure | 34 years operating in Edo State. |
| Land Excision Consideration | Approx. 20 hectares from over 13,500 hectares. |
| Reason for Excision | Presence of two strategic crude oil wells. |
| Alleged Culprit | Former MD of Edo State Geographic Information Service (EDOGIS). |
| Investor Impact | Initial concern, now easing with clarification. |
The government assures the public, “Government will uphold due process and investor protection.” Let’s hope this brings a swift end to the confusion and keeps Edo State on the map as a great place to invest.