Business

Group seeks investment partnership with Bayelsa State

By Michael Ojo

Petferns Group has started N2 billion worth of investment operations in Nigeria with the purchase of seven hectares of land in Amasoma, Bayelsa State, opposite Niger Delta University, for setting up of assembly and manufacturing plants as a means to provide employment for 3,000 Nigerians,skilled and semi-skilled.

Petferns Group, which has the flagship of Petferns Nigeria Ltd, is basically into the oil and gas sector. Other subsidiaries of the group are Pet Electrical Division, Pet Pharmaceuticals, Pet Power Generator, and Pet Agro Farms.

The Spokesperson for Petferns Group, Ms. Peace Eberechukwu, who addressed correspondents at a press briefing in Lagos on Thursday, October 29, 2020, said the N2bn investment was for production of Industrial gases, manufacturing of tissue papers, pharmaceuticals, agro farms for production of cashew nuts, plantain chips etc, generator assembly plants and electrical fittings.

Eberechukwu stated that the major part of the project such as production of industrial gases, tissue paper production, assembly of knockdown generators and electrical fittings would be carried out in Bayelsa state.

She, however, called for partnership with the state government for receptive leasing by sand filling the vast land for quick commencement of operations.

When asked to speak on what the group had to offer Bayelsa State Government, the spokesperson said that the company was ready to offer 10 percent equity share if the state government accepts to sandfill the land it had purchased there.

It was also reiterated that the company has established a good relationship with the youths of Amasoma which makes working in the community better.

She disclosed that financing of the huge investment was being funded by the First City Monument Bank (FCMB) and Providus Bank.

Her words, “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 Akwa Ibom, Port Harcourt and Enugu states where other projects would be situated. This is to address unemployment issues in Nigeria. There are no jobs for youths after graduation from higher institutions.

“Machinery will arrive by March and business operations will kick off October 2021”.

She called for the harmonisation of the tax system between the three tiers of government.

Eberechukwu also hinted that all produce will be directed to the local markets, as they are the first priority. On the positive side, prices would be cheap because the seeds are being processed in Nigeria and power is also going to be generated at the project sites as the labour force is going to be semi-automatic.

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