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Issues In The News

Firm establishes N121bn fertiliser, power plants in Edo

Benin – In its bid to actualise the Nigeria local content policy, OBAX World Limited is building a N121 billion fertiliser plant and 350 megawatts power generating plant in Ologbo, in Ikpobha Okha Local Government of Edo State.

The two plants, when completed, are expected to create more than 2,000 jobs.

Chairman and Chief Executive Officer (CEO) of OBAX World Limited, the company handling the constructions, Patrick Obasuyi, disclosed this when he hosted the people of the community in appreciation of their cordial relationship with his firm.

Obasuyi, who commended President Goodluck Jonathan for creating the opportunity for OBAX to excel through the local content policy, said: “We have been able to build many plants in the past seven years in Nigeria but now we are building our first fertiliser plant in Nigeria and the second time we are building a power generation plant.”

According to him, “The plant that we are trying to build is going to cost us $250 million while the power plant will cost about $300 million. It is a new day in Ologbo, where we are going to build these new plants. We are not looking for any money because we have the money to build the plants. The only thing that we are asking from the community is to cooperate with us, work with us so we can employ over 600 people in this community. The first time I came to Edo, I came to Ologbo and I have never had any problem with this community so I am very grateful to you for that.”

The OBAX CEO, who further stated that he had to convert a timber company to oil and gas to check deforestation in the country declared: “We have to take over a company that was taking our timbers and selling them all over the world thereby causing deforestation, I bought the company because I did not want more deforestation in Nigeria. So I have converted the factory into oil and gas company. We went to school in America, but we did not forget our home, and we want to bring American technology and genius of the African people to develop our community”.

Also speaking at the event, one of the major partners, Feng Rui said the reason he decided to partner Obasuyi was because he is a reliable businessman who has done several businesses in America.

– This Day

About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together


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