A’Ibom Assures On Support For Local Investors

The Special Adviser to Akwa Ibom Governor on Investment and Industrialisation, Chief Senas Ukpanah, says the administration will support local investors wishing to establish cottage industries in the state.

Ukpanah made this known during an interactive session with newsmen in Uyo on Wednesday.

He said the State Government would soon commence disbursement of N5 billion industrialisation funds to qualified investors.

“A memorandum of understanding was signed on the said fund between the Akwa Ibom Government and Bank of Industry, for such purpose.

“The funds will only be accessed after a diligence check is carried out on interested investors by the state Investment and Industrial Promotion Council to ascertain their competence,’’ he said.

He said the corporation would also ensure that beneficiaries of the fund must have financial discipline to guard against diversion of the funds.

Ukpanah said this would ensure the reactivation of ailing industries in the state, adding some investors had indicated interest to reactivate Sunshine Battery industry in Ukana and Peacock Paints Limited in Etinan.

The deputy governor enjoined all those involved in the execution of the project to deliver the project on schedule.

 The Managing Director/Chief Executive of UPDC Plc Mr Haheem Oguniran, said the company had established its presence in Lagos, Abuja and Port Harcourt.

Oguniran promised that the construction of the housing units would be completed and delivered on schedule.