Benin, Edo – The Edo State Governor Monday Okpebholo has revoked the Statutory Right of Occupancy (C of O) granted to Presco Plc, Nigeria's leading integrated edible oils producer, for a sprawling 13,545-hectare plantation in the Ologbo community, citing the presence of two oil wells on the land and overriding public interest.

The revocation notice, sighted by DAILY South Nigeria invokes Sections 28(1) and 38 of the Land Use Act of 1978 (formerly Land Use Decree No. 6).

Signed by Governor Okpebholo and dated earlier in November 2025, it targets Digital Plot No. 38445 in the Rural Zone B33, Ologbo, Ikpoba Okha Local Government Area.

The C of O, registered as No. 133 at Page 1 in Volume 30 of the EDOGIS Lands Registry in Benin City, was originally issued on February 23, 2025, in favor of Presco Plc for agricultural development.

"This action is taken to safeguard state resources and ensure that lands with strategic assets like oil wells are not compromised for private gain," a source from the Edo State Ministry of Lands and Surveys told reporters.

The notice emphasizes that the revocation is "for overriding public interest," potentially paving the way for the land to be repurposed for community farming cooperatives, oil exploration, or infrastructure projects that benefit local residents.

Presco Plc, a subsidiary of Belgium-based SIAT Group and listed on the Nigerian Exchange (NGX: PRESCO), has operated the Ologbo Estate as part of its core palm oil plantations since acquiring concessions in the early 2000s. The estate forms a significant portion of Presco's 43,000+ hectare land bank in Edo and Delta States, contributing to its status as Africa's largest producer of refined palm oil.

In August 2025, the company announced a ₦237 billion rights issue to fund expansion, including new plantations in Edo State.

The revocation could disrupt these plans and affect hundreds of local jobs, with the company having invested billions in the site over two decades.

As of Thursday, Presco Plc had not issued an official response to the revocation.

However, historical disputes over its Ologbo operations dating back to 2017 have seen accusations of land encroachment from neighboring Delta State communities like Ovre-Eku and Ovre-Igun, leading to arrests and fatalities during enforcement clashes.

More recently, in January 2025, shareholders urged Governor Okpebholo to probe alleged irregularities in Presco's bonds and land dealings under the previous Godwin Obaseki administration, including failure to compensate host communities for vast tracts of land.

The governor pledged investigations and dialogue with the company at the time.

Ologbo community leaders, long vocal about marginalization despite hosting multinational operations including Presco, NNPC, and Ossiomo Power, hailed the decision as a "long-overdue victory."

Recent protests in nearby Obagie community against Presco's alleged mismanagement underscore ongoing tensions over corporate social responsibility and land rights.

This marks the latest in Governor Okpebholo's aggressive land recovery drive since assuming office on November 12, 2024. Earlier this month, he revoked the C of O for the Museum of West African Art (MOWAA) to return the site to Benin Central Hospital, citing heritage preservation.

Critics, including the Edo Chamber of Commerce, warn that such moves risk scaring investors and stalling agro-industrial growth, potentially exacerbating unemployment in a state already grappling with N180 billion in inherited debts.

As legal challenges loom, Presco may seek judicial review the administration has promised compensation negotiations and resettlement support for affected workers.

Stakeholders await clarity on the land's future, with hopes it will fuel Okpebholo's "SHINE" agenda for security, health, infrastructure, natural resources, and education.