SHAREHOLDERS EXPOSE PLANS BY OBASEKI’S COMPANY TO SELL, CONVERT N100BN OKOMU OIL, PRESCO PLC BONDS

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 bond with the aim of converting them to his personal shares in the future.

The group, led by its chairman, Bishop Goodluck Akpore, disclosed this during a protest visit to Governor Monday Okpebholo in government house in Benin City.

During the visit, Bishop 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 ₦100 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 ₦80 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.

He assured the group that all irregularities would be addressed, and those found culpable would face appropriate sanctions.

“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.”

The Governor also referenced recent protests over the activities of the oil palm companies and stressed the importance of dialogue in achieving lasting solutions.

The Onitsha Zone Shareholders’ Association, is responsible for protecting shareholder and community interests across Edo, Delta, and other States in the zone, and plays a critical role in monitoring companies’ activities. The group emphasized the need for accountability from Presco and Okomu Oil Palm PLC to assess their tax contributions and CSR impact accurately.