Obaseki’s Afrinvest Faces Allegations Over ₦100bn Bond Scheme Linked to Presco, Okomu Oil Palm

A socio-economic advocacy group, the Onitsha Zone Shareholders’ Association, has raised alarm over alleged plans by Afrinvest, a company linked to former Edo State Governor Godwin Obaseki, to orchestrate a ₦100 billion bond deal involving Okomu Oil Palm and Presco PLC. The group claims the bonds are part of a scheme to convert them into personal shares.

Led by its chairman, Bishop Goodluck Akpore, the association made these allegations during a protest visit to Governor Monday Okpebholo at the Edo State Government House in Benin City.

During the visit, Bishop Akpore expressed concerns over the economic implications of the alleged scheme on Edo State and its communities. He presented a detailed report accusing Obaseki of using Afrinvest to manipulate bond transactions involving the companies.

The report also criticized Presco PLC for failing to compensate host communities for the 36,388 hectares of land acquired for their operations and alleged collusion between the companies and Obaseki’s administration to evade taxes.

“A trailer load of palm oil leaving Edo State for Lagos is valued at around ₦80 million,” Akpore said. “Yet, these companies neither remit taxes nor compensate the communities whose lands they freely use.”

The group further highlighted the companies’ lack of Corporate Social Responsibility (CSR) projects, despite significant profits, and accused them of depriving Edo State of economic benefits.

In response, Governor Okpebholo assured the group of his administration’s commitment to protecting the interests of Edo citizens. He pledged to investigate the allegations thoroughly, emphasizing that any wrongdoing would be addressed.

“We will seek a peaceful resolution and invite Presco and Okomu Oil Palm to a meeting to discuss these issues,” Governor Okpebholo said. “While we appreciate their contributions to the State’s economy, they must fulfill their responsibilities to the host communities and ensure fair contributions.”

The Governor also acknowledged recent protests over the companies’ operations and reiterated the importance of dialogue in resolving conflicts.

The Onitsha Zone Shareholders’ Association, known for monitoring corporate activities in Edo, Delta, and other states, emphasized the need for transparency and accountability in the dealings of Okomu Oil Palm and Presco PLC.