
News
Enugu govt not paying N100bn to revive United Palm Products Ltd – Media Adviser
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.

Palm Plantation
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
Atiku rejects ICPC probe of PFIPC, demands independent panel with ADC, PDP, NDC included
Former Vice-President Atiku Abubakar has demanded the establishment of an independent commission of inquiry to probe the controversial Presidential Foreign Intervention Promotion Council (PFIPC).
The PFIPC has come under scrutiny over the N1.3 billion budgetary allocation made to the council in the 2026 budget.
On June 11, Femi Gbajabiamila, chief of staff to President Bola Tinubu, issued a public disclaimer disowning the appointment of Adeniyi Adeyemi as the head of the council.
The former speaker of the house of representatives said such an office “does not exist” under Tinubu’s government, and no appointment has been made in that regard.
But Adeyemi rejected Gbajabiamila’s claim, describing it as a contradiction in official government records.
The presidency would later accuse Adeyemi of forging documents, including an appointment letter, to present himself as the head of the alleged non-existent government agency.

On Tuesday, Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a “thorough investigation” into the PFIPC controversy.
‘FG MUST SET UP AN INDEPENDENT PANEL’
In a statement issued on Wednesday through Phrank Shaibu, his senior special assistant on public communication, Atiku said Tinubu’s directive to the ICPC to investigate the matter was a response to the seven-day ultimatum he had earlier issued demanding a transparent probe.
He said Tinubu’s directive to the ICPC exposed contradictions in the presidency’s previous position that the matter had already been comprehensively investigated by the police, with a suspect arrested and criminal charges filed.
“If all of that is true, what exactly is the ICPC expected to spend another 30 days investigating?” Atiku asked.
The presidential candidate of the African Democratic Congress (ADC) said if the police probe was indeed comprehensive, another investigation by a government agency would be unnecessary.
“What Nigerians demanded was never another internal government investigation. We demanded an independent investigation,” he said.
Atiku proposed the immediate establishment of a special independent commission of inquiry comprising 10 eminent Nigerians nominated by the federal government, the ADC, the Nigeria Democratic Congress (NDC), the Peoples Democratic Party (PDP), civil society organisations (CSOs), the Nigerian Bar Association (NBA), and retired judicial officers.Politics (Left)
He said the proposed panel should be empowered to conduct a comprehensive investigation into every aspect of the PFIPC affair, review investigative records compiled by the police and other security agencies, summon serving and former public officials where necessary, publish a white paper containing its findings and recommendations, and conclude its assignment within one month.
Atiku said only an independent commission, with representation from the government, opposition parties and CSOs, would command public confidence and restore trust in the outcome of the investigation.
News
Court awards N10m in damages against EFCC for defaming ex-Minister
Justice Peter Kekemeke of the FCT High Court on Wednesday awarded N10 million in damages against the Economic and Financial Crimes Commission (EFCC) for defaming the reputation of former Minister of Power, Dr Olu Agunloye.
The judge found the commission guilty of defamation while delivering judgment in a N10billion suit filed against the EFCC by Agunloye.
Agunloye claimed that the publication on the commission’s Website and X (formerly Twitter) handle, entitled “EFCC arraigns Agunloye over $6billion fraud”, damaged his reputation.
Agunloye had, through his counsel, Adeola Adedipe SAN, suit marked FCT/HC/CV/1199/2024, claimed that the EFCC caused harmed his reputation.
He added that he (Agunloye) was said to be a corrupt and fraudulent individual through a post published on its official website and other allied online platforms, with the caption, “EFCC arraigns Agunloye over $6billion fraud”.
Delivering judgment , Justice Kekemeke held that there were elements of defamation in the posts.

The judge held that in the instant case, the contentious publication is in permanent form, adding that Agunloye’s name was mentioned.
The court further held that EFCC’s sole witness in the case, Assistant Commissioner of Police Umar Babangida, inspite of the fact that he initially denied knowledge of the said publication, later owned up and admitted that it was from the defendant’s media department.
He held that the case before him does not challenge EFCC’s power to investigate economic and financial crime as claimed by the defendant.
“Having gone through the charge in the criminal case against the claimant before a FCT high court in Apo, there is no where in it that claimed fraud, contrary to the EFCC publication.
“The issue of fraud is not in any of the exhibits tendered before the court in the course of hearing the case.
”The EFCC failed to prove the truth in the said publication. That is not fair and does not represent the court’s proceedings,” the judge held.
He held that the EFCC was not a news agency but an investigative agency.
Justice Kekemeke held that the commission knew that Agunloye was not involved in a fraud of six billion Naira.
The court declared that the contentious publication on EFCC official website and X handle as false and defamatory.
The judge ordered the commission to retract the publication and offer public apology on its website and two other national dailies.
The court further ordered a perpetual injunction restraining EFCC from defaming the former minister.
Reacting to the judgment in an interview with newsmen, counsel for the EFCC, Dr Wahab Shittu SAN, declared the commission will appeal the judgment.
“Though the court has made it pronouncement, the case is premature as the claimant’s criminal charge is yet to be concluded and judgment delivered,” he said.(NAN)
News
Presidency dismisses Peter Obi’s safety concerns as false
The Presidency has dismissed claims by the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, that he is being targeted by the Federal Government, describing the allegations as false, misleading, and without basis.
Obi had said he may not be alive to contest the next presidential election, alleging that the Federal Government is systematically frustrating his activities and targeting opposition figures.
He said this during an interview on With Chude, hosted by media personality Chude Jideonwo.
A clip of the interview was shared on Jideonwo’s X handle on Wednesday.
Speaking on the possibility of participating in the 2027 presidential race, the former Anambra State governor said the challenges he faces had become so intense that he could not even be certain he would still be alive by then.
“Not even a candidate. I might not even be alive. I’m telling you. Every single thing I do for a living, this government is frustrating it. Deliberately so. Everything. So, there is even a possibility, if they have the opportunity, I will not be alive,” he said.

Reacting in a statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Obi’s recent claims, including an alleged incident involving his vehicle at an airport and fears about his safety ahead of the 2027 general election, were unfounded and lacked credible evidence.
Onanuga described Obi as a “pathological and serial liar,” hellbent on dragging the government into every personal inconvenience he encounters.
He said: “As a pathological and serial liar, Mr Obi is intent on dragging the government into every personal inconvenience he encounters, often resorting to exaggeration and baseless allegations.
“His claim that he may not be alive for the January 2027 election and that people are being pressured not to invite him to social events is nothing more than a fabricated narrative, a page from his book of lies and propaganda.
“These claims lack substance and are designed to attract undue sympathy and deflect attention from his credibility deficit and the problems faced by his SPV and his adopted political association, the NDC.”
The presidential spokesman further stated that the federal government had no interest in targeting Fidelity Bank, in which Obi is said to have a substantial interest, stressing that the financial institution continues to thrive under the current administration’s economic reforms.
Onanuga stressed the administration of President Bola Tinubu remains focused on implementing reforms designed to strengthen the economy and improve the welfare of Nigerians, rather than engaging in political distractions.
He added: “It is important to note that Mr Obi has a substantial interest in Fidelity Bank. The institution continues to thrive as a result of the current administration’s robust economic reforms.
“The government is certainly not targeting the bank. Rather than being “haunted” by the government, Mr Obi appears to be grappling with the consequences of his litany of unfounded statements.
“The Tinubu government remains fully focused on consolidating its historic and beneficial reforms for the good of all Nigerians. It has neither the time nor the inclination to be distracted by Mr Obi’s self-serving narratives and lies or by his candidacy, as he constantly diminishes himself with specious, unverifiable utterances.”
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