Nosak Group to partner Edo on job creation, boost revenue
Chairman of Nosak Group, Dr. Toni Ogunbor, disclosed this during a facility tour of Nosak Group business facilities in Apapa and Amuwo Odofin Local Government Areas with a team of Edo State Government officials led by the Secretary to the State Government, Osarodion Ogie.
Ogunbor noted that with unemployment rate rising in the country, Nosak Group hopes to play its own part by replicating its successful business venture in Edo State, adding that the conglomerate has a total direct investment of about N30 billion, mostly in Lagos, and partly in Edo states.
According to Ogunbor, in the past three years, the group has fine-tuned its investment strategy and wants to focus more on the agro-allied sector, and open business outlets in Edo State as a way of supporting the Government in job creation, utilisation of local raw materials, which are in abundance, and to boost revenue.
He revealed that the company has negotiated with three communities for land lease and crop compensation at mutually agreed terms, adding that the leases were for about 60 years and the businesses that would be located in the communities would bring development closer to the people.
He said: “The group has chosen to rapidly grow three of its subsidiaries: Nosak Farm Produce Limited – palm oil plantation, milling and refining; Saturn Farms Limited – palm oil plantation and milling; and Premier Plantations Limited/Nosak Distillers Limited – cassava plantation and conversion to ethanol.
“Nosak Group has negotiated with three communities — Obagie (10,000 hectares), Igieduma (7,000 hectares), and Evbueghae in Orhionmwon local government (5,000 hectares) for land leases and crop compensation at mutually agreed terms. This measure is aimed at embracing backward integration policy as a way of reducing costs of production, while ensuring efficient utilisation of the Nosak Group’s resources.”
The Chief Operating Officer of Nosak Group, Thomas Oloriegbe, disclosed that the projects would create employment and urged the state government to help actualise the project.
The leaders of the team, Ogie, while commending Nosak Group for its success, said the project is a laudable one that deserves the support of the people and Government.
“The Edo State government will do its best to support Nosak Group in acquiring more lands in the state for the general benefit of Edo people,” he said.