Fresh $100m Investment Arrives in Edo as Gov. Okpebholo Reaffirms Support for Presco

Edo State Governor, Senator Monday Okpebholo, has reiterated his administration’s unwavering support for Presco PLC, stressing that the State remains a leading hub for agricultural investment.

This was disclosed in a statement issued by his Chief Press Secretary, Fred Itua, and circulated to journalists.

The Governor gave the assurance on Monday while receiving the management team of Presco PLC, led by the Chairman, Mr. Rasheed Sarumi, and the Managing Director, Mr. Raji George, during a courtesy visit to Government House, Benin City.

The visit came on the heels of the announcement of a $100 million Foreign Direct Investment (FDI) by SIAT and its parent company into Presco’s operations—an investment described by the Chairman as historic and unprecedented in Nigeria’s agricultural sector.

Governor Okpebholo, while welcoming the delegation, noted that Presco has remained a consistent partner in the State’s agricultural development. He also addressed recent concerns surrounding land revocation, dismissing the controversy as unnecessary and politically motivated.

“Presco has been here for a very long time. Just a few days ago, there was a misunderstanding that someone attempted to politicise. There was nothing in it. Certain areas were reviewed due to reasons tied to natural resources,” he clarified.

He emphasized that his administration prefers resolving issues through dialogue rather than speculation or misinformation.

“If I have anything against you, I will call you. The last time I received complaints from communities about compensation, I immediately called your MD because I believe in addressing matters directly,” the Governor said.

Reaffirming his commitment to agricultural development, the Governor explained that upon assuming office, he raised the agriculture budget from the ₦5 billion he inherited to ₦70 billion—an indication of his determination to advance food security and agro-industrial growth.

“Agricultural revolution is the way forward, 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 in vain,” he stated.

He condemned narratives suggesting that Edo State is unfriendly to investors, describing such claims as false and “satanic.”

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

In his remarks, Presco’s Chairman, Mr. Rasheed Sarumi, commended the Governor for providing stable governance, enhanced security, and an enabling environment that encouraged SIAT’s decision to commit $100 million to Presco’s expansion. He noted that Nigeria received only $250 million in FDI this year, making the company’s share a major contribution to the national economy.

Key government officials at the meeting included Deputy Governor Rt. Hon. Dennis Idahosa; Secretary to the State Government, Umar Musa Ikhilo, Esq.; Chief of Staff, Mallam Gani Audu; Commissioner for Agriculture and Food Security, Dr. Jerry Uwangue; among others.

Sarumi expressed optimism that the new investment would accelerate Presco’s expansion drive and further entrench Edo State as the epicentre of Nigeria’s agro-industrial revolution.