The Akwa Ibom government has spent about N526 million to ensure the reactivation of the Peacock Paints Limited to guarantee the exclusion of private equity share participation in the company.

Gov Udom Emmanuel gave the insight during the re-inauguration of the paint factory at Ikot Ekan, Etinan Local Government Area.

The governor explained that the debts of the company particularly arising from interest on a N30 million loan from financial institutions have been paid, directing the Ministry of Commerce, investment and industry to carry out effective monitoring of the activities of the factory for it to remain afloat with quality brands of paint in the market.

He stated that discussions have reached an advanced stage with German investors to partner in the operation of the factory side-by-side with the application of local contents in the manpower strength, indicating that the expected expansion arrangements would be geared towards privatization of the company.

The chief executive officer of the state directed the various construction companies in the state to patronize the products of the company, while tasking the management of the factory to ensure efficiency in recovering the marketing outlets with competitive price tag on the products.

The commissioner for commerce, investment and industry, Mr Emmanuel Enoidem, said the re-inauguration of the paint factory was a significant event for the present administration.

 He noted that the ministry was still making verification to ascertain the ownership of some outstanding financial liabilities to enable full settlement of debts owed private investors.

The commissioner appreciated the initiative of the state government to rescue the factory back into market with the expectation of rolling out about three million litres of decorative, gloss and marine paint for use by homes and industries.

An indigene of Etinan Local Government Area, Obong Paul Ekpo , said the large turnout of people from the private and public sectors was a reflection of the importance the people attached to the re-inaugurated factory.

Ekpo, who is also the state chairman of the Peoples Democratic Party, stated that the people would continue to rejoice that they made the right choice of leadership during the governorship election through his party.

Source: http://www.trezzyblog.com/2016/05/udom-rehabilitates-peacock-paint.html

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sixtuschimere:
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Good one.

Fayose and those noisy southwest governors should come and learn