Presco is a public limited liability company incorporated on September 24, 1991 under Nigerian law. Its corporate head office is at the company's Obaretin Estate near Benin City.
Presco holds the Obaretin Estate (a concession of 7,000 hectares) and the Ologbo Estate (a concession of 11,000 hectares), both located in Edo State, and the Cowan Estate, a concession of 2,800 hectares in Delta State.
Presco today consists of :
Presco employs about 3,580 people: 476 are permanent staff and 3,104 are contract workers as at May 2013.
Presco is a subsidiary of Siat s.a., a Belgian agro-industrial company specialized in industrial as well as smallholder plantations of tree crops, mainly oil palm and rubber, and allied processing industries such as palm oil mills, palm oil refining / fractionation, soap making and crumb rubber factories. Siat diversified its activities into cattle ranching. Siat has as its shareholders agronomists and economists with experience in the development of agro-industrial ventures in the tropics. (http://www.siat-group.com/)
Besides Presco, Siat has a major stake in the Ghana Oil Palm Development Company (GOPDC) in Ghana (http://www.gopdc-ltd.com/), in Siat Gabon (http://www.siatgabon.com/) in Gabon and in the Compagnie Heveicole de Cavally in Ivory Coast.
During the seventies, the Government of the then Bendel State of Nigeria (which is now divided into two states: Edo State and Delta State) initiated a programme for the development of oil palm cultivation with the financial support of the World Bank
Presco is one of the largest employers of labour in Edo and Delta states, with a total of about 2,200 employees.
Indirectly, Presco’s operations positively impact on the livelihoods of many more people through transport contracts, construction contracts, fresh fruit bunches and kernel purchases from farmers, as well as by the company being a large consumer of goods and services.