• July 24, 2021

#Partnership: Petferns Group Plans N2bn Investment In Bayelsa

(AGENDAWATCHDOG) – Petferns Group has begun a N2 billion investment operations in the country with the purchase of seven hectares of land in Bayelsa state, setting up of assembling and manufacturing plants. The plants are expected to provide employment for 3,000 Nigerians directly and indirect.

Speaking at a media briefing in Lagos Monday, the spokesperson for Petferns Group, Ms. Peace Eberechukwu, said the N2 billion investment was for agro-farms, manufacturing of tissue papers, production of industrial gases, pharmaceuticals, generator assembly plants and electrical fittings.

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She called for a partnership with the state government for receptive leasing by sand filling the vast land for quick commencement of operations. She stated that a bulk of the business such as production of industrial gases, tissue paper production, assembly of knockdown generators and electrical fittings would be carried out in Bayelsa state.

Eberechukwu disclosed that the company was ready to offer 10 percent equity share if the state government accepts to sandfill the land located at Amasoma by Niger Delta University.

The spokesperson maintained that financing of the huge investment was being funded by the First City Monument Bank (FCMB) and Providus Bank. According to her, “Financing is based on bank funding. Cost of structure is by us while machinery cost is joint venture financing of 25 percent equity and 75 percent from bank. We have also invested into land properties in other States like Rivers, Akwa Ibom and Enugu states where other businesses would be situated.

POTENTIAL IMPACT: The plants, when fully operational, will create jobs for 3,000 Nigerians directly and indirectly, and bring more development to the host communities.

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