
News
FACTS OF THE N100BN DEAL TO REVIVE MORIBUND ENUGU STATE UNITED PALM PRODUCTS LTD


The Enugu State United Palm Products Ltd., UPPL, is one of the numerous initiatives of the former Premier of the defunct Eastern Region, the late Dr. Michael Okpara, and had lain fallow for decades.
As a government focused on agriculture and agro-industrialisation, 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 $4.4bn to $30bn through private sector investments. This culminated in the N100bn deal between the Enugu 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.
THE N100BN DEAL
Enugu State Government IS NOT releasing N100bn or any dime to Pragmatic Palms Ltd. Instead, Pragmatic Palms Ltd, a Special Purpose Vehicle (SPV) for the partnership, will finance the revitalisation of UPPL. Pragmatic Palm Ltd. will provide finance for 60 per cent of the transaction value, while the Enugu State Government will provide the plantations valued as 40 per cent equity.
INCORPORATION OF PRAGMATIC PALMS LTD*
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, 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.”
CORPORATE GUARANTOR (DIAMOND STRIPES LTD)
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 $20bn 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 300MW Shiroro solar power project in 2021.
SECURING ENUGU STATE’S INTEREST
The state’s interest in the N100BN 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., UPPL.
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.
MD’S PROFILE
The MD of Pragmatic Palms Ltd., who is also the MD/CEO of Diamond Stripes, George Nwangwu, is 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.
He is a Professor of law at Nile University and an Extraordinary Professor at the Department of Mercantile Law, Stellenbosch University. He was appointed a Senior Fellow at the Mossavar- Rahmani Centre for Business and Government, Harvard Kennedy School in 2023 as well as an Honorary Senior Research Associate in the Bartlett School of Construction and Project Management, University College London since 2022; He is the Director General of the Global Centre for Law and Business, Abuja.
CONLUSION
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.
Tomorrow is here!
Uche Anichukwu
SSA (External Relations) to the Governor of Enugu State
News
JUST IN: Nigeria’s inflation rate drops to 23.7%


The National Bureau of Statistics (NBS) has reported a slight decline in Nigeria’s headline inflation rate, which eased to 23.71 percent in April 2025 from 24.23 percent recorded in March.
The Bureau released the latest figures in its Consumer Price Index (CPI) update on Thursday.
According to the agency, the movement for April 2025 “headline inflation rate showed a decrease of 0.52% compared to the March 2025 Headline inflation rate”.
“On a month-on-month basis, the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%),” NBS said.
“This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025.”
News
Anambra govt bans public almsgiving, street begging


The Anambra State Government has banned the distribution of food items and other gifts to street beggars in public spaces, particularly under the Aroma Bridge in Awka, the state capital, and other locations.
The state government also banned all forms of public begging, loitering, and street trading beneath the bridges in Awka, insisting that the move became necessary to uphold the dignity and order of the capital city, which is the face of the state.
A statement released by the Managing Director and Chief Executive Officer, Anambra State Capital Territory Development Authority, Ossy Onuko, on Thursday, stated that the directive is part of the state government’s efforts to sanitise the capital city and maintain public order.
Onuko said anyone found violating this new directive will be arrested and prosecuted.
He, however, cautioned content creators, philanthropists, and charity groups against distributing food, cash, or any form of alms to street children and beggars in public spaces, particularly.
While acknowledging that some of the “charitable acts” were for good intentions, he expressed concerns that they are inadvertently contributing to the continued loitering and congregation of destitute individuals in dangerous locations.
He said, “The government has closely observed the activities of some content creators, philanthropists, and charity groups who encourage and sustain the indiscriminate roaming of children under the Aroma Bridge by consistently giving out food, drinks, and cash gifts to these kids.
“Although their intentions may be noble, they ultimately contribute to the degradation of the capital city and put the lives of these children at risk. These children are exposed to potential harm, such as being knocked down by vehicles, abused by unruly adults, or even recruited into criminal activities.
“Such actions are illegal and we hereby warn that any individual or group found engaging in them will be seen as promoting civil disorder and will face legal action.”
He also advised that all charitable activities be conducted through accredited institutions, such as orphanages, care homes, and registered non-governmental organisations, where support can be provided in a more structured and secure manner.
Onuko further urged the general public to work with the state government to uphold the dignity and order of the capital city, which represents the face of Anambra State.
“Charitable acts should be channeled through accredited organisations such as orphanages, care homes, and registered NGOs, where support can be professionally administered to those in need.
“Alternatively, donations can be made to private homes and spaces that do not create public nuisances,” he added.
News
Police re-arraign VeryDarkMan over cyberbullying of Nollywood actresses, others


The Police on Thursday re-arraigned controversial social media influencer Martins Otse, popularly known as VeryDarkMan, before a Federal High Court in Abuja for allegedly cyberbullying Nollywood actresses, Iyabo Ojo and Tonto Dikeh.
The social activist is also accused of cyberbullying Nigerian producer and singer Samuel Oguachuba, popularly called Samklef, among others.
VDM was re-arraigned before Justice Musa Liman on a five-count charge to which he pleaded not guilty.
Recall that VDM was first arraigned on May 22, 2024, before Justice Mobolaji Olajuwon for the same offences, which are contrary to and punishable under Section 24 of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.
He was remanded in custody but later granted bail of ₦10 million on June 10, 2024. The bail conditions required two sureties who must either be employees of a reputable company or Level 17 officers in the federal civil service with evidence of three years’ tax clearance.
The charges, marked FHC/ABJ/CR/140/2024, dated and filed on March 28, 2024, were re-assigned to Justice Liman following Justice Olajuwon’s transfer to another division of the Federal High Court.
In the first count, VDM is alleged to have, on or about October 13, 2023, intentionally published a video on his Instagram handle (@verydarkblackman) containing threatening and bullying remarks aimed at Samuel Oguachuba.
The second count accuses him of intentionally posting videos on or about October 29, 2023, via his Instagram handle, which contained grossly offensive, indecent, obscene, or menacing information against Iyabo Ojo.
In the video, VDM allegedly claimed that “one Iyabo Ojo is having an indecent sexual relationship with her daughter.”
In the third count, VDM is accused of knowingly publishing a false claim on January 19, 2024, that “King Tonto Dikeh is involved in the criminal conversion of the proceeds from the crowdfunding for the Justice for Mobbad Movement and is the person behind the Gistlover blog.”
The fourth count alleges that on March 19, 2024, the defendant intentionally posted videos on his Instagram handle containing insulting and annoying remarks about the Deputy Inspectors General of Police and lawmakers in the National Assembly.
After his re-arraignment before Justice Liman, VDM’s counsel, Deji Adeyanju, requested that his client be allowed to remain on the bail conditions previously granted by Justice Olajuwon.
Police counsel Victor Okoye did not oppose the request.
Justice Liman upheld the earlier bail terms and adjourned the matter until July 24, 2025, for trial.
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