Nigeria: Government may revoke Edo Cement Co sale

Nigeria: Government may revoke Edo Cement Co sale
Published: 04 March 2011

There are indications that Edo State Government may revoke the sale of Edo Cement factory, Okpella which was privatised by the past administration, if the plant does not restart production within two weeks. The Governor of Edo State Adams Oshiomhole gave the hint when the Okuokpellagbe of Okpella kingdom, His Royal Majesty Dr Alhaji Aye Dirisu  paid him a courtesy visit at Government House, Benin City, on Wednesday.

“The Edo Cement factory has become an embarrassment. I will direct the attorney-general of the state to look at the terms of the contract and if they cannot operate it or give convincing explanation as to when they will start production, we will revoke the sale of the cement factory and Edo state will take it over”, he noted.

The governor maintained that: “We will find the resources to re-capitalise it and put it back to production. We have had enough of explanations. It is irresponsible for people who do not have the know how to take over businesses and shut them down. That is part of the things compounding the problem of unemployment in Nigeria”.