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We’re Not Spending N100bn To Revive United Palm Products – Enugu Govt

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Enugu State government has explained that it is not committing N100 billion into its partnership with a private firm to revive the moribund United Palm Products Ltd (UPPL).

In providing more facts on the deal, the state government empahasised that it “is not releasing N100 billion or any dime to Pragmatic Palms Ltd”, adding that instead, Pragmatic Palms Ltd, a special purpose vehicle (SPV) for the partnership, will finance the revitalisation of UPPL.

In a statement issued by the senior special adviser to the governor on external relations, Mr. Uche Anichukwu, the state government said Pragmatic Palm Ltd would provide finance for 60 percent of the transaction value while the Peter Mbah administration would provide the plantations valued at 40 percent equity.

Anichukwu said UPPL is one of the numerous initiatives of the late premier of the defunct Eastern Region, Dr. Michael Okpara, and had been moribund for decades.

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He said UPPL was expectedly one of the many moribund assets penciled down for revitalisation by Governor Peter Mbah in line with his campaign promise to convert the state’s dormant assets to productive assets and grow the state’s economy exponentially from the current $4.4 billion to $30 billion through private sector investments.

Anichukwu further clarified that this culminated in the N100 billion deal between the state government and Pragmatic Palms Ltd., a subsidiary of Diamond Stripes Ltd. on Thursday, May 9, 2024 after months-long negotiation and due diligence that started way back in 2023.

He sad, “Because several parties/investors are involved, it became imperative, as is the best international practice, to register a Special Purpose Vehicle (SPV) as the platform to transact the deal. Pragmatic Palms Ltd. was duly incorporated before the signing of the agreement.

“For the avoidance of doubt, however, although it is not the case in this instance, it is apposite to also note that the Companies and Allied Matters Act (CAMA), 2020, provides for Pre-incorporation Contract.

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“Section 96 (1) of CAMA, 2020, provides: “Any contract or other transaction purporting to be entered into by the company or by person on behalf of the company prior to its formation may be ratified by the company after its formation and thereupon the company shall become bound by and entitled to the benefit thereof as if it has been in existence at the date of such contract or other transaction and had been a party thereto.

“As demanded by the Enugu State government, Pragmatic Palms Ltd provided a guarantor, which is Diamond Stripes Ltd, a reputable and huge company that has done investments worth over $20 billion spanning power and renewable energy sector, port sector, and agricultural sector since 2013.

Diamond Stripes Ltd is the sole investor in Onitsha River Port and has invested heavily in the agricultural sector where it is the largest owner of silo complexes in Nigeria. It was involved in the acquisition of 600mw Shiroro Hydroelectric Power plant in 2013, concessions of 30mw Gurara Hydroelectric Power Plant in 2019, and establishment of 300mwShiroro solar power project in 2021.

“The state’s interest in the N100 billion UPPL deal is well secured, benefitting from Governor Peter Mbah’s experience as an investment finance expert and an entrepreneur, who has handled multi-billion-dollar projects himself. Besides asking for and getting a corporate guarantor on the part of Pragmatic Palms Ltd, the government also demanded for and got bank guarantors from Pragmatic Palms. Importantly, performance targets and timelines were equally set in the Agreement for Pragmatic Palms Ltd. failing which the Enugu State Government is free to revoke the deal and reassume total ownership of United Palm Products Ltd.

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“In addition, the Enugu State Government is represented on the company’s board, including the Chairmanship of the Board, as part of the steps taken to secure the state’s interest,” he said.

Anichukwu also disclosed that the MD of Pragmatic Palms Ltd, is also the MD/CEO of Diamond Stripes, George Nwangwu, and a professor of project financing law, who has led transaction teams that have participated in the consummation of over 100 privatisation or Public Private Partnership (PPP) transactions worth over $20 billion across Africa.

“Prof. Nwangwu was the head of infrastructure finance at the Ministry of Finance under the leadership of Dr. Ngozi Okonjo-Iweala, during which he led the team that delivered the Second Niger Bridge deal.

“Clearly, it is a new dawn for the United Palm Products Ltd. to the benefit of the people of Enugu State after decades of rot and neglect. The partnership is promising and the project in good hands,” he said.

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Just in: Ex-HoR spokesperson Zakari Mohammed emerges Kwara ADC primary consensus guber candidate

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..promises party chieftains, supporters an unwavering loyalty

A former House of Representatives spokesperson, Hon Zakari Mohammed has emerged the gubernatorial candidate of African Democratic Congress ADC for Kwara state in the 2027 general elections.

Mohammed a frontline politician emerged as a consensus candidate of the party, in Kwara, he was a former Commissioner for Information and Energy is a strong grassroots politician who has at different times actively participated in both state and federal politics.

In a message gratitude to party chieftains and party loyalists, Mohammed thanked them all for the massive support he enjoyed during the primary.

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He said:”The overwhelming confidence reposed in me by our national leadership, state leaders, stakeholders, and the teeming members of the African Democratic Congress across Kwara State, in adopting me as the consensus Governorship candidate of our great party, is deeply humbling and profoundly appreciated.

“I sincerely thank every leader and member of the party for this rare demonstration of trust, unity, and commitment to the collective aspiration of building a better Kwara State anchored on justice, competence, accountability, and people-oriented governance.
I particularly commend my colleagues within the Kwara leadership structure of the party for their patriotism, maturity, dedication, and genuine love for Kwara State in arriving at this historic consensus.

“Their sacrifices and determination to place the interest of the people above personal ambition have once again shown that ADC remains a party driven by democratic ideals, inclusiveness, and service to humanity.

“I accept this enormous responsibility with utmost humility and a deep sense of duty. I wish to assure all party members and the good people of Kwara State that I shall not betray the confidence bestowed upon me. By the grace of God, and with the collective support of our people, victory is certain.

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“I call on all Kwarans and Nigerians who desire genuine change to massively support and vote for all ADC candidates from top to bottom in the forthcoming elections. The current economic hardship, suffering, and hopelessness imposed on Nigerians under the administration of the All Progressives Congress can only be reversed through purposeful leadership and people-centered governance.

“Our party stands firmly against godfatherism, political intimidation, and imposed leadership. In ADC, the people remain the center of our democratic process.

“Our members, supporters, and voters are our greatest strength and the premium focus of our attention, as clearly enshrined in democratic principles.

“Together, we shall rescue Kwara State and contribute meaningfully to the rebuilding of Nigeria.
Thank you all and may God bless Kwara State and the Federal Republic of Nigeria.

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Troops Repel Terrorists’ Attack on Military Post in North-east, Eliminate 12 ISWAP/Boko Haram Fighters

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Troops of the Joint Task Force (North East), Operation Hadin Kai (OPHK), have eliminated 12 ISWAP and Boko Haram fighters during a failed attack on a military position in the Kirawa axis of Sector 1 OPHK Area of Responsibility in the early hours of May 22, 2026.

The operation was carried out under Operation Desert Sanity and Siege Operations after suspected terrorists attempted to infiltrate positions occupied by troops of the 153 Task Force Battalion and other allied forces along the Nigeria-Cameroon border axis.

According to the Media Information Officer of Joint Task Force (North East) Operation Hadin Kai, Lieutenant Colonel Sani Uba, the attack was promptly detected and effectively repelled by troops and members of the Civilian Joint Task Force (CJTF), who responded with superior firepower and maintained control of their positions throughout the encounter.

The terrorists were subsequently forced to abandon the mission and retreat towards the Cameroon axis after suffering heavy casualties during the gun battle.

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“Intelligence, Surveillance, and Reconnaissance assets, as well as platforms of the Air Component of OPHK and partner forces, provided coordinated support during the operation.

“Following the engagement, troops confirmed the neutralisation of 12 terrorists, while several others reportedly escaped with gunshot wounds, as evidenced by blood trails along their withdrawal routes.

“Recovered items included AK-47 rifles, rocket-propelled grenade systems, ammunition, and a PKT machine gun, further weakening the operational capability of the insurgents in the area,” the statement said.

Troops of OPHK, working alongside the Civilian Joint Task Force, have continued exploitation operations to track fleeing terrorists and recover additional weapons and equipment, while maintaining heightened vigilance across the area.

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The Joint Task Force reaffirmed its commitment to sustaining pressure on terrorist groups until they are completely neutralised across the theatre of operations.

The military high command also commended the troops for their gallantry, professionalism, and swift response, which it described as the third successful operation recorded within the week, urging them to sustain the operational momentum in the interest of national security.

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Africa needs $2.8 trillion by 2030 to meet climate goals — Report

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Africa will require an estimated $2.8 trillion between 2020 and 2030 to effectively tackle climate change and meet its commitments under the Paris Agreement.

A new report policy analysis by Harrison Rehoboth Consulting, states that the continent needs about $277 billion annually to fund climate adaptation and mitigation projects.

The investment is aimed at reducing the impact of floods, droughts, desertification, and other environmental challenges threatening livelihoods across the region.

Femi Sekoni, spokesperson for Harrison Rehoboth Consulting, said the funding is critical to strengthen infrastructure, protect vulnerable communities, improve food security, expand renewable energy, and support a transition to cleaner, more sustainable economies.

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Despite the growing climate crisis, the report notes that Africa remains heavily dependent on foreign sources for climate financing. Domestic investors contribute only a small portion of available funds.

Local institutions including banks, pension funds, insurance firms, and private investors account for roughly 10% of climate finance flowing into the continent. International organisations and development partners provide the larger share.

Uneven distribution and structural barriers

Climate financing across Africa remains unevenly distributed. Countries with stronger financial systems and investment structures—South Africa, Egypt, Nigeria, Morocco, and Kenya—attract a significant percentage of available funding.

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Many other African countries facing severe climate threats struggle to attract large-scale investment.

The report cites weak institutions, limited project preparation capacity, policy uncertainties, and concerns over investment risk as key barriers.

The analysis also raises concerns about the structure of climate financing available to African countries.

A large portion comes in the form of loans rather than grants or concessional financing, which could worsen debt burdens for nations already facing rising debt-servicing obligations and economic pressure.

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Climate adaptation projects such as flood control systems, drought resilience programmes, and coastal protection infrastructure often provide social and environmental benefits but generate little direct revenue.

This makes loan repayment difficult for governments.

The report notes that rising debt levels have fueled global discussions around climate justice and the need for wealthier nations to provide more grant-based support to vulnerable countries facing the harsh effects of climate change.

The report acknowledges efforts by institutions such as the African Development Bank and some African countries, including Rwanda, Kenya, Senegal, Egypt, and South Africa, to expand climate investment initiatives and develop financing frameworks capable of attracting private investors.

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However, Harrison Rehoboth Consulting stresses that Africa’s climate finance gap cannot be closed through international promises alone.

It calls for stronger domestic financial systems, improved governance, better project planning, and reforms in global financial institutions to make climate funding more accessible.

Key recommendations include: increasing concessional financing and grants for adaptation projects; improving collaboration between governments and private investors; strengthening policies that encourage long-term investment in climate and infrastructure projects; and building domestic financial capacity to reduce over-reliance on external funding.

The report concludes that closing Africa’s climate finance gap will require coordinated action at national, regional, and global levels to ensure funding reaches the countries and communities most exposed to climate risk.

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