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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.
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.
“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.
“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.
News
ECOWAS Parliament Charts New Course to Electrify West Africa
…outline ambitious policies to tackle chronic electricity shortages despite vast energy reserves
By Gloria Ikibah
ECOWAS has unveiled a broad strategy aimed at closing West Africa’s persistent electricity deficit, despite the region possessing some of the world’s most significant untapped energy resources.
The plan was highlighted during a presentation at the ongoing delocalised joint meeting of the ECOWAS Parliament’s Committees on Energy and Mines; Infrastructure; and Agriculture, Environment and Natural Resources in Dakar, where policymakers and experts are examining pathways to accelerate energy access and rural development across the sub-region.
Delivering a presentation on “ECOWAS Regional Energy Policies and Key Energy Statistics,” the Acting Head of Conventional Energy at the ECOWAS Directorate of Energy and Mines, Mr Koumoin Arbaduis, painted a stark picture of a region blessed with abundant energy resources but still struggling to provide reliable electricity to millions of its citizens.
According to Arbaduis, West Africa possesses extensive reserves of crude oil, natural gas, biomass, uranium and coal, as well as an estimated 25,000 megawatts of hydroelectric potential. However, these advantages have yet to translate into adequate energy access and dependable power supply across the region.
He identified limited electricity generation capacity, poor access rates, costly transmission networks, significant technical and commercial losses, and heavy reliance on petroleum products as some of the key obstacles hindering progress.
Arbaduis explained that ECOWAS has developed a succession of regional policies and frameworks over the decades to address these challenges and build a more integrated and sustainable energy market.
He noted that the first ECOWAS Energy Policy, adopted in 1982 in the aftermath of the global oil crises of the 1970s, established the foundation for regional cooperation in energy production, petroleum exploration and electricity grid integration.
He said that the 2003 ECOWAS Energy Protocol subsequently provided a legal framework for investment, trade and long-term collaboration in the sector while laying the groundwork for the West African Power Pool initiative.
He also highlighted the significance of the 2006 ECOWAS/UEMOA White Paper on Access to Energy Services for Rural and Peri-urban Populations, which was designed to expand electricity access and modern energy services to underserved communities.
According to Arbaduis, major policy reforms introduced in 2013, including the ECOWAS Renewable Energy Policy and the Energy Efficiency Policy, were aimed at increasing the contribution of renewable energy to the region’s power mix, reducing energy losses and improving access to cleaner cooking technologies.
The ECOWAS official further pointed to the adoption of the ECOWAS Bioenergy Policy and the Policy for Gender Mainstreaming in Energy Access in 2017, noting that sustainable energy development must be inclusive and ensure equal opportunities for both women and men.
On emerging technologies, Arbaduis said the regional bloc had begun positioning itself for the future through the ECOWAS Green Hydrogen Policy Framework and Strategy, adopted in 2023. The initiative seeks to make West Africa one of the world’s most competitive producers and exporters of green hydrogen, with a production target of at least 500,000 tonnes by 2030.
He explained that the updated ECOWAS Energy Policy, adopted in July 2023, reflects changing economic conditions, technological advancements and climate realities. The revised framework prioritises improved governance, universal access to affordable and reliable electricity, energy diversification, efficiency improvements and wider access to clean cooking solutions.
Summarising the region’s long-term ambition, Arbaduis said the goal is to build “a community with access to modern, reliable and sustainable energy services for improved living standards and socio-economic development.”
At the end of the five-day parliamentary meeting, which started on June 15, with the theme, “Harnessing Renewable Energy for Rural Electrification and Empowerment of Rural Economies in the ECOWAS Region: The Role of the ECOWAS Parliament” , participants are expected to develop recommendations aimed at strengthening energy access, promoting investment and accelerating sustainable development throughout West Africa.
News
Kwara ADC guber candidate, Mohammed mourns death of Oba Aweda while in captivity
The gubernatorial candidate of ADC in Kwara, Hon Zakari Mohammed has expressed sadness over the death of Asamu of Olayinka, Oba Salman Olatunji Aweda, while in the captivity.
This was contained in a statement he personally signed stating that:
“It is with a heavy heart and profound sorrow that we received the devastating news of the death of the Asamu of Olayinka, Oba Salman Olatunji Aweda, while in the captivity of his abductors despite the enormous sacrifices made by his family, subjects, and well-wishers to secure his release.
” Reports indicate that ransom and other demands were met, yet the revered monarch did not return alive to his people.
“Olayinka, a peaceful town in Ifelodun Local Government Area of Kwara State, has been thrown into mourning by this tragic loss. The death of Oba Aweda is not only a loss to his immediate family and the people of Olayinka, but also to the entire traditional institution and the people of Kwara State.
“We extend our deepest condolences to the royal family, the elders, youths, women, and all sons and daughters of Olayinka. We share in your grief and stand with you at this difficult time.
“This unfortunate incident further exposes the alarming deterioration of security across our communities and underscores the failure of both the Federal and Kwara State Governments to adequately discharge their constitutional responsibility of protecting lives and property.
” It is unacceptable that a traditional ruler could be abducted from his palace, held for weeks, and eventually die in captivity despite desperate efforts by his community to secure his freedom.
“Government must rise to its responsibilities and take decisive action against the menace of kidnapping and banditry that has continued to traumatize innocent citizens. The lives of our people must never be treated as expendable.
“As we mourn this painful loss, we pray that Almighty Allah (SWT), in His infinite mercy, forgives the shortcomings of Oba Salman Olatunji Aweda, expands and illuminates his grave, admits him into Al-Jannatul Firdaus, and grants his family, subjects, and the entire Olayinka community the strength and patience to bear this irreparable loss.
“May Allah comfort the bereaved family, preserve the unity of the people of Olayinka, and protect our communities from further tragedies.
News
ADC alleges plot to cripple opposition, thumbs down court deregistration order
The African Democratic Congress (ADC) has rejected a Federal High Court ruling directing the Independent National Electoral Commission (INEC) to deregister the party and four others, describing the judgment as an attempt to use the judiciary to undermine Nigeria’s democratic process.
Justice Peter Lifu of the Federal High Court in Abuja on Monday ordered INEC to deregister the ADC, Accord Party, Action Peoples Party, Action Alliance and Zenith Labour Party for allegedly failing to satisfy constitutional and electoral requirements outlined in Section 225A of the 1999 Constitution (as amended) and the Electoral Act 2022.
The judgment followed a suit instituted by the National Forum of Former Legislators, which sought a declaration that INEC was obligated to remove political parties that failed to meet prescribed electoral performance benchmarks. These include securing at least 25 per cent of votes in any state during a presidential election or winning at least one elective position.
Responding in a statement posted on X and signed by its National Publicity Secretary, Bolaji Abdullahi, the party condemned the ruling as unconstitutional and deeply troubling.
According to the ADC, the decision runs contrary to established legal precedents and even conflicts with positions previously advanced by INEC on the issue of political party deregistration.
“The African Democratic Congress (ADC) wishes to warn, in the strongest possible terms, against any attempt to use the judiciary as an instrument to undermine democracy and plunge Nigeria into a major political crisis.
“We are deeply alarmed by the judgment reportedly delivered by Justice Peter Lifu of the Federal High Court, Abuja, in a case filed by the so-called National Forum of Former Legislators seeking the de-registration of the ADC and four other political parties. This judgment stands in direct conflict with constitutional principles and all known judicial processes and procedures.”
The ADC maintained that INEC had expressly defended the party’s status before the court, arguing that it remained fully compliant with all constitutional and statutory requirements for political parties.
According to the party, the electoral commission clearly informed the court that the ADC had neither breached any registration condition nor failed to meet any constitutionally prescribed electoral-performance benchmark that could justify its deregistration.
The party quoted INEC as insisting that political parties could only be deregistered on grounds recognised by law, stressing that such decisions must not be influenced by political interests, public sentiment or pressure from vested groups.
Beyond challenging the substance of the judgment, the ADC also questioned the procedure that led to the ruling. It alleged that the Federal High Court proceeded with the matter despite an existing order of the Court of Appeal issued on May 22, 2026, directing that proceedings be stayed.
The party described the development as a violation of established judicial procedure and a disregard for the hierarchy of courts.
We are therefore left in no doubt that this latest development is a continuation of the ruling party’s persistent efforts to undermine the opposition, especially the ADC,” the statement said.
The ADC also raised concerns about the timing of the judgment, noting that it came shortly after the party concluded its primaries and began preparations for the 2027 general elections, including the presidential race.
It warned that attempts to remove a major opposition platform through what it termed judicial manipulation posed a serious threat to democratic stability.
“Any attempt to eliminate the country’s major opposition party through judicial manoeuvring… is a direct invitation to anarchy,” the party stated.
Describing the ruling as “reckless, provocative, and even incendiary,” the ADC argued that efforts to use state institutions to restrict political competition amounted to tampering with the foundations of Nigeria’s democracy.
The party said the case had grown beyond a dispute over party registration and now touched on a broader national question — whether Nigerians would be presented with genuine political alternatives in the 2027 elections.
“Let it be clearly stated: the ADC will not stand by while the democratic rights of millions of Nigerians are threatened. We reject any and all attempts to intimidate, suppress, deregister, or politically extinguish our party and other opposition parties through means that offend both the spirit and the letter of the Constitution.”
Reaffirming its confidence in the rule of law, the party said it would challenge the judgment through all available legal and constitutional avenues. It also pledged to engage democratic stakeholders across the country while continuing to protect the interests of its candidates, members and supporters.
The ADC further alleged that the ruling formed part of a wider effort to weaken opposition parties ahead of the next election cycle.
“Make no mistake, this is another act of desperation by the ruling party and the government to hand President Tinubu a second term without contest. This will not work,” it said.
The party warned that any attempt to create what it described as a “civilian dictatorship” could have far-reaching implications for national stability, adding that those responsible should be held accountable for any tensions arising from such actions.
It also announced plans to petition the National Judicial Council, accusing the trial judge of misconduct and conduct capable of bringing the judiciary into disrepute.
While calling on its members, supporters and coalition partners to remain peaceful, the ADC urged them to stay alert and committed to the democratic process.
The party declared that, “Whatever it takes, the ADC will be on the ballot so long as the 2027 election is to hold.”
The ADC and other opposition parties have repeatedly accused Tinubu and the APC of attempting to dominate the political space and steer the country toward a one-party system.
However, the President and his party have also repeatedly dismissed claims that Nigeria is drifting towards a one-party state, insisting that a strong and credible opposition remains essential for democratic growth.
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