Our reporter
The Onitsha Zone Shareholders’ Association has raised alarms over alleged plans by Afrinvest, a company linked to former Edo State Governor, Mr. Godwin Obaseki, to sell bonds worth ₦100 billion, which could reportedly be converted into personal shares in the future.
The concerns were voiced during a protest led by the Association’s Chairman, Bishop Goodluck Akpore, who visited Edo State Governor Monday Okpebholo at the Government House in Benin City.
Bishop Akpore described the scheme as detrimental to Edo State’s economic stability, urging the governor to investigate the matter thoroughly. He presented a detailed report accusing Obaseki of orchestrating the bond transaction through Afrinvest, with alleged plans to convert the proceeds for personal gain.
The report also highlighted grievances against Okomu Oil Palm Company and Presco PLC. Akpore alleged that the firms, in collusion with Obaseki’s administration, deprived the State of its rightful economic benefits. He criticised Presco PLC for failing to compensate host communities for the 36,388 hectares of land acquired for their operations and accused the companies of evading taxes.
“The value of a single trailer load of palm oil transported to Lagos is approximately ₦80 million,” Akpore claimed. “Despite these massive revenues, these companies have neither paid taxes nor contributed to Corporate Social Responsibility (CSR) projects for their host communities.”
Governor Okpebholo, in his response, pledged to investigate the allegations, ensuring that those found culpable would face justice. He stressed the importance of striking a balance between economic contributions by corporations and their responsibilities to local communities.
“My administration is committed to safeguarding the interests of Edo citizens,” Okpebholo assured. “We will convene a meeting with Presco and Okomu Oil Palm to address these issues and work towards a peaceful resolution.”
The governor also emphasised the significance of dialogue, referencing recent protests by residents over the activities of oil palm firms in the region.
The Onitsha Zone Shareholders’ Association, which operates across Edo, Delta, and other states in the region, plays a key role in monitoring corporate activities and advocating for community interests. The group reiterated the need for transparency and accountability from Presco and Okomu Oil Palm to ensure accurate tax remittance and meaningful CSR initiatives.
Governor Okpebholo’s commitment to address the situation has brought a sense of cautious optimism among stakeholders, who now await tangible actions to resolve the concerns.
