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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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Tinubu Hails Wike as Remodeled Abuja City Gate Signals Capital’s Renewal (Photos)

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President Bola Ahmed Tinubu on Thursday declared that the newly remodeled Abuja City Gate stands as an enduring symbol of national renewal, unity and progress, while commending the Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, for transforming the nation’s capital through sustained infrastructure development.

Represented by the First Lady, Senator Oluremi Tinubu, at the commissioning ceremony in Abuja, the President said the remodelling of the iconic monument was a fitting tribute to both the third anniversary of his administration and the 50th anniversary of the Federal Capital Territory.

“It gives me great pleasure to join you this evening for the commissioning of the remodeled Abuja City Gate,” the President said.

“Today’s event is particularly significant as it forms part of two important national milestones: the third anniversary of our administration and the Golden Jubilee, that is the 50th anniversary of the Federal Capital Territory.”

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Describing the City Gate as one of Nigeria’s most recognisable national monuments, Tinubu said the project reflects the administration’s commitment to building a capital city worthy of the nation’s status.

“There is no better time than this historic anniversary to remodel the Abuja City Gate, an iconic landmark that stands as a symbol of our national identity and serves as the gateway to our nation’s capital,” he said.

According to the President, Abuja represents the heart of the Nigerian federation as the nation’s diplomatic and administrative centre where all 36 states converge.

“Our city gate is one of the major first impressions of this city. It welcomes visitors, reflects the character of our people and communicates the pride our nation takes in its capital.

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“This newly remodeled Abuja City Gate, with its beautiful water fountain representing the 36 states and the Federal Capital Territory, tells every visitor and Nigerians arriving from the airport that they have entered a city built on unity, diversity and shared aspirations.”

Tinubu said the remodeled gateway could now stand alongside renowned public monuments across major cities of the world.

He praised Wike for driving the transformation of Abuja through ambitious infrastructure projects.

“I commend the Honourable Minister of the Federal Capital Territory, His Excellency Barrister Ezenwo Nyesom Wike, CON, for remodeling the monument and for your relentless dedication to transforming the general ambience of the Federal Capital Territory.

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“I also acknowledge the numerous infrastructural projects currently being undertaken across the capital city. Roads are being constructed and expanded, public spaces are being improved, and critical infrastructure is receiving renewed attention.

“When you share a vision with a man of action, you see results. Minister Wike, you have proven once again to be a true driver of the Renewed Hope Agenda. I say, well done.”

The President said the ongoing projects were repositioning Abuja as a capital city Nigerians could take pride in while advancing the administration’s vision of purposeful leadership, sustainable development and improved quality of life.

“As we commission this city gate today, may she stand as an enduring symbol of renewal, progress and national pride. May all who pass through her be reminded of the boundless potential of our nation and be inspired to contribute to its continued growth.”

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He urged residents to safeguard the facility, stressing that public infrastructure belongs to all Nigerians.

“I encourage you all to protect and preserve this landmark. Public infrastructure belongs to all of us, and its maintenance is a shared responsibility.”

The President thereafter declared the remodeled Abuja City Gate officially commissioned.

Earlier, the FCT minister, Barr Nyesom Wike disclosed that the project originated from a directive by First Lady, who insisted that the entrance into Nigeria’s capital should reflect the stature of the country.

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The minister recounted how persistent rainfall had threatened the commissioning but said postponing the event was never an option.

“Since late last night, it has been raining. This morning it started raining. I came here to see what we were doing this afternoon… I said, whatever they do, we must commission this city gate today.”

He revealed that although successive administrations had left the City Gate untouched, President Tinubu questioned why such a strategic national monument had remained unattractive.

“Your Excellency, this is your brainchild,” Wike said.

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“You called me and asked, ‘Has he not been travelling? Is this how other city gates look? Is there no way you can beautify this place so that anybody coming to Abuja will say, indeed, I am entering the capital city of a country?’”

Wike said he immediately mobilised officials of the Federal Capital Development Authority and construction giant Julius Berger to redesign the facility despite initial delays.

“I told Julius Berger that if I lose my job, they too would lose their job,” he said jokingly, drawing laughter from the audience.

According to him, the engineering work beneath the monument was far more complex than it appeared on the surface.

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“When I came here while they were working, I didn’t understand what they were doing. They were digging everywhere. They told me to be patient.

“You have come here now and it looks simple, but it is not simple. If you know what they have put underground, you will marvel.”

The minister expressed confidence that Nigerians would appreciate the transformation, particularly the newly installed water fountain and lighting system, describing the project as another milestone in the renewal of Abuja.

Also speaking, the Minister of State for the FCT, Dr Mariya Mahmoud, described the remodeled City Gate as a visible symbol of the Renewed Hope transformation taking place across the nation’s capital.

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She commended President Tinubu for his vision and Wike for driving the rehabilitation, reconstruction and completion of critical infrastructure projects across Abuja.

Mahmoud also praised the First Lady for her compassionate leadership, patriotic service and steadfast support for programmes that improve citizens’ wellbeing, noting that her presence added dignity and national significance to the commissioning ceremony.

She said the upgraded landmark represented “a new era of infrastructural renewal, urban rebirth and national pride,” adding that the ongoing projects were restoring Abuja’s original master plan and repositioning it as a capital city of global standard.

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$4.5bn fraud trial: Court admits Emefiele’s EFCC statements

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Justice Rahman Oshodi of the Lagos State Special Offences Court sitting in Ikeja has admitted into evidence extra-judicial statements allegedly made by former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Economic and Financial Crimes Commission (EFCC).

The court dismissed objections raised by the defence team yesterday while ruling on the admissibility of document; he admitted it and marked exhibits (Exh) K31.

In his ruling, the court held that the provisions of Section 4 of the Anti-Torture Act, 2017, relied upon by Emefiele’s counsel, did not justify the conduct of a trial-within-trial to determine the admissibility of the statements.

Justice Oshodi agreed with the prosecution that the statements sought to be tendered were not confessional in nature and, therefore, did not require a separate trial to test their voluntariness.

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The judge held that for a statement to qualify as confessional, it must contain an unequivocal admission of the alleged offences.

According to the court, none of the statements made by Emefiele contained any admission of the facts in issue. Consequently, the court dismissed the objections and admitted as exhibits the statements dated October 27, October 30, November 11, November 12 and November 13, 2023.

Following the ruling, the matter was adjourned to October 6, 7 and 8, and November 11, 12 and 13, 2026, for continuation of trial.

It would be recalled that Emefiele is standing trial alongside Henry Omoile on a 19-count charge bordering on abuse of office, receiving gratification, acceptance of gifts through agents, corruption and fraudulent property transactions involving about $4.5 billion and N2.8 billion.

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Omoile is facing a three-count charge relating to alleged unlawful receipt of gifts connected with transactions involving the CBN. Both defendants have pleaded not guilty.

At an earlier sitting, Emefiele’s lead counsel, Mr Olalekan Ojo (SAN), had urged the court to reject the statements, arguing that they were obtained involuntarily through alleged oppression and torture during his client’s detention by the Department of State Services (DSS) for over 157 days.

Ojo submitted that the statements were inadmissible under the Anti-Torture Act and relevant provisions of the Evidence Act, contending that once voluntariness is challenged, the prosecution bears the burden of proving that the statements were made freely.

He argued that the absence of a video recording of the interrogation undermined the credibility of the statements, describing them as “poisoned fruits.”

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He further contended that the prosecution failed to provide independent evidence corroborating the alleged confessional statements and questioned the role of the legal practitioner said to have witnessed the interviews.

In response, the Director of Public Prosecutions of the Federation, Mr Rotimi Oyedepo (SAN), maintained that a trial-within-trial was unnecessary as none of the statements amounted to a confession or contained any admission of wrongdoing.

Oyedepo argued that the Anti-Torture Act does not mandate a trial-within-trial in such circumstances and urged the court to dismiss the objections and proceed with the substantive trial.

The court, however, upheld the prosecution’s position and admitted the statements into evidence.

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Insecurity: Ndume backs defence minister’s shoot-on- sight order

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Former Senate Leader, Senator Ali Ndume on Thursday, threw his weight to the order by the Minister of Defence, Ge. Christopher Musa (retd) to the military to shoot on sight any terrorists or bandits, saying sustained military pressure, not negotiations or concessions, remains the surest path to ending insecurity in Nigeria.

Fielding question from State House correspondents after meeting behind closed-doors with President Bola Tinubu at the Presidential Villa, Abuja, Senator Ndume, who represents Borno South Senatorial District also kicked against reintegration of repentant terrorists in the society.

He also said those who aid criminal groups should be treated as accomplices.

Ndume, who was once the Chief Whip of the Senate, argued that recent military successes across the country demonstrate that insurgent groups are steadily losing ground under sustained offensives by the Armed Forces.

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“If the tempo is kept, I’m sure this thing will come to an end,” he told journalists.

The ranking lawmaker cited the elimination of key terrorist leaders, the surrender of several commanders and improved security in parts of the North-East and South-East as evidence that the military strategy is yielding results.

He maintained that terrorists and bandits deserve no leniency.

“You don’t spare a bandit. You don’t spare a terrorist. Once you identify a terrorist, because if you don’t kill him, he will kill you,” Ndume said.

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Recall that the Minister of Defence, Gen. Musa had recently told soldiers at the front line not to wait for any order when they confront the terrorists and bandits.

The Minister vowed that the government will neither negotiate with terrorists nor tolerate ransom payments, arguing that such concessions embolden criminal groups, enable them to regroup and prolong insecurity.

Although he refused to give details of his meeting with the President, the Borno South vocal senator said that his meeting with President Tinubu centred on security and the economy, describing both as Nigeria’s most urgent challenges.

He said the President demonstrated his commitment to restoring security by convening a meeting with the service chiefs before receiving him.

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“I had an appointment for 3 pm, but I had to wait because the President was in a security meeting. As you can see, the service chiefs came in. That means the President is sitting up,” he said.

According to him, military operations have intensified in the North-West against bandits, while campaigns in the North-East have led to the neutralisation of insurgent leaders and the surrender of several fighters.

He also acknowledged improvements in the South-East, where he said separatist-related violence had declined significantly.

“The South-East issue is not as before, and that is one area where we need to commend the President, the Chief of Defence Staff, the Army and other security agencies for what they are doing,” he said.

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Ndume also welcomed the decision by the 19 Northern governors to establish a regional security trust fund, describing it as a positive step towards strengthening collaboration between the Federal Government and the states.

“You don’t leave security entirely to the Federal Government. If the governors are contributing resources, they should work with existing security institutions. The more coordinated the effort, the stronger the response,” he said.

Beyond security, the senator urged the Tinubu administration to intensify efforts to cushion the economic hardship facing Nigerians through better coordination of interventions aimed at reducing the cost of living.

“We have all it takes. It is just that we need to coordinate our efforts. Once Nigerians see the efforts of the government, they will appreciate them,” he said.

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Ndume also advised President Tinubu to engage Nigerians more directly through regular national addresses, arguing that effective communication would strengthen public confidence in government policies.

“I told Mr. President that he should speak directly to Nigerians. People expect their leader to tell them what is going on instead of leaving others to speak on his behalf. That is very important,” he said.

He said the President welcomed his suggestions and agreed that they should hold regular consultations on national issues, stressing that solving Nigeria’s multifaceted challenges require contributions from a broad range of stakeholders.

“A country like Nigeria must have problems, and the President alone cannot solve all the problems. He needs people that can share ideas with him because two heads are better than one,” Ndume said.

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