Indorama investments redeem Rivers image – Wike

The presence and successes on Indorama’s investments in Rivers State are said to have become a redeeming face to the state’s soiled business climate, the governor, Nyesom Wike has said.

This comes as the company has not only paid out $57 million to the federal and Rivers State governments, but also saved $659 million for Nigeria in imports.

Wike, who paid a visit to the fast rising plant complex that has added a fertiliser plant and may add ethanol plants in the future, said the success story of the Indorama Eleme Fertiliser and Chemicals Limited, which is the largest urea fertiliser company in the world is a clear testimony that the state is a safe haven for multi-billion dollars investments.

Wike said: “Rivers State is a safe place for investors to commit their funds for profits. For the company to develop the world’s largest single urea fertiliser plant, build an 83 kilometre gas pipeline and set in place a big manufacturing concern in three years shows that this state is the business hub of the country.”

According to him, for the company to expend about $3 billion across five local government areas in the state to develop production facilities proves that all the  reports about insecurity  were sponsored  propaganda.

Indorama has had its fair share of instability and violence. The managers were abducted during the days of militants and had to pay huge ransom and even locked down the company as many of its top managers fled to Lagos. Also, indigenes had once applied violence to demand for union leadership, leading to loss of an eye.

Recently, labour-related demands and lockouts have led to loss of one life and violence at the premises. At the moment, labour issues are raging with top union experts working round the clock to stop a planned showdown. The president of the business activist group in the state, Ibifiri Bobmanuel, had appealed to indigenes not to scare away investors by the way contract workmen went about demands with violence.

Wike however assured that  his administration  would continue  to  provide  the  enabling  environment  for  investors  to thrive, pointing  out  that  the  Rivers State Government would partner  with Indorama  to build a sustainable  small and medium scale enterprises business  hub for Rivers people  to benefit.

He described Indorama Eleme Fertiliser and Chemicals Limited as, “a right investment in the right environment”. The governor called on the company to improve on the employment of indigenes into management positions for more fruitful relationship with  host  communities.

He directed the state attorney-general and the special adviser on Investment to work out details on the partnership structure between Indorama and the  state government.

The state is a partner and the community, apart from the workers, hold shares in Indorama that brought in over N14Bn dividend so far.

Earlier, the managing director/CEO of Indorama Eleme Fertiliser and Chemicals, Manish Mundra said the company was a success story of public private partnership.

He said that over the years of existence, the company has paid $34 million to the Federal Government and $23 million to the Rivers State Government.

He added that with the presence of the company, Nigeria has saved $659 million that would have been used for importation.