Abia govt partners Nepal Group on Afro Beverages revival, to hold 20% equity

Gov. Alex Otti of Abia says the state government is willing to offer Afro Beverages to Nepal Group under a partnership arrangement.

Otti said this on Tuesday during a meeting with the Management Team of Nepal Group, in Nvosi, Isiala Ngwa Local Government Area.

The governor said that the partnership would entail that the state government would retain not more than 20 per cent equity, while the company holds the remaining 80 per cent.

Otti said the government had no intention of running the business, stressing that its role was to create an enabling environment for enterprises to thrive, generate employment, boost the Gross Domestic Product (GDP) and reduce poverty.

He noted that although another investor from South Africa had indicated interest in partnering with the government on the project, the state had already identified Nepal Group as its preferred partner.

“In principle, I am fine with it. What we want is a small percentage, not more than 20 per cent, while you hold the remaining 80 per cent.

“Our priority is not to run businesses or make profits, but to create an environment where businesses can operate efficiently, create jobs, improve GDP and reduce poverty,” Otti said.

Earlier, the Group Managing Director of the company,Mrs Ngozi Ekeoma, said that thek company had returned to present a fresh proposal for the takeover and revamp of Afro Beverages.

Ekeoma said that her organisation had completed due diligence and detailed financial assessments on the facility.

She expressed confidence in the company’s capacity to successfully manage the factory, noting that Nepal Group was diversifying from the energy sector into manufacturing as part of efforts to create jobs and drive industrial growth in the state.

According to her, manufacturing remains the most viable path to restoring industries in Abia, especially with the improvements in infrastructure and electricity supply under the present administration.

Ekeoma said the delay in completing the detergent plant project was largely due to the high cost of running industries on diesel.

She commended the governor and his executive team for creating an enabling environment that had encouraged investors to return home and establish industries.

Ekeoma also disclosed that the organisation had submitted a detailed proposal on Afro Beverages and sought further audience with the governor to discuss the next steps.

She thanked the state government for addressing concerns over the road leading to the company’s four-tonne-per-hour detergent plant in Ukwa West.

She further appealed for government attention to the road leading to the company’s agricultural project in Igbere, where cocoa and other crops are being cultivated as part of a large farming ecosystem.

In an interview with newsmen, Ekeoma expressed delight over the partnership with the Abia State Government to revive Afro Beverages.

“I’m very happy, among all the companies that bid for this opportunity, it is a huge vote of trust bestowed on Nepal Group.

“We are committed not to betray this confidence, our focus is to bring Afro Beverages back to life and provide employment for the people,” she said.

Ekeoma added that within a few months, a completely revamped Afro Beverages would be operational, contributing to the state’s economy and GDP, while reducing unemployment.