Nigerian, foreign partners to build N121b fertiliser, power plants in Edo

IN a further boost to the Nigerian local content policy, a N121 billion investment in the building of a fertiliser plant and a 350-megawatt power generating plant has been sited in Ologbo in Edo State.

Chairman and Chief Executive Officer of OBAX World Limited, Patrick Obasuyi, disclosed this when he hosted indigenes of the community in appreciation of the cordial relationship he has enjoyed with them.

He said he was investing in the country with partners from the United States (U.S.) and China, who had never invested in any part of Africa. According to him, “the President of Nigeria has been very good to us. He created an opportunity for OBAX to excel.

“With the local content, we have been able to build many plants in the past seven years in Nigeria, and now we are taking it to the next level because we have successfully built several plants and it is time to start building more plants. So we are building our first fertiliser plant in Nigeria and the second thing is a power generation plant.

“The (fertiliser) plant we are trying to build will cost $250 million, while the power plant will cost about $300 million. It is new day in Ologbo, we are going to build this new plant without looking for money because we have the money to build the plants.
“The only thing we are asking the community is to cooperate with us, work with us, so that we can employ over 600 people in this community. The first time I came to Edo, I came to Ologbo and I have never had any problem with this community, so I am very grateful to you for that.”

Obasuyi said he had to convert a timber company to oil and gas to check deforestation in the country, noting: “We have to take over a company that was taking our timbers and selling them all over the world, thereby causing deforestation.”

“We went to school in America, but we did not forget our home, we want to bring American technology and genius of the African people to develop our community.”

One of the major partners, Feng Rui, told The Guardian that Obasuyi is African-American, “and has been a successful businessman in America, so we decided to partner him to do good business in Nigeria and Africa.”