The Cross River State Government has formally handed over the Boki and Nsadop oil palm estates to Presco PLC in a move aimed at revitalising the state’s agricultural sector and boosting rural economies.
The handover ceremonies, held on Friday and Saturday at Borum and Nsadop respectively, drew community leaders, government officials and representatives of the concessionaire.
Addressing stakeholders, Chairman of the State Privatization Council, Chief Bassey Okon, said the process began in April 2025 following engagements with Presco’s leadership, leading to the company’s selection based on its proven track record.
“Among those who indicated interest, Presco was chosen because of its pedigree in agriculture. We have seen what they have done in Edo, Delta and Rivers States, transforming rural economies, and we believe they can replicate the same here,” he said.
Okon disclosed that the company conducted extensive due diligence, spending about two weeks assessing the estates to confirm their viability for large-scale oil palm production.
He noted that government’s role is to provide an enabling environment, expressing confidence that the partnership would deliver jobs, infrastructure and social amenities to host communities.
“When fully operational, Presco will employ over 6,000 people directly. This will impact about 36,000 persons, reduce crime and curb rural-urban migration,” he added.
Speaking, National Partnership Director of Presco, Dr. Tunde Faturoti, assured communities of a mutually beneficial partnership built on shared value rather than mere corporate social responsibility.
“We are here to work with you as partners. When there is value, we will share it. We will create wealth together and ensure peace with the community,” he said.
Faturoti emphasized that the company’s presence would attract development, including roads, schools and healthcare, while urging communities to provide a peaceful and enabling environment.
“We cannot do this work alone. What we ask for is your cooperation. If we succeed elsewhere, we will succeed here with you,” he added.
On behalf of host communities of the Boki estate, Otu-Butu Andrew Owan expressed appreciation to the state government for attracting investors, assuring of their readiness to cooperate.
“We are peace-loving people and we are ready to work with you. We have waited for this moment, and now that it has come, we are happy and hopeful for development,” he said.
Similarly, Clan Head of Nsadop, HRH Otu Michael Owan, commended the government for bringing what he described as “the best among investors,” while expressing optimism that the partnership would drive growth in Nsadop and Abayom communities.
“We believe Presco has come to stay and will do us proud. This is a new beginning for our people and a foundation for future generations,” he stated.
He, however, stressed the need for transparency and inclusiveness, noting that the communities would study the Memorandum of Understanding to ensure their interests are protected.
The events were witnessed by officials of the State Privatization Council, the Presco team, and leaders and members of the host communities, marking a significant step in Cross River’s drive for agricultural transformation and economic development.
Kingsley Agim
