Aisha Yesufu lied about Enugu’s N100 billion agricultural deal – Group

…claims that activists are overrated and biased.

Written by Cosmas Chukwu

The Enugu Good Governance Group (E-3G) has accused former Chibok women activist, Aisha He scolded Mr. Yesufu.Dying state-owned United Palm Products Corporation

The newspaper claimed that Yesufu had signed a N100 billion contract to a newly incorporated company by state governor Peter Mba, but in reality he was funding 60% of the deal for a special purpose. He said that the company is a business entity (SPV).

The group accused her of rushing to social media to amplify Enugu LP’s mischievous and ignorant claims about the N100 billion deal without due diligence.

However, the Enugu Good Governance Group praised Governor Peter Mba for what he described as a “huge deal that will transform the fortunes of United Palm Products Ltd. from a moribund company to a profitable asset”.

The group opined on the issue in a press statement issued by its National Coordinator, Comrade Odinaka Okechukwu, on Thursday.

“In Jesuf’s words: ‘How do you give a contract worth NOK 100 billion to a company that was registered a few days ago?’ A company that was registered nine days ago is now collecting contracts worth NOK 100 billion.”

“But ironically, the NOK 100 billion contract does not exist and nowhere in the government’s statement announcing this deal did we find the award of the NOK 100 billion contract.

“As the government’s clarification makes clear, it is actually Pragmatic Palms that is funding the turnaround of state-owned United Palm Products Ltd. to the tune of 60 per cent of the transaction value. be.

“Meanwhile, the Enugu State Government owns 40 per cent of the equity, which is the value of the land and assets, and is contributing to the transaction. In other words, the government is not providing any funds,” the group said. .

Enugu Group wondered if Aisha Yesufu had never heard the term “special purpose vehicle” in all her years of activism. This is represented by Pragmatic Palms Limited in a 100 billion naira transaction.

“For the avoidance of doubt, an SPV is a subsidiary established to carry out a specific business purpose or activity.

“In this case, we had to incorporate an SPV to process the transaction, as there were many partners involved and to ensure the corporate interests of both the government and investors.

“This is why the Enugu State Government is producing the Chairman of the Board and other directors, while Diamond Stripes, the parent company of the SPV, is producing the MD/CEO.

“Therefore, if Aisha Yesufu had just asked, people like Oby Ezekwesili could have been educated for free on how these investment deals and partnerships work, but Aisha Yesufu has raised suspicions. It is very unfortunate that he chose to mislead the people who do not have the same rights.

“We sincerely encourage other activists to learn from this unfortunate ad, which reveals ignorance, mischief, bigotry, and a propensity to cling to what is trending on social media at the expense of others.

“Meanwhile, we commend Governor Mbaha for this mega-deal. I believe that.”