Group Accuses Aisha Yesufu of Lying over Enugu’s N100bn Agric Deal

The Enugu Good Governance Group, E-3G, has reprimanded former Chibok Girls’ activist, Aisha Yesufu, over what it described as “wilful lies and misinformation” over the N100 billion deal recently signed by the Enugu State government and a private firm to revive the moribund state-owned United Palm Products Ltd.

It said whereas Yesufu claimed that the Governor Peter Mbah Government awarded N100 billion contract to a newly incorporated firm, it is actually the company, which is a Special Purpose Vehicle (SPV), that is funding 60 per cent of the transaction value. 

It accused her of rushing to the social media to amplify Enugu Labour Party (LP) mischief and ignorance-driven claims over the N100 billion deal without doing her due diligence.

The Enugu Good Governance Group, however, commended Mbah for what it described as “a mega deal that would change the fortunes of United Palm Products Ltd. from a moribund entity to a profitable asset.

The group weighed in on the matter in a press statement issued by its National Coordinator,  Odinaka Okechukwu, yesterday.

“As clearly stated in government’s explanatory, it is actually Pragmatic Palms Ltd. that is funding the revival of the state-owned United Palm Products Limited to the tune of 60 per cent of the transaction value. 

“Enugu State Government, on the other hand, holds 40 per cent of the equity, which is the value of the land or assets, which it is contributing to the transaction. In other words, government is not contributing any money,” the group stated.

The Enugu group wondered if Aisha Yesufu had never heard the term “Special Purpose Vehicle” in all her years of activism, which is what Pragmatic Palms Limited represents in the N100 billion deal.

It said: “For the avoidance of doubt, SPVs are subsidiary companies, which are formed to undertake a specific business purpose or activity.

“In this instance, because many partners are involved and also to guarantee both the government and investors’ corporate interests, it became necessary to incorporate an SPV to handle the transaction.

“It is for this reason that the Enugu State government produces the Board Chairman and other Directors, while the SPV’s parent company, Diamond Stripes, produces the MD/CEO.

“Therefore, it is very unfortunate that Aisha Yesufu chose to mislead the unsuspecting public when people like Oby Ezekwesili could have schooled her for free on how investment deals and partnerships like this are made if only she asked questions.

“We sincerely urge other activists to learn from this unfortunate advertisement of ignorance, mischief, bias, and the proclivity to latch on anything to trend on social media at the expense of others,” it said.

It argued that the resuscitation of United Palm Products Ltd. will boost the state’s economic recovery, create jobs, and further  strengthen security in the state.