Shareholders allege Obaseki’s coy plans to sell N100bn bonds for personal gain

A group of shareholders, the Onitsha Zone Shareholders’ Association, has revealed plans by Afrinvest, a company owned by former Edo State Governor Godwin Obaseki, to sell a N100 billion bond, potentially converting it into personal shares in the future.

The group, led by Bishop Goodluck Akpore, made the claims during a protest at the Benin City Government House. They voiced concerns over the economic impact this plan could have on the state and its communities.

Bishop Akpore presented a report highlighting issues with Okomu Oil Palm and Presco PLC, calling for a thorough investigation by the state government. He accused Obaseki’s Afrinvest of orchestrating the bond deal to benefit personally, and alleged that both companies, alongside the former governor’s administration, were depriving the state of its fair share of economic benefits.

The group criticised Presco PLC for failing to compensate host communities for the land it uses and for not paying taxes despite making significant profits. Akpore also noted that the companies did not contribute to Corporate Social Responsibility (CSR) projects.

In response, Governor Okpebholo assured the group that an investigation would be launched, and any wrongdoing would be addressed. He also promised to invite Presco and Okomu Oil Palm for discussions, urging fair contributions to the state and host communities.

The Onitsha Zone Shareholders’ Association, which represents shareholders and communities across Edo and Delta states, is calling for greater accountability from the two companies regarding their tax payments and CSR activities.