Obiano’s Target of $1.9bn Investment boosted by fresh $148m MoU

The target of $1.9bn (USD) investment set by the Governor of Anambra State Chief Willie Obiano by year ending 2014 is looking more realistic every day as more investors are taking advantage of the restored sanity and friendly business environ across Anambra to invest in the state. The latest investment came with the Memorandum of Understanding (MoU) signed by governor Obiano with three establishments, Ekcel Farms, Grains and Silos Limited and Cardinal Developers and Trust Limited, respectively totaling $148 million (USD).

In the ceremony that took place at the Exco Chambers of Government House, Awka, Monday, Governor Obiano signed the MoU with Sir Emeka Okwuosa of the Excel Farms, a division of Oilserve Ltd, one of West Africa's largest indigenous oil services Firm, to the tune of $100 million for the production and processing of cassava and tomato on Anambra state. The governor also signed with Grains and Silos Limited, MoU valued at S20 million for a grains milling and storage facility and malting plant project, and another agreement with the Cardinal Developers and Trust Limited valued at S28 million for the development of Awka Hotel. The three separate agreement ceremonies are coming on the heels of the projected S1.9 million investments the State government expects in its coffers by end of 2014.

Speaking after signing the MoU with Ekcel Farms Ltd's boss, Sir Emeka Okwuosa, governor Obiano expressed satisfaction that prominent indigenes of the State and captains of industry were responding to his call to come back home and invest on account of the conducive and enabling environment provided by the State government and promised to give them all necessary support and encouragement to establish including accelerating the process of land certification and documentation through Anambra State Investment Protection and Promotion Agency (ANSIPPA).

Governor Obiano noted that it was unequalled to attract prospective investors willing to invest S1.9 million in his six month old administration, adding “we are attracting this kind of investment to the State. The projects, when completed, would be one of the best in the sub-Sahara Africa with multiplier effect on socio-economic and industrial development.”

He revealed that he had known Sir Okwuosa personally for a very long time, and expressed happiness that the restored faith in the State prompted Sir Okwuosa to heed the call to invest and called on others to emulate the investors including Coched and Joseph Agro Ind. Ltd and invest. Said Obiano, “We have restored sanity; it is an opportunity to invest in the state. We have signed MoUs with Coched Farms and Joseph Agro Ind. Ltd for the production of 120,000 metric tonnes and 100,000 metric tonnes of rice, respectively as well as Cardinal Developers which have taken over the building of a five Star hotel at Onitsha to be managed by Radisson Blue.

“Today, we are signing the MoU with Ekcel Farms that will see to the production and processing of Cassava and Tomato. When fully implemented, this plant will be unequalled in Africa. The LCM is job opportunities that will open doors of employment for about 3,500 persons. I am very happy that very prominent persons in the State are responding and are in support of what we are doing here. It is cheaper to come in now to invest than much later in the future when there would be a rush.” Obiano said.

Governor Obiano had also signed a S28 million MoU with the Chief Olisa Okeke of Cardinal Developers for the construction of a 4-star hotel in Awka which will contain 150 rooms and provide 200 direct jobs and 1,000 indirect jobs as well as generate revenue.

Signing the agreement, Obiano noted that Awka is very important; being the capital city, adding that designs of the road in the city would create a capital-like environment and stressing that the State has come of age. He pointed out that in October, there would be an investment Show in South Africa and hoped to attract more investors to the State

Earlier, Chairman, Governing Council of ANSIPPA, and traditional ruler of Umuoji, Igwe Cyril Enweze said the partnership was another milestone in the realization of the governor's vision of diversifying the agricultural sector, building capacity, improving food production and creating wealth.

Also speaking, the Commissioner for Agriculture, Hon. Nnamdi Mekoh said the event marks another milestone in agricultural revolution embarked upon by the present administration, adding that the State has other outstanding MoUs to be signed in few weeks' time.

Earlier in his speech, the Ekcel boss, Sir Emeka Okwuosa whose delegation comprising of technical team, banks and support groups and close business associates including Chief Inno Chukwuma of Innoson and Dr. Ifeanyi Okoye of Juhel Group said it was a great honour to come around and be given an opportunity to invest in the State, a development he said has given him and others a sense of belonging to invest on account of the governor' disposition.

Sir Emeka who was accompanied by Managing Director of Ostertrade, Bianchi Giulio and his Commercial Manager, Attilio Arrighi as well as Alfonso Cuomo, Export Manager of F.Lli CUOMO, a machine industrial outfit, assured that the first phase of the Ekcel Farms project would produce 200, tonnes of cassava daily and 400tonnes of tomato as well as create over 18,000 indirect jobs.

He stated that a lot of difference has been made within the short period of time of the present administration, pointing out that one of the cardinal objectives being pursued by the Federal Government is agriculture and the Obiano administration has shown much commitment in security and agriculture which he noted would solve the challenge of security.

Describing agriculture as a huge investment, the Ekcel boss noted that the industry was promising, and if developed, would tackle the challenge of unemployment, assuring that the company would support the intentions of the State government.

Sir Emeka Okwuosa gave an assurance that the wealth of experience acquired by his Company in the field of oil and gas would be replicated in agricultural development which entails moving from farming to production.

According to him, the company which operates in other African countries would adopt the latest technology in all the phases of the project, including provision of processing plant and bio-fuel system to boost power supply to the facility.

He confirmed that the company would set up a processing plant that would handle production of cassava and tomato in the first phase with the expected processing of 250 tonnes of cassava. The Ekcel boss disabused the minds of people who feel that the coming of the Company will step up monopoly and stifle less competitors adding that the project would involve cooperative societies from whom it would buy cassava for processing.