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Firm To Invest $13m In Okitipupa Oil Palm Company by alfanio(m): 3:26pm On Oct 10, 2017 |
A multinational oil company, Victory Crystal
Investment , says it will invest $13 m to
resuscitate the moribund Okitipupa Oil Palm
in Okitipupa , Ondo State .
Victory Crystal Investment is a subsidiary of
Victory Group which is into agriculture,
energy , construction, finance and property.
The Director of Communications and
Corporate Affairs of the company, Miss Kemi
Olatunji , on Tuesday said that the $ 13m
would be used to rejuvenate the plantations ,
revive the three palm oil processing mills in
Okitipupa , Irele and Iyansan and recapitalise
the moribund company to reclaim its old
glory in palm oil export .
“ Okitipupa Oil Palm Plc is overgrown with
weeds and currently running at loses and we
have put in place plans to recapitalise it with
$ 13m to make the company run at full
capacity .
“ When it is recapitalised, it will generate
employment, boost the state ’s internally
generated revenue and grow the economy of
host communities.
“ With the recapitalization , we are looking at
cutting ageing palm trees , replacing them
with modern seedlings that are thriving all
over the world like in Malaysia so that we
can start harvesting from four to five years.
“ We will equally ensure that OOPC starts
exporting its products as it used to be in the
80s ,” she said .
Olatunji said that the court case between the
state government and the minority
shareholder of the company would be
resolved amicably in the interest of all
parties .
She said the Victory Crystal Investment had
commenced discussions with its partners in
Europe on the resuscitation of the moribund
company.
“ We need to revive the dead companies in
Ondo State to reduce unemployment, engage
youths in productive ways and reduce crimes .
“ This is the time to re-engineer our economy
in the state.
“ We believe the resuscitation of OOPC, the
economy of the host communities will move
from zero to high level because people will
be empowered .
“ It is a shame that no single company was
brought to Ondo State in the last eight years, ’’
Olatunji said.
Okitipupa Oil Palm Company was established
in 1968 and was served by oil palm estates
scattered across the three local governments
of Okitipupa, Irele and Ese - Odo.
OOPC was a successful company in the past
where former President Olusegun Obasanjo
and Unilever had substantial shares before it
failed due to alleged government ’ s
interference .
The firm ’s current minority shareholder ,
EasterPot , has 35 percent share, while the
state government has 29 per cent share. |
Re: Firm To Invest $13m In Okitipupa Oil Palm Company by alfanio(m): 3:28pm On Oct 10, 2017 |
Buhari's policy on agriculture is working. It is a fact whether you like it or not. 1 Like |
(1) (Reply)
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