…to partner FG on cultivation of 1m hectares in Oil Palm Youth initiative

The management of Presco Plc has said the company in the outgone financial year employed over 8000 people and expanded facilities for processing oil palm and palm kernel crushing as well as improving its energy production facilities.

The company said it was working with the President Muhammadu Buhari-led administration to establish one million hectares of oil palm plantation in the Youth Oil Palm programme to be implemented across the country.

•Section of Sakponba Estate oil palm nursery

The Chairman, Board of Directors, Presco Plc, Mr Pierre Vandebeeck disclosed this at the 26th Presco Pre-Annual General Meeting cocktail, which was held at the company’s integrated industrial establishment in Obaretin, near Benin City, Edo State.

He noted that the successful implementation of the programme would enable Nigeria to regain its glory as a major supplier of oil palm to other countries.

According to him, “Nigeria is currently importing about a million tons of oil palm per annum which has affected domestic production and sales. This year is a difficult one for us due to massive importation of oil palm and oil palm products. The country is importing about a million tons of oil palm per annum and this is not an enviable position, but the future looks bright as we intend to revamp the oil palm industry in the country.”

He expressed appreciation to the federal and state governments for making commitments to provide an enabling environment for the company to carry out its operations.

He added that one of the company’s achievements in the outgoing business year was an improved relationship with its host community, noting that its Corporate Social Responsibility policy is one of the best in the country.

The Managing Director of Presco Plc, Mr. Felix Nwabuko, said the company has been able to give its shareholders value for their money which would be declared at the 26th Annual General Meeting (AGM).

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He listed the achievements made by the company in the outgoing financial year to include employment of over 8000 people, the ongoing expansion of processing capacities in oil palm and palm kernel crushing plants and energy production facilities. He expressed appreciation to the state government for creating an enabling environment for the company’s operations in the state.

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Speaker, Edo State House of Assembly, Rt. Hon Frank Okiye, commended the company for supporting the government’s job creation drive and bridging the unemployment gap in the country.

Okiye noted that that Edo State Government will continue to support the company’s expansion plan, assuring of more ease of doing business incentives to support its growth.


Other officials of the state government at the cocktail were Special Adviser to the Governor on Agriculture, Forestry and Food Security, Joe Okojie and Head of Service, Mr. Isaac Ehiozuwa as well as representatives of the Delta State Government.

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