Enugu State Governor, Peter Ndubuisi Mbah, has finalized a N100 billion agreement with Pragmatic Palms Limited, a recently registered company, to resuscitate the long-dormant Enugu State United Palm Products Limited (UPPL).
The agreement aims to revive one of the agricultural and agro-industrialization ventures initiated by the late Premier of the defunct Eastern Region, Dr. Michael Iheonukara Okpara.
Governor Mbah announced the significant development in a statement shared via his official social media handle on May 10, 2024.
Expressing enthusiasm for the partnership, he emphasized the government’s commitment to ensuring the success of the endeavor.
The statement partly read, “We are greatly excited to partner with Pragmatic Palms, a subsidiary of Diamond Stripes Limited, to transform it from a dormant to a productive asset in fulfilment of our campaign promise to Ndi Enugu.
“As a government, we shall play our part to ensure that this partnership works for the benefit of both Enugu State and the investors.”
However, Parallel Facts discovered that Pragmatic Palms Limited, the subsidiary company involved in the deal, was recently registered as a one-man business with the Corporate Affairs Commission on May 6, 2024; barely 6 days old.
Dr. Nwangwu George, the director of Pragmatic Palms Limited, also serves as the CEO of Diamond Stripes Limited, the parent company registered since November 6, 2007.
Furthermore, it was revealed that UPPL, the entity set to undergo revival, was only registered on April 30, 2024, adding layers of complexity to the newly forged partnership between the state government and the business entity.
