Benin, Edo – In a bold and controversial executive action, Edo State Governor Monday Okpebholo has revoked the statutory right of occupancy for over 13,545 hectares of prime agricultural land held by PRESCO PLC, Nigeria's largest palm oil producer, citing "overriding public interest" and the presence of two oil wells on the property.

The move, announced via a public notice sighted by DAILY South Nigeria, has unleashed a torrent of backlash on social media, with critics accusing the governor of undermining the state's economic backbone and jeopardizing thousands of jobs.

The revocation notice, signed by Governor Okpebholo and dated November 2025, invokes Sections 28 and 38 of the Land Use Decree No. 6 of 1978. It targets Digital Plot No. 38445, Rural Zone/B33, Ologbo in Ikpoba Okha Local Government Area, Benin City, a vast expanse detailed in a February 2025 survey and registered in the EDOGIS Land Registry.

The governor's office emphasized that the decision prioritizes public benefit, particularly the untapped oil resources, but provided no further elaboration on potential relocation plans for PRESCO or compensation timelines.

PRESCO PLC, a subsidiary of the Siat Group and listed on the Nigerian Exchange (NGX), has been a cornerstone of Edo's economy for 34 years. The company operates one of Africa's largest integrated agro-industrial complexes, producing palm oil, rubber, and other commodities that contribute significantly to Nigeria's non-oil exports.

With operations spanning multiple estates in Edo, PRESCO directly employs over 3,000 workers, many locals and supports tens of thousands more through supply chains and community programs.

Its shares are among the NGX's top performers, underscoring its role in attracting foreign investment to the region.

The announcement has struck a raw nerve amid Edo's fragile post-election recovery. Governor Okpebholo, who assumed office in November 2024 after a contentious APC primary and general election, has positioned himself as a reformer focused on reclaiming "misappropriated" state assets.

Earlier this month, he signed the Edo State Public Property Protection Law, 2025, empowering a task force that has already recovered over 500 properties.

Similar revocations, such as the October 2025 cancellation of the Museum of West African Art (MOWAA) site's certificate of occupancy to restore it as Benin Central Hospital, were framed as heritage preservation. However, the PRESCO decision appears to cross into private enterprise territory, raising alarms about investor confidence.

Social media erupted late Wednesday, with prominent voices decried the action as shortsighted and politically motivated.

"Just so you understand that Presco PLC is the largest Agriculture investment company in Nigeria domiciled in Edo State... This is the same company property that Okpebholo has just revoked. Presco PLC has been in operation in Edo State for 34 years and has employed thousands of Edo people directly and indirectly. There's obviously a mental problem somewhere," wrote former Edo Commissioner for Digital Economy, Science and Technology, Ogbeide Ifaluyi-Isibor (@exquisiteOG).

Echoing the sentiment, financial analyst Kalu Aja (@FinPlanKaluAja1) lamented, "Edo has entered one chance. Presco PLC ooh," attaching the revocation notice.

Local entrepreneur Chinedu Memeh (@ChiMemeh) urged, "Senator Monday Okpebholo, there is absolutely no need for revoking the C-of-O of PRESCO if you have the interest of Edolites at heart." Others, like @SImhanbor75905, questioned the governor's priorities: "Okpebholo isn’t Doing obaseki but Edo people. How do you revoked presco C of O? What’s going on Edo State."

The controversy spilled into a heated exchange on X, where Benin native Sir Osas (@sir_osas) shared a clipping, warning, "This man wan destroy this state o..".

Responding sharply, Nosakhare Stefan Egbọn (@stefan_nosa) defended the governor: "Did you even bother to read the letter? I’m curious. Because you shouldn’t be this dumb." This retort highlights a rare pro-Okpebholo voice amid the deluge of criticism, though it failed to quell the outrage.

As of Thursday, PRESCO's shares dipped 2.3% on the NGX, reflecting investor jitters. The company has yet to issue an official statement, but industry watchers predict legal challenges under the Land Use Act, which requires fair compensation for revocations not deemed "required for public purposes."

Edo's opposition PDP, still smarting from the 2024 election loss, has hinted at parliamentary probes, with a spokesperson calling it "economic terrorism against our youth."

Governor Okpebholo's administration, through a terse statement late Wednesday, reiterated its commitment to "transparent resource management" and promised consultations with stakeholders.

"Edo's wealth belongs to Edolites, not select interests," it read, alluding to the oil wells as a potential revenue boon. However, with unemployment hovering at 35% in the state and agriculture employing 70% of the rural workforce, skeptics argue the revocation risks more harm than hydrocarbon windfall.

This saga unfolds as Okpebholo navigates early-term pressures, including a January 2025 shareholder probe into alleged bond irregularities involving PRESCO and rival Okomu Oil Palm under the prior Obaseki regime.

For now, Benin City's palm-fringed estates stand as unwitting battlegrounds in Nigeria's perennial tussle between state power and private enterprise.