Enugu, Diamond Stripes Sign Deal to Revive Moribund Oil Palm Produce Firm

Ndubuisi Francis in Abuja 

The Enugu State Government and Diamond Stripes Limited have entered into an agreement paving the way for the latter to revive the moribund state-owned United Palm Produce Limited (UPPL) through a Special Purpose Vehicle (SPV), Pragmatic Palm Limited.

This followed the signing of a deal with the Enugu State Government for Diamond Stripes to acquire a controlling stake in UPPL.

United Palm Products Limited was set up by the state government to plant palm trees and engage in the production of palm products such as palm oil and kernel, among others. 

The firm is an offshoot of the now defunct Agricultural Development Corporation established by the then Eastern Region government led by the then Premier Michael Okpara.

However, UPPL has remained moribund as efforts by successive administrations in the state to revive it were unsuccessful. 

Diamond Stripes, established in 2007, is a dynamic investment firm focusing on sustainable infrastructure and early-stage projects. 

With a track record of successful collaborations in various sectors including hydropower generation, ports, solar power, and agro-processing, the company provides a platform for international and domestic capital resources, delivering exceptional returns for investors.

Its helmsman, Prof. George Nwangwu is renowned for his expertise in project finance, law and infrastructure finance. 

A statement made available to THISDAY, Monday quoted the Managing Director and Chief Executive Officer of Diamond Stripes Limited, Prof. George Nwangwu as saying that palm products were in high demand.

Nwangwu, who spoke at the agreement- signing ceremony in Enugu, stated that with the deal with Diamond Stripes Limited, an acclaimed agricultural processing firm, the moribund firm is expected to come to life once again, adding that it was capable of kick-starting the economic transformation of Enugu State.

He said: “We have to realise that agriculture is a business. We are going to bring in a lot of equipment and we are going to process the palm. Not just the palm, the palm kernel is an export commodity. If you go back and look at the biggest import over the years, palm is actually number five on the list. So, it is a significant product, and we tend to make sure we optimise its potential here,” he said.