Oyo signs MoU with Africorp Consortium, to establish multimillion-dollar factory

Gov Makinde (left), Chief Ayorinde SAN (middle) and Africot representative signing the MoU in Casablanca, Morocco.

Oyo State government has signed a Memorandum of Memorandum of Cooperation (MoC) with the Africorp Consortium, to establish a multimillion-dollar factory in Ibadan in view of the favorable business conditions in Oyo State.

The MoC was signed when a delegation led by Oyo State Governor, Engineer Oluseyi Makinde, visited Casablanca, in Morocco.

The governor’s delegation includes, the Chairman Advisory Council to the Governor, Chief Bolaji Ayorinde SAN, Chief of Staff to the governor, Segun Ogunwuyi, Commissioner for Lands, Akin Funmilayo, Senator Monsurat Sunmonu, and Chief Bayo Lawal.

The MoC includes the promotion of participation and support from local governments, research institutes, universities, community colleges and non-governmental organizations, as well as other organizations; and during the said visit, Africorp expressed their desire to establish a multimillion-dollar factory in Ibadan in view of the favorable business conditions in Oyo State.

Consequently, the Governor assured Africorp that the Government will support Africorp in all ways possible to realise the success of the business venture.

Furthermore, Governor Makinde reiterated that Oyo State would explore further business opportunities with Africorp.

In furtherance of the realization of its business venture, Mouka Foam Ltd applied for allocation of 150,000sqm of Land in Ibadan, Oyo State and the OYSG allocated Prime Industrial Land to Mouka Foam Ltd and Mouka Foam Ltd having paid the required fees have since taken possession of the land.

Furthermore, Mouka Foam Ltd was issued with a Certificate of Occupancy by the OYSG to confirm and confer ownership and title over the said Land.

Africorp is one of the largest business concerns with multisectoral continental development of mattress, wood carpentry and PET recycling industries, Agro industries, Mining and Education.

Both sides are determined and will do their best efforts to cooperate now and in the near future in areas listed below:

Areas of Cooperation include, “Agriculture and value-added forest products, including promoting dialogue and exchanging information to enhance business relationships in agricultural and forest products.

“PET Recycling through the promotion of cooperative research and information exchange by both sides with the aim of expanding opportunities for investment partnership and industrial technology upgrades;

“Quarries and mining through the promotion of cooperative research and information exchange by both sides with the aim of expanding opportunities for investment partnership;

“Information and Communication Technologies, notably the development of coordinating projects in areas that might include Artificial Intelligence (Al), Cyber Security, Data Analytics and the Internet of Things (IoT) through the promotion of cooperative research and information exchange by both sides with the aim of expanding opportunities for investment partnership and technology upgrades in business and industry;

“Academic cooperation, notably supporting and encouraging appropriate collaboration between secondary and post-secondary education and research institutions in Oyo State through enhancing exchange activities, with a particular focus on energy technology, aerospace and life sciences, among other technical and emerging fields;

Trade and Investment, notably the promotion of business interactions between Africorp and OYSG through mutual exchange of appropriate business and market information, as well as other cooperative activities.

Specific projects, including technology and  infrastructure demonstration projects; Exchanges and temporary assignment of personnel from one Side to the other for training and other purposes; joint organisation of symposia, seminars, workshops and exhibitions and the building innovation hubs;

Promotion of participation and support from local governments, research institutes, universities, community colleges and nongovernmental organizations, as well as other organizations; and any other mutually acceptable forms of cooperation that contribute to the objectives of this MOC.

OYSG signs major foreign direct investment with Africorp Consortium in Cassablanca Morocco.

Team led by HE Governor Seyi Makinde, in the delegation were Chairman Advisory Council to the Governor, Chief Bolaji Ayorinde SAN OFR, Chief of Staff Segun Ogunwuyi, Commissioner for Lands, Akin Funmilayo, Senator Monsurat Sunmonu, Chief Bayo Lawal.