In line with the campaign promises of the Enugu State Governor to convert the state’s dormant assets to productive assets and grow the state’s economy to $30bn through private sector investments, Dr. Peter Ndubuisi Mbah on Thursday, May 9, 2024, signed a hundred-billion-naira partnership between the Enugu State Government and Pragmatic Palms Ltd., a subsidiary of Diamond Stripes Ltd.
The partnership agreement is to revive the Enugu State United Palm Products Ltd., UPPL which has lain fallow for decades; UPPL is an initiative of the former Premier of the defunct Eastern Region, the late Dr. Michael Okpara.
A statement signed by Uche Anichukwu Senior Special Assistant to the state Governor on External Relations, reveals that the State Government will not be releasing any funds to Pragmatic Palms Ltd.;
While Pragmatic Palms Ltd finances 60% of the transaction value, the state Government will provide the plantations valued as 40 percent equity.
Anichukwu further explained that in compliance with the state government’s demand for a guarantor, Pragmatic Palms Ltd provided Diamond Stripes Ltd as their guarantor.
“Diamond Stripes Ltd is a reputable and huge company that has done investments worth over $20bn spanning the 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 the 600MW Shiroro Hydroelectric Power plant in 2013, concessions of the 30MW Gurara Hydroelectric Power Plant in 2019, and establishment of the 300MW Shiroro solar power project in 2021.”
The Enugu state government also introduced other stringent measures to secure her interest in the deal; Pragmatic Palms Ltd has a bank guarantor, and set performance targets and timelines in the Agreement failing which the Enugu State Government is free to revoke the deal and reassume total ownership of United Palm Products Ltd., UPPL.
SSA to the Governor further reveals that the State Government is well represented on the company’s Board to protect the state’s interest.
George Nwangwu is the Managing Director of Pragmatic Palms Ltd. and the MD/CEO of Diamond Stripes Ltd.
“George Nwangwu is a professor of Project Financing Law; Nwangwu has led transaction teams that participated in the consummation of over 100 privatization 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, at which time 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 has been the Director General of the Global Centre for Law and Business, Abuja,” SSA to the State Governor on External Relations.
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