The Imo Government is to revive moribund industries to empower indigenes to co-own company cited in their locality.
This is contained in a statement by Gov. Hope Uzodimma of Imo’s Chief Press Secretary, Oguwike Nwachuku in Owerri on Friday.
Uzodimma made this known while inaugurating board members of the Adapalm Limited, a state-owned Oil Palm Company.
”To achieve this, indigenes shall no longer be spectators in the running of companies located in their area but co-owners as this will make them accountable for the successful operations of such companies in their homeland,” he said.
The governor explained that in line with the Three-R mantra of his government, he deemed it fit to “explore ways to bring Adapalm back to life with the overall objective to stimulate the economy, generate employment and add value to the lives of Imo people.”
The government, he said, will resuscitate all former industries built by our late former governor, Sam Mbakwe including the Imo Modern Poultry in Avutu for which we have already initiated talks with the Israeli company that built it.
He expressed joy that efforts made so far in the revival of Adapalm yielded the expected results, hence the inauguration of the Board.
Making reference to the old thinking that Government cannot successfully run companies of Adapalm magnitude for obvious reasons, the governor said the state government decided to enter into a tripartite agreement involving the Government, core investors and the host Community.
He said under the Public–Private Partnership (PPP),Roche West Africa Limited, an Irish Company and Advanced Palmoil Limited are partnering the State Government and Ohaji Community for the smooth and profitable running of the Company.
Uzodimma emphasised that “unlike before when the company concentrated solely on the production of Palm oil, the current agreement will involve the production of other ancilliary products such as margarine, processed wood, palm kernels and many more products that result from palm trees. In other words, there will be value chain activities in the company.”
Again, the governor informed that to assist the company in its operations, Government has already procured and planted 140, 000 seedlings across 4,000 hectares of land to feed the mill.
“In return it is expected that more than 30,000 jobs will be created when the Company reaches optimal productivity.
”This year alone, 2,500 direct jobs will be generated.This is why the host Community which is the ultimate beneficiaries of the turnaround of Adapalm Ltd should do everything humanly possible to safeguard and protect the company and ensure it flourishes,” the Governor explained.
He told the board members that they were selected based on their track record of excellence in service delivery, please do not let us down”, he said.
Speaking on behalf of the newly appointed members, the Chairman of the Board, Mr Mustapha Chike-Obi promised to put in their best.
Chike-Obi, who is also the chairman of the board of Fidelity Bank Plc, pledged to actualise three-R mantra of the state government.
The News Agency of Nigeria (NAN) reports that the the three-R is Rehabilitation, Reconstruction and Recovery which was the cardinal points on which Uzodinma campaigned for votes in the next three days.