
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
Tinubu Departs for Saudi Arabia to Perform Umrah, Pray for Nigeria
President Bola Tinubu will depart Abuja on Thursday, October 29, for Makkah, Saudi Arabia, to perform Umrah, an Islamic pilgrimage involving religious rites in the holy city.
The President’s visit will provide an opportunity for spiritual reflection and prayers for Nigeria’s peace, unity, stability and continued progress.
His Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday.
According to Onanuga, Tinubu will seek Allah’s guidance and blessings for Nigeria and its people during the spiritual exercise.
“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement read.

Before departing Abuja, the President is scheduled to commission equipment acquired by the Nigerian Air Force for its operations.
The commissioning will take place at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja.
Onanuga said Tinubu was expected to return to Nigeria next week after completing the religious exercise.
Umrah is an Islamic pilgrimage to Makkah that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period on the Islamic calendar.
News
Mbah Denies Alleged Order to Block Opposition Town Hall Meeting
…Warns Opposition Against Defamation
Enugu State Governor, Peter Mbah, has dismissed as false a viral social media allegation that he ordered a political party to be denied access to a private facility for its town hall meeting, warning opposition figures against making defamatory statements.
Mbah, in a statement issued in response to the circulating video, described the allegation as “preposterous and utter falsehood,” insisting that he neither issued such a directive nor had any involvement in preventing the party from using the facility.
The controversy followed the circulation of a video on social media alleging that the governor directed the management of Amadeo Event Centre, a private facility, to deny a political party the use of its premises for a town hall meeting.
Reacting to the allegation, the governor said his attention had been drawn to the video, which he described as an attempt by the opposition to mislead the public and attract attention.
“My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not,” he said.

Mbah further accused the opposition of relying on what he described as propaganda and falsehood rather than presenting substantive issues to the electorate.
“This is shameful and reveals a desperate pattern adopted by the opposition to attract attention,” the governor stated.
He emphasised that although freedom of expression was a fundamental feature of democracy, it should not be used as justification for making defamatory allegations against individuals.
“There’s no doubt that democracy guarantees freedom of expression. It should be noted, however, that it does not grant anyone the right to defamation,” he said.
The governor also maintained that democratic institutions provide avenues for individuals and groups to seek redress when they believe they have been wronged, rather than resorting to statements capable of damaging the reputation of others.
“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed,” he added.
The statement’s accompanying commentary questioned why Mbah would interfere in the operations of a private establishment, stressing that Amadeo Event Centre was not a government-owned facility.
It also accused opposition figures of making allegations against the governor to gain public attention, insisting that the claims were politically motivated.
The development comes amid political activities in Enugu State, where opposition parties and the ruling All Progressives Congress (APC) continue to engage in political campaigns and public debates ahead of future electoral contests.
News
Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape
Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.
The affected communities are Kwimo, Kalgo, Kakaki and Mabona.
The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.
According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.
Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.
He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.
The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.
Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.
In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.
The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.
As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.
The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.
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