RSSDA’s Fast Food Partnership Nets N1.5bn Profit

The first phase of the
Franchise Agreement between the Rivers State Sustainable Development Agency (RSSDA) and The Promise Fast Food has generated a profit of N1.5 billion in the last five years.
The agreement signed in 2009 led to the establishments of The Promise Fast Food outlets in Bori,  Omoku, Elele, Eleme and Ahoada.
The Managing Director of Integrated Catering Company Limited, Pastor Oluwatoyin Alabi, who disclosed this at the official signing of the second phase of The Promise Franchise Agreement with RSSDA in Port Harcourt, said that a cursory review of the results of the five outlets, has shown consistent annual profits with cumulative net profit as at December 2013 standing at N225 million, the creation of 200 job opportunities as well as the setting up of SMEs through progressive graduation of 28 beneficiaries with over N74 million start-up capital.
He said that the situation is having a lasting and unquantifiable impact on the livelihood of families, and curbing of youth restiveness due to meaningful engagement of the army of the unemployed in these areas.
Alabi said that it is the expectation of the management of Integrated Catering Company  Limited that the second phase of the agreement with the RSSDA will lead to the establishment of more outlet for the greater reach and good of other communities to increase the gains of the first phase.
In his welcome address, the Executive Director/Chief Executive Officer of the Rivers State Sustainable Development Agency (RSSDA), Mr Noble Pepple, said that the programme which started in 2009 was in line with the Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi’s pledge to make 147 Rivers youth millionaires.
Pepple said that it was the governor’s vision that has been translated into the Franchise Agreement with The Promise Fast Food.
He said that the five outlets have led to the creation of 35 entrepreneurs in Rivers State, out of which 28 have established their own business, stressing that the scheme will last for ten years.
In their separate speeches, both the Permanent Secretary, Ministry of Empowerment and Employment Generation, Mrs Comfort Iragunima and the President of the Port Harcourt Chamber of Commerce Industry Mines and Agriculture (PHCCIMA), Engr Emeka Unachukwu, described the scheme as the best thing that has happened in Rivers State.
The PHCCIMA president on his part said that the chamber will invest in the scheme.