14 November 2014, Lagos — The Managing Director/CEO of Coleman Wires and Cables, Mr. George Onafowokan, has described the multi-billion naira new mega high voltage XLPE factory built by the company as the first of its kind in the West Africa region.
Onofowakan, who said this during a facility tour of the factory in Sagamu, Ogun state, said the company had so far invested more than N3 billion in the factory so as to enable it achieve its target of meeting demands of wires and cables not only in Nigeria, but across Africa.
He said the objective of the company in building the magnificent factory was to ensure the production of quality wires and cables as well as other products for customers at all times, in line with the Federal Government local content law. This, he said, comes with a great social impact of providing employment opportunities for over 650 people.
“This is a project that has cost us over N3 billion, though the overall expectation is about N10 billion. It is a Nigerian focus and it is in line with the local content law. As the pioneer wires and cables manufacturers, we expect to meet the requirements and capacity of customers at all times.
“We are targeting 48,000 at full capacity for cables and 30,000 at full capacity for aluminum. We also aim at over 50 billion capacity in the next 24 months. Our expectation is not only in Nigeria but across Africa. We give kudos to Fidelity Bank, which made this possible and it is coming at a time when most banks shy away from such venture,” he said
The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi Okonkwo, commended Coleman Wires and Cables for the initiative, saying that such activity engaged by the company had provided employment opportunities for more than 650 people, thereby improving the social impact of the economy.
Okonkwo added that the company was keying into the visions of the Federal Government by focusing on social impacts through engaging people in productive exercise.
“We are excited to be part of this initiative. Coleman has taken the game to a higher level. If we have five companies like this on this axis, social impact of the economy would be improved and crimes would also be reduced.
“The kind of massive investment we are seeing here today shows that the future belongs to the youths and Fidelity is fully interested in this transformation because this company has keyed into the vision of industrialized countries and we need a lot of more entrepreneurs like Coleman,” he said.
Coleman managing director, Mr. George Onafowokan and the executive director, Engr. Micheal Olusegun Onafowakan, later conducted the fidelity Bank MD/CEO round the massive factory, which boasts of the latest state-of-art equipment.
Agric Ministry to enhance funding access to 20,000 cooperatives
The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said that 20,000 cooperative societies would be encoded in the ministry’s data base from the current 17,000 so as to give appropriate assistance where needed.
The minister also tasked cooperatives to educate their members on the process of due diligence standards required for eligibility to access funds saying, “The apex federation was also complementing the efforts of the ministry to significantly improve on current low access of agricultural credit from financial service providers by agric cooperatives and farmers groups.”
The minister, who was represented by his counterpart, minister of State, Mrs. Asabe Ahmed, made the call at the 5th National Council on Cooperative Affairs with the theme: “Building an Enduring Cooperative Movement for Sustainable Growth,” in Abuja.
According to Adesina, “We have introduced the cooperative data analysis system as part of our efforts to make the cooperative societies become more hard-working in order to be self-reliant, progressive and competitive.
This system will enable us track their individual performances and their respective needs so that appropriate assistance can be given to those that require help.”
She added that cooperative societies are potential tools for empowerment and job/wealth creation, particularly for rural people who need a lot of support, adding that “the world’s top 300 cooperatives are reputed to have an annual turnover of $2.2 trillion.”
*Phillip Oladunjoye – Daily Independent