Okpebholo Meets Presco Chair As Firm Gets New $100m Deal

Following misleading report over the controversy that trailed the alleged revocation of large expanse of farmland belonging to Presco PLC, Governor Monday Okpeholo yesterday assured the management team of Presco led by its chairman,

Mr. Rasheed Sarumi, and the managing director, Mr. Raji George of government’s determination to make Edo an investment hub.

The visit also coincided with the announcement of a $100 million Foreign Direct Investment (FDI) by SIAT and its parent company into Presco’s operations; an investment the chairman described as historic and the first of its kind in Nigeria’s agricultural sector.

The governor while giving the assurance dismissed recent controversies surrounding portions of land for revocation noting that  Presco has been a long-standing partner in Edo State’s agricultural development.

“Presco to me has been here for a very long time. Just a few days ago, there was a misunderstanding which I believe someone tried to politicise. There was nothing in it. There were reasons tied to natural resources why certain areas were reviewed,” he said.

He noted that whenever there are issues, his administration prefers dialogue rather than speculation or misinformation.

“If I have anything against you, I will call you. Last time I received complaints from communities on compensation, I called your MD immediately because I believe in addressing issues directly,” he added.

Reaffirming his commitment to agricultural expansion, Governor Okpebholo disclosed that upon assuming office, he increased the agriculture allocation in the inherited budget from N5 billion to N70 billion, signalling his administration’s determination to drive food security and agro-industrial growth.

“Agricultural revolution is the best way to go, and it aligns perfectly with President Tinubu’s Renewed Hope Agenda. For food security, we must grow what we eat and export what we grow. Edo has fertile land, and your investment here is not a waste,” he stated.

The governor condemned narratives portraying Edo as hostile to investors, describing such claims as misleading and “satanic.”

“I am an investor myself. I cannot be the one sending investors away. That impression is completely wrong. You are here by the grace of God, and you will prosper here,” Governor Okpebholo assured.

Earlier, Presco chairman Mr. Rasheed Sarumi praised the governor for providing a stable governance structure, improved security, and an enabling environment that encouraged SIAT’s $100 million investment decision.

He noted that Nigeria received only $250 million in FDI this year, making Presco’s share a significant boost to the national economy.

Senior government officials present at the meeting included deputy governor Hon. Dennis Idahosa; secretary to the state government, Umar Musa Ikhilo, chief of staff, Mallam Gani Audu; commissioner for Agriculture and Food Security, Dr. Jerry Uwangue; among others.

The chairman expressed confidence that the new investment will strengthen Presco’s expansion plans and reinforce Edo State’s position as the centre of Nigeria’s agro-industrial revolution.