
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
Enugu Labour Party Chairman Agbo suspended over attack on Peter Obi, other offences


A major crisis is rocking the Enugu State chapter of Labour Party, LP, as the State Working Committee of the party and local government chairmen on Tuesday announced the suspension the state chairman, Barr. Casmir Agbo.
They passed a vote of no confidence on his leadership saying he had engaged in acts that were against the interest of the party in the state.
The leaders of the party in a communique made available to newsmen at the end of their meeting in Enugu among other things, accused their chairman of insubordination, attack of the party’s national leader, Peter Obi, alleged collection of bribe and replacement of elected party leaders without due process.
The communique which was signed by 14 out of the 17 LG chairmen, zonal chairmen and other elected executives of the party also announced the appointment of Chief Kingsley Chideraa Ugwu to pilot the affairs of the party pending when the party will hold its congress.
“The Enugu State Labour Party has taken a significant step in holding its leadership accountable by passing a vote of no confidence in the State Labour Party Chairman, Barr. Casmir Uchenna Agbo.
This unanimous decision taken by the State Working Committee and Local Government Party Chairmen reflects the party’s commitment to upholding its values and principles.
“The vote of no confidence was taken due to litanies of anti party activities perpetuated and perpetrated by Barr. Casmir Uchenna Agbo and his cohorts.The following under listed reasons are the reasons for this vote of no confidence and/suspension:
1. serious concerns regarding Barr. Casmir’s handling of recent activities or failure to uphold the pary’s mission and values.
2. The organization’s members have lost confidence in Casmir’s ability to effectively guide the party forward.
3. insurbodination, acerbic, vitriolic attacks and abuse of the personality of our national leader, Mr. Gregory Peter Obi.
4. Non recognition and sidelining of the party’s elected members and other stakeholders.
5. It’s established that Barr. Casmir Uchenna Agbo runs the party like his private enterprise by taking unilateral decisions.
6. It’s on record that Barr. Casmir Uchenna Agbo demanded and took bribes from our party candidates during the recently concluded local government elections.
7. It’s also on record that Barr. Casmir Uchenna Agbo remove and replace party excos both at ward, local government and state levels without recourse to the party’s constitution and with scanty regard to the opinions of the party stakeholders.”
The party leaders said the decision was taken “with a heavy heart, but we believe it is necessary to ensure the pary’s’ continued success and integrity.
We will now begin the process of selecting a new Chairman who shares our vision and values in acting capacity.
“The party remains committed to its mission and values and is confident that this decision will ultimately strengthen, regig and recalibrate the party. We appreciate the support of our members and stakeholders during this transition period.
“It’s on the strength of the foregoing developments that we recommend that Barr. Casmir Uchenna Agbo be suspended forthwith.
“Drawing strength from the above recommendation by the strength State and Local Government Excos, the motion for his suspension was moved by Hon. Chinweuba Ngwu of Enugu South and dutifully seconded by Mazi Augustine Umezuluike(Mason) of Ezeagu Local Government Area.
“Consequent upon this, Chief Kingsley Chideraa Ugwu was appointed in acting capacity to replace Barr. Casmir Uchenna Agbo pending when the party congress would be conducted. The motion for the nomination of the acting Chairman was moved by Hon Chinweuba Ngwu and seconded Mazi Augustine Umezuluike.”
Barr. Agbo could not be reached for his reaction to the suspension.
News
Arrest threat: I’m being forced to go on exile, El-Rufai cries out


Former Kaduna State Governor, Nasir El-Rufai, has alleged that some political forces are attempting to force him into self-imposed exile through intimidation and threats of arrest.
El-Rufai said this in reaction to claims by a Twitter user that there were plans to arrest El-Rufai upon his return to Nigeria on “concocted allegations.”
El-Rufai, a member of the All Progressives Congress (APC), accused unnamed political figures of attempting to use the judicial system against him.
He said such threats were part of a larger plan to force him into self-imposed exile but noted that he has no intention of leaving the country.
“They freaked out when we challenged the legality of the premeditated defamation, and went to every length to compromise the judicial process, and this is continuing at the Court of Appeal,” El-Rufai disclosed on X on Tuesday.
“They have sent such similar messages of intimidation and threats through many of my friends, family and political associates because they want me to go on self-imposed exile. I will not.“
However, El-Rufai noted that he had put his “previous academic” and “language-learning plans” on hold to spend more time in Nigeria than ever before.
He noted that “Silence is no longer golden. Inaction has never been an option.
“The arrest, detention and torture of perceived political enemies are nothing new in human affairs. I have been arrested and detained thrice in the past for expressing my views of previous governments.”
El-Rufai also noted that he has been “arrested and detained thrice in the past for expressing my views of previous governments.”
The arrest, detention and torture of perceived political enemies are nothing new in human affairs, El-Rufai added.
He, however, disclosed that he plans to return to Nigeria for the upcoming launch of former President Ibrahim Babangida’s memoirs on February 20, 2025.
“There is always a morning after the arrest or detention or torture, and political life continues. As for death, it when Allah destines it, and it is ultimate the date of every human,” El-Rufai said.
“For the attention of the pathetic characters that don’t sleep well whenever I am in Nigeria, take notice that I intend to return in time for the launch of Pres IBB’s memoirs, in sha Allah, scheduled for 20th February.”
News
Public outcry as MTN raises weekly 15GB Data price from N2,000 to N6,000


Many MTN Nigeria subscribers have taken to X to express their frustrations. “Nigeria is a very difficult place to live in, honestly. MTN waking up one day to increase their weekly 15 GB data from 2k to 6k without prior warning is textbook insanity. That’s 24k in a month, almost the minimum wage of the country on data, bruh, this is hell,” tweeted @TheSilvapr.
“MTN increasing the cost of its 15 GB data subscription from 2k to 6k is a significant price hike, and it reflects the true economic and business realities rather than just a random decision. Complaining Won’t Change Anything because Telecom operators have to operate within a profit-driven system,” wrote @official_GZU.
Aside from the 15GB tariff plan increase, the telco has also raised the cost of other plans. The revised price increase now includes a 1.8GB monthly plan for N1,500, replacing the previous 1.5GB plan priced at N1,000.
Its 20GB plan has been adjusted to N7,500, up from N5,500, while the 15GB plan now costs N6,500, up from N4,500. Its 90-day 1.5TB plan has jumped from N150,000 to N240,000, and the 600GB 90-day plan increased from N75,000 to N120,000. Its two/three-month data plan of 100GN for N20,000 is now 90GB for N25,000; 160GB for N30,000 is now 150GB for N40,000.
For now, Airtel and Globacom are yet to review their prices. However, all telcos are expected to follow MTN’s lead after the Nigerian Communications Commission (NCC) approved a 50 percent increase in the cost of calls, data, and SMS on January 20 for the first time in a decade.
The hike is meant to support “the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage.”
However, telcos could not immediately increase prices as they were waiting for regulatory approval from the NCC. “We don’t have the price increase in our hands because, even though it has been announced and based on Section 108, every single product that you want to increase its price has to go to the NCC, be iterated, and approved,” one expert explained.
At an industry gathering on January 25, Gbenga Adebayo, the chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), noted that phased increment would begin soon.
“We are now following what is called the regulatory requirement, regulatory steps of filing, reviewing, and obtaining approvals. As soon as those approvals come through, different players will introduce new rates as the time comes. I’ll say over next week, we start seeing some improvement in the prices,” he stated. (
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