The Rivers State Government has signed two Memoranda of Understanding (MoUs) for the development of a $300 million Waste-to-Wealth project, a 200MW power plant, smart e-mobility, 20 tons of carbon capture and storage, and other innovations.

The MoUs were signed with the Intec and Omene Group of Companies. The firm is to design strategies to convert waste to wealth, generate electricity, boost employment opportunities, as well as increase the state’s revenue base.

The signing ceremony took place at the Ministry of Justice in Port Harcourt on Friday.

According to the state government, the move will promote, strengthen, and implement the use of Artificial Intelligence (AI) in waste management to maximise its economic potential for the benefit of Rivers people.

The State Governor, Sir Siminalayi Fubara, who was represented by the Rivers State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, noted that the state government, in May 2024, held the Investment and Economic Summit, the first of its kind in Nigeria.

He said thereafter, an Executive Order heralding the birth of the Rivers State Investment Promotion Agency was signed to drive investments in the state.

He explained, “Today, we have signed two Memoranda of Understanding between the Rivers State Government and Omene Nigeria Limited, essentially to manage waste, convert waste to wealth, and create massive employment for Rivers people.

“Waste management has been a sore point for the people and the environment worldwide, and Rivers State is not an exception.

“The Rivers State Government spends millions of Naira on waste collection and disposal, with no significant result, but by these MoUs, there is a leap forward.”

Governor Siminalayi Fubara expressed joy at the collaboration, saying that the benefits of the waste-to-wealth project will grow the state’s economy, create jobs for the teeming youth, keep the state clean and peaceful, and generate 200 megawatts of electricity daily in addition to 20 tons of carbon capture, which will be traded as Carbon Credit.

He expressed optimism that there would be no hitches in the collaboration and execution of the project, adding that the state will be the first in Nigeria to successfully achieve a waste-to-wealth project with modern technology.

The Chief Executive Officer of Omene Group, Prince Franklin Omene, said that the company will be working with other foreign investors to convert waste to wealth.

While appreciating Fubara for making the investment possible in his administration, Omene said their effort is to complement what the Rivers State Waste Management Authority is doing, explaining that the Rivers State Economic and Investment Summit gave birth to the collaboration.

He said converting waste to wealth is what his company is known for all over the world, stressing that Intec Group, as a reliable group of companies, will help realise the project for the state and its environs.

Also speaking, a representative of the partners, German-based Intec Group, Srinibach Dora Tepal, thanked the Rivers State Government for creating an enabling environment for investors to invest in, noting that although the project is at no cost to the Government of Rivers State, they have built a smart business model to ensure the productive and speedy transformation of the state.

The MoU signing ceremony was witnessed by the Acting Sole Administrator of RIWAMA, Hon Prince Obi Ohia, and Franklin Bottino of Intec Group, among others.