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Obiano Signs N525m MOU For Cosmetics Production

Insists that it must take off in 6-months, otherwise... From Chuks Collins, Awka

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Gov Willie Obiano has signed a Memorandum of Understanding (MoU)with Sonny Peace Ltd -a private Cosmetics manufacturing firm for the establishment of a factory for the production and distribution of their range of high class hair cosmetics products in the state.

The MoU is worth Five hundred and twenty five million Naira (N525 million). The investor will contribute five hundred million Naira (N500 million), while the Anambra State Government brings the remaining twenty five million Naira (N25 million)as their equity contributions respectively.

The factory would be sited at Oba, Idemili South Council of the state, which is the community hosting the state’s Twenty five thousand (25,000)standard shops international market.

When fully operational, its profits would be shared by the investor-85%, Anambra State Government -10%, while 5% will be dedicated to its Corporate Social Responsibility services in the area and the state generally.

According to the details, activities are expected to commence at the project site within six months, as non-compliance would have the land title revoked and reverted back automatically to the State Government.

Governor Willie Obiano in a remark at the occasion attributed the surge in the arrival of local and foreign investors in the state to his administration’s efforts at security and the improvement on the ease of doing business in the State. That it has opened the doors to prospective local and foreign investors.

The Managing Director of the Anambra State Investment Promotion and Protection Agency (ANSIPPA), Mr Jide Ikeakor acknowledged that the project will boost trade, generate massive employment as well as create activities that will boost economic growth and enhance the State’s capacity to generate more revenue.

Mr Sunny Ogbu who is the chief executive of the investing firm disclosed that the decision to establish the project was in response to the governor’s call on Ndi Anambra to think home.


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