Presco debunks media claim on revoked Certificate of Occupancy in Ologbo Estate

Presco Plc has debunked the recent media claim that its Certificate of Occupancy for the Ologbo Estate was revoked by Edo State Government.

In a notice to the Nigerian Exchange, the Company stated thus:

‘Presco Plc wishes to inform all stakeholders that it is aware of the Vanguard newspaper publication of 26 November 2025, which claimed that the Edo State Government has revoked Presco Plc’s Certificate of Occupancy for the Ologbo Estate.

The Edo State Government (the Government) has issued an official disclaimer published in the Vanguard newspaper and other media today, 27 November 2025, confirming that the publication did not emanate from His Excellency, Governor Okpebholo, or from any authorized arm of the Edo State Government. The Government confirmed that Presco Plc’s Statutory Right of Occupancy remains valid and has not been revoked.

The Edo State Government further clarified that what was under technical consideration was the possible excision of approximately twenty (20) hectares located within an area containing crude oil wells, in line with federal laws governing mineral resources. However, no decision or approval was made, and no action affecting Presco’s current land was authorized.

The Edo State Government has fully disassociated itself from the publication, instructed the public and stakeholders to disregard it, and initiated an administrative review into the unauthorized actions of the former EDOGIS leadership. The Government also reaffirmed its commitment to transparent land administration and investor engagement.

We extend our sincere appreciation to the Edo State Government for its swift and decisive response in addressing this matter and for its expressed commitment to transparent land administration and investor engagement.

We reassure all stakeholders and the public that Presco’s land rights, including the Ologbo Estate, are fully secure, and all Company’s operations remain uninterrupted”.