Rivers $300m waste-to-Wealth deal: Mayor of Housing excited over participation of local investors

The Mayor of Housing, My-ACE China, has expressed excitement in the involvement of local direct investors (LDI) in the recently signed $300m Waste-to-wealth deal in Rivers State.

Companies involved in the Memorandum of Understanding signed with the Rivers State Government include Omene Group, a local company, and Intec of Germany.

The Chief Executive Officer of the Housing and Construction Mayor Limited , said the memorandum of understanding (MOU) justified two major things he had been preaching; one: that local investors, if treated well, are in better position to attract foreign investors; and that Rivers State is ready for business despite the few negative instances.

The MOU is worth about N512Bn. The real estate strategist described it as a direct fallout of the Economic Summit held in Port Harcourt in May 2024 and commended Gov Sim Fubara for steadily following the recommendations of the Summit and the promises he made to investors and business leaders in the state.

The real estate investor spoke after bagging the award of Pillar of Entrepreneurship at the 20 years anniversary of the National Network Newspaper held in Port Harcourt at the weekend.

He said, “I’m not just excited about this event at the government level where a memorandum of understanding (MOU) was signed between the Omene group which is a local direct investment (LDI) group, and the Itec group, a Germany company which is a foreign direct investment (FDI) company, it is a testament to what I’ve been preaching since after the Rivers State Economic and Investment Summit where I was shouting it as much as my voice could carry that there are enough opportunities for business in Rivers State.

“I have been shouting that once we have a government that has the body language to make doing business in Rivers State easy, which is what the governor of the state has done. He has not only demonstrated it but has been implementing everything we suggested at that economic summit including the establishment of the Rivers State Investment promotion agency. What just happened is a testament of my position that the body language of a governor decides how investments will flow in his state.

“Omene group is a local direct investor who saw the opportunity in waste management and invited the FDI (the Itech group from Germany). For a German company to come into Rivers State with a waste to wealth recycling project worth $300m or over N510Bn that will generate over 200 megawatts of electricity and reduce the carbon footprint of Rivers State and employ a lot of Rivers people is a testament. It is a testament to what we have been preaching. I’m one of those that believe in the corporation or collaboration of operators.”

He announced that Port Harcourt is safe for business and that he enjoys doing business in th3 state.

On his award as ‘Pillar of Entrepreneurship in Rivers State’, the Mayor of Housing said he was highly impressed with the way the event was organized to mark the 20th anniversary of National Network, saying it was his first award from a newspaper organization. The investor showered monetary appreciation to the workers and winners of long service awards saying he loved the energy he felt at the event.

In his welcome remarks, the General Manager and Editor-In-Chief of the newspaper, Mr Chris Konkwo, traced the difficult years of the organization and appealed for public support to sustain institutions that help to defend human rights and rights of the ordinary people.

In his lecture, Prof Fidelis Allen, Director, Centre for Politics in the University of Port Harcourt, acknowledged the indispensable values of the Press in Nigeria, but regretted what he called the display of repressive tendencies even in a democracy.