A socio-economic group, Onitsha Zone Shareholders’ Association, has uncovered plans by Afrinvest, a company owned by a former governor of Edo State, Godwin Obaseki, to sell N100 billion bonds with the aim of converting them to his personal shares in the future.
In statement by the chief press secretary to the Edo State governor Fred Itua, he said the group, led by its chairman, Bishop Goodluck Akpore, was at the Government House on a protest visit to Governor Monday Okpebholo in Benin City.
Akpore expressed dissatisfaction with the alleged plan, citing its adverse economic impact on the state and its communities.
He presented a report highlighting issues involving Okomu Oil Palm and Presco PLC and urged Governor Okpebholo to initiate a thorough investigation and take corrective actions to mitigate any further harm.
The association accused Obaseki of using his Afrinvest Company to plan a N100 billion bond transaction involving Presco PLC, and alleged a potential conversion of the bond to shares for personal gains.
Bishop Akpore alleged that the oil palm companies colluded with Obaseki’s administration to deprive the state of economic benefits, and criticized the refusal of Presco PLC to compensate host communities for the 36,388 hectares of land acquired for their operations.
He also highlighted the failure of the Obaseki administration to enforce tax collection from the companies, despite their significant profits and lack of Corporate Social Responsibility (CSR) projects.
“A trailer load of palm oil leaving Edo State for Lagos is valued at around N80 million,” Akpore stated. “Yet, these companies neither remit taxes nor compensate for the lands they have used freely.”
In his response, Governor Okpebholo pledged to launch a comprehensive investigation into the allegations, and emphasized his administration’s commitment to protect the interests of Edo people.
“We will seek a peaceful resolution and invite Presco and Okomu Oil Palm to a meeting to discuss these issues,” Okpebholo said.
“While we recognize their contributions to the State’s economy, they must ensure fair contributions and uphold their responsibilities to the host communities.”
But in a reaction, the media adviser to former Governor Godwin Obaseki, Crusoe Osagie described Okpebholo’s and Akpore’s allegations as false and a display of crass ignorance of investment promotion and contemporary governance.
“When a company is quoted, there are certain management standards that must be upheld in the operations and management of those companies, in the interest of the public and the companies themselves as the shares owned by private individuals in those companies are monitored and protected by the Nigerian Stock Exchange, the Securities and Exchange Commission, and other government financial regulatory agencies.
On the allegation of hectares of land used by Presco for their agricultural and industrial operations, he said it is difficult to understand why Okpebholo and his cohorts cannot see the impact of the investments of Presco in Edo State such that they deserve the space in which they operate.
“We also want to warn the Chairman of the Onitsha Zone Shareholders Association, Bishop Goodluck Akpore, and his co-traveller, Pastor Osagie Ize-Iyamu, to desist forthwith from making libellous statements against the person of His Excellency, Mr Godwin Obaseki, who is now a private citizen”.
