A recent protest visit to Governor Monday Okpebholo by the Onitsha Zone Shareholders’ Association has uncovered plans by Afrinvest, a company owned by former Governor Godwin Obaseki, to sell N100 billion bonds with the intention of converting them to personal shares in the future.
Led by Chairman Bishop Goodluck Akpore, the association expressed dissatisfaction with the alleged plan, citing its adverse economic impact on Edo State and its communities. Akpore presented a report highlighting issues involving Okomu Oil Palm and Presco PLC, urging Governor Okpebholo to initiate a thorough investigation and take corrective actions.
The association accused Obaseki of using Afrinvest to plan a ₦100 billion bond transaction involving Presco PLC, potentially converting 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.
Akpore criticized Presco PLC’s refusal 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.
Governor Okpebholo pledged to launch a comprehensive investigation into the allegations, emphasizing his administration’s commitment to protecting the interests of Edo people. He assured the group that all irregularities would be addressed, and those found culpable would face appropriate sanctions.
The Onitsha Zone Shareholders’ Association plays a critical role in monitoring companies’ activities and protecting shareholder and community interests across Edo, Delta, and other states in the zone. The group emphasized the need for accountability from Presco and Okomu Oil Palm PLC to assess their tax contributions and CSR impact accurately.
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