Anambra Government Signs N525m MOU For Cosmetics Factory

KINGSLEY EZEKWELU

Governor Willie Obiano has on behalf of the Anambra State Government signed a Memorandum of Understanding (MoU) with Sonny Peace Ltd – a private firm for the establishment of a factory for the manufacturing of hair cosmetics.

The brief but impressive signing ceremony took place at the Governor’s Lodge, Awka.

The MoU is worth Five hundred and twenty five million Naira (N525 million) and will see the investor contribute N500 million, while the Anambra State Government brings the remaining N25 million as their equity contributions respectively.

The factory which would be sited at Oba, Idemili South Local Government area of the state, when fully operational, will have its profits shared as follows, Investor -85%, Anambra State Government -10%, while 5% will be dedicated to Corporate Social Responsibility services.

It is expected to commence work on the project site within six months of issuance of Certificate of Occupancy, as non-compliance would have the land title revoked with the land reverting automatically back to the State Government.

Governor Willie Obiano in a brief remark at the occasion said that having fought insecurity and improved on the ease of doing business in the State, his administration has opened the doors to prospective local and foreign investors.

The Managing Director of the Anambra State Investment Promotion and Protection Agency (ANSIPPA), Mr. Jide Ikeakor, acknowledged that the project will increase stock in trade, generate massive employment as well as create activities that will boost economic growth and enhance the State’s capacity to internally generate more revenue.

The investor, Mr. Sunny Ogbu said the decision to establish the project was in response to the Governor’s call on Ndi Anambra to think home.