Akwa partner OANDO in gas production, seeks AFRIBANK support in housing

Oando PLC has pledged its readiness to partner with Akwa Ibom Government in the production and supply of gas to step up power to industries and rural communities in the state.

Already, the company has built and commissioned a N20billion Gas Plant in Ukanafun Local Government Area of the State.

Wale Tinubu, the company’s Group Chief Executive officer in company of other management team Oando made this known to Akwa  Ibom Governor, Chief Godswill O. Akpabio at Government House, Uyo, recently.

Tinubu who paid a courtesy visit on the Governor said Oando, a leading indigenous petroleum drilling and marketing company was diversifying to the production of gas to add value to the country’s economy.

He noted that the company that started on a precarious note now has assets worth about N350 billion.

 The Group Chief Executive Officer announced the company’s intention to commence its social responsibility to host communities, those located along their pipelines by building and renovating their schools as well as awarding scholarships to qualified students.

Akpabio was excited at the rapid growth of the company particularly for meeting a N350billion turnover, attributing this feat to the management’s resilience, commitment to duty, and diligence.

The Governor said the militants in the Niger Delta Region have a lot to learn from the Oando’s success story by abandoning kidnapping of innocent, helpless people to engage in meaningful investment to improve their lot.

Describing gas as a key to any industrial growth, he pledged to co-operate with Oando in an effort to reaping its investments in the state, and vowed to assist the company to obtain Right of Way (ROW) in laying gas pipelines.

Akpabio appealed to the company to consider appointing Akwa Ibom indigenes into its management team, to give the state a sense of belonging.

Meanwhile, Afribank Nigeria PLC has been challenged to embrace Public-Private Partnership arrangement of Akwa Ibom Government, in efforts aimed at providing 10,000 housing units to the people.

Akwa Ibom Governor, Chief Godswill O. Akpabio who threw the challenge when the Group Managing Director/Chief Executive Officer, Sebastian Adigwe paid him a courtesy visit in Government House, Uyo, recently, promised to give the bank 50 percent buy-out assistance in this partnership.

Akpabio said “It is important for us to partner together in this regard.  We would add value to your bank by supporting it in the way we can.”

He lauded the bank’s management ingenuity, team work spirit and diligence in raising the financial profile and improving the image status; adding “Your bank is a house-hold name now.”

Adigiwe, accompanied by Mr. George Anyim-Osigwe, Director; Mr. Victor Ohuoba, Regional Director and Joe Imasuen, Area Manager, among other management staff, said the bank has three branches in the state while seven more are to be established before the end of this year to help customers  in opening accounts and to generate employment  opportunities to the people.

He commended the governor for the infrastructural renaissance in the State and pledged to assist the government by giving financial support to its security outfit.

The Group Managing Director hinted that the bank’s share capital stands at N145 billion, and dismissed the speculation of the bank becoming distressed owing to the global economic meltdown. He explained that “The bank has what it takes to surmount the current meltdown.”