Firm invests N350bn in Adapalm revival project

[From BONIFACE OKORO, Umuahia]

Private company, Roche Group, has reportedly invested N350 billion in the Adapalm project through a Public Private Partnership (PPP) arrangement.

The latest investment is said to have capped efforts by the Governor Hope Uzodinma-led administration in Imo State to revamp the moribund oil palm production and processing company.

In the evolving PPP arrangement, the Imo Government will hold an equity share of 14 per cent while the host communities would have five per cent equity share. Furthermore, the Board and Management of the Company have been tasked to work out from the remaining percentage, the equity shares to accommodate other interest groups.

To evolve a plan for the seamless take-off of operations at Adapalm, Governor Uzodimma has held a tripartite meeting with all the stakeholders, including the Roche Group, representatives of Adapalm host communities and equity stakeholders to agree on the best modalities to maximise the N350b investment.

He told the host communities that he invited them to formally discuss the proposed programmes and plans to relaunch Adapalm with a bang and the need for them to take advantage of the deal and become part of the success story without hiccups, going forward.

According to the Governor, the meeting was to provide opportunity for the Stakeholders’ to make their inputs for consideration and incorporation into the new arrangement.

Addressing the meeting last Thursday at the Sam Mbakwe Executive Chamber, Government House, Owerri, Governor Uzodinma disclosed that his government has succeeded in amicably resolving hitherto contentious issues with Roche Group in a manner that would engender a win-win situation in the Adapalm project. The Governor told the host communities that the N350 billioninvestment in Adapalm by Roche was a huge investment, hence they should fashion out an internal cohesion and cooperation mechanism that would create an enabling environment that would make it possible for them to reap bountifully from the profit and dividends of the Company as equity holders.

“Government can no longer run Adapalm alone. That is why government has gone into partnership with the Roche Group for the continued management of Adapalm.

“For some time now, government and Roche were in court concerning the original MoU and terms of agreement that were not consistent with the 3R mantra.

“Today, through the PPP arrangement, government has resolved whatever differences there were with Roche Group so as to have a win-win situation and allow the Company to continue in the management of Adapalm.

“The government has restructured the former agreement where Adapalm is to be run based on the new members of same Roche Group,” he explained.

Governor Uzodimma, therefore, appealed to those who have been formerly and informally harvesting from Adapalm to desist from such and align themselves with the new arrangement so as to benefit more from the establishment, both in terms of infrastructure development in their communities and employment opportunities for their wards.

The Governor reiterated that if the new deal is allowed to flourish, the story of unemployment of Imo youths would be a thing of the past as Roche Group has the capacity to engage thousands of hands due to the Company’s ability to explore Adapalm environment for other value chains.

Present at the meeting were the Deputy Governor, Prof. Placid Njoku, Chief of Staff to the Governor, Barr. Nnamdi Anyaehie, Commissioners and other top government functionaries.

The stakeholders were led to the meeting by the former Speaker of Imo State House of Assembly, Rt Hon Goodluck Opiah, now Commissioner for Petroleum, IMC Chairmen of Ohaji/Egbema Local Government Area, Marcel Amadioha and that of Oguta Local Government Area, Emma Mazi.

 Also, traditional rulers of the host Communities and other opinion leaders from the host communities were adequately represented.