- Aiyedatiwa Pledges Land, Security, Fast-Track Approvals
By Paul Joseph
Presco Plc has announced plans to invest an initial $200 million in Ondo State to develop large-scale oil palm plantations, a processing mill and an edible oil refinery, in a move expected to boost agricultural production, industrialisation and job creation.
The investment was unveiled on Friday during a courtesy visit by the company’s management to Governor Lucky Aiyedatiwa in Akure, where the governor assured the firm of a conducive business environment, including land allocation, adequate security and expedited approvals.
Speaking during the visit, Presco Plc’s Chief Executive Officer, Rasheed Sarumi, described the company’s expansion into Ondo as a “homecoming,” noting that it marks Presco’s return to the South-West after years of operating in other regions.
According to him, the investment was encouraged by the investor-friendly policies of the Aiyedatiwa administration and forms part of the company’s long-term expansion strategy.
Sarumi disclosed that Presco, a subsidiary of the SIAT Group, intends to establish a fully integrated oil palm operation in the state, comprising plantations, a processing mill and a refinery.
He said the project would help reduce Nigeria’s heavy dependence on imported crude palm oil, noting that the country currently faces an annual supply deficit of nearly one million tonnes needed for the production of edible oils, soaps, cosmetics and other consumer products.
“Edible oil is one of the most essential household commodities, and increasing local production is critical to reducing imports and strengthening food security,” he said.
The CEO also explained that Presco operates under the internationally recognised Roundtable on Sustainable Palm Oil (RSPO) certification, which requires strict environmental, social and community engagement standards before projects can commence.
He added that the company would work closely with host communities to obtain their consent and implement community development plans in line with global sustainability requirements.
Sarumi noted that Presco has operations across Nigeria, Ghana, the United States, China and Belgium, where the SIAT Group is headquartered.
Responding, Governor Aiyedatiwa welcomed the investment, describing Presco as a globally respected agribusiness whose presence would further strengthen Ondo State’s position as a leading agricultural investment destination.
He said that while the state already produces about 40 per cent of Nigeria’s cocoa, the new investment would also reinforce its status as a major oil palm-producing hub.
The governor directed the Ondo State Development and Investment Promotion Agency (ONDIPA) to facilitate all approvals and documentation required for the project while eliminating bureaucratic delays.
“I’ve already made up my mind that Presco must have a place there. We will allocate land that is safe, suitable and free from unnecessary disputes,” Aiyedatiwa assured.
He also pledged adequate security for the investment, stressing that Ondo remains one of Nigeria’s safest states for agricultural and industrial investments.
Speaking with journalists after the meeting, SIAT Group Chief Executive Officer, Adewale Arikawe, said the project aligns with the state government’s economic transformation agenda.
“We are looking at an initial investment of about $200 million. We operate a fully integrated edible oil business, and that is exactly what we are bringing to Ondo State,” he said.
Arikawe added that the investment would drive rural development, promote industrial growth, create employment opportunities and generate lasting economic benefits for the state and its host communities.
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