Chairman of the State Privatization Council, Chief Bassey Okon (left) with the Managing Director and CEO of Presco PLC, Mr. Reji George during the signing ceremony at weekend.
By Anietie Akpan
The Cross River State Government and Presco PLC have signed a Memorandum of Understanding (MoU) to formalise a strategic partnership aimed at revitalising the Boki and Nsadop Oil Palm Estates.
The move according to a release from the Governor’s Office, is aimed at repositioning the state as a major player in Nigeria’s oil palm value chain.
The MoU signing ceremony, which held at the Cross River State Privatization Council office in Calabar, weekend, marked a significant milestone in the state’s agricultural and economic reform agenda under the leadership of Governor Bassey Otu.
Speaking at the ceremony, the Chairman of the State Privatization Council, Chief Bassey Okon, recalled the historic roots of oil palm development in the former Eastern Region under the visionary leadership of Dr. Michael Okpara, assisted by renowned businessman Sir Odumegwu Ojukwu. He noted that Cross River State inherited a large number of oil palm estates following state creation in 1967 due to its vast landmass and forest resources.
He explained that successive administrations had pursued reforms to rescue the estates from decades of neglect, beginning with the privatization framework introduced during the administration of former Governor Donald Duke and sustained under Governor Liyel Imoke.
According to him, the current administration of Senator Otu is consolidating on those reforms by opening up the Boki and Nsadop estates to private-sector efficiency, guided by the principle of maximum social gains.
The Council Chairman said Presco PLC was selected based on its proven track record across Edo, Delta and Rivers States, stressing that the company’s investment would unlock massive employment opportunities, stimulate rural development and generate revenues through taxes, produce fees and ancillary economic activities.
He added that the project is expected to create thousands of direct and indirect jobs, reduce rural–urban migration and enhance security in host communities.
In his remarks, the Managing Director and Chief Executive Officer of Presco PLC, Mr. Reji George, described the MoU signing as a milestone for both the company and Cross River State and thanked Governor Bassey Otu, the Privatization Council and other stakeholders for the trust reposed in Presco.
George said Cross River’s favourable soil quality, rainfall and long history of oil palm cultivation align with Presco’s long-term strategy of expanding sustainable palm oil production to meet domestic demand.
He assured that Presco would immediately commence environmental and social impact assessments, nursery development and plantation establishment, in line with global best practices.
He further reaffirmed the company’s commitment to sustainable agriculture, environmental protection and strong community partnerships, noting that Presco’s operations would deliver shared value to host communities, employees, government and investors.
The event was witnessed by notable government officials including the Commissioner for Commerce, Dr. Abigail Orok, Chairman of the State Civil Service Commission, Sir Maurice Effiwatt, and representatives of the Ministry of Justice.
