Lifeline has been given to Korean-based Company, Kumbit Global Limited for the establishment of Ibom Industrial Park worth $600 million in Nung Ikot Obiodo, Oruk Anam Local Government Area.
This follows a deal between the Akwa Ibom Government and the company, two years after the company had submitted the proposal to the government for consideration and approval.
The project facilitated by Engr. Anietie John dragged after the company had sent a proposal on Memorandum of Understanding to the state government for signatory followed by management paying a courtesy visit on Governor Udom Emmanuel.
The agreement was signed for the state government by Chairman, Akwa Ibom Investment Corporation (AKICORP), Dr. Elijah Akpan, and the companyβs representative, Engr. John at Government House, Uyo on Tuesday, October 5.
Akpan stated that Public-Private Partnership (PPP) arrangement will drive the project, adding that the State Government has donated 100 hectares of land and would commence payment of compensation to the benefitting community before the project takes off.
According to him, βββ¦there are about 23 companies in the industrial park and the state government is entering into Public Private Partnership (PPP) arrangement with Kumbit Global, we own 10% the community owns 2% making it 12% for Akwa Ibom State and the project is worth $600 Million.
“The state government has donated Special Purpose Vehicle (SPV) and 100 hectares of land for the project while payment of compensation will soon commence and Kumbit will soon move to site as a result of agreement that has been signed today.ββ
He explained that the Ibom Industrial Park project has real estate integrated into its design to create affordable housing in the state, adding that on completion the park will create about 1,000 direct employments with a value chain benefit of 10,000 to the people.
The Akwa Ibom Investment Corporation (AKICORP) boss, however, lauded Governor Udom Emmanuel for creating conducive environment to ease doing business in the state, stressing that the infrastructural development in the state has made it a destination point.
The Group Managing Director, Kumbit Global Limited, Engr. Anietie John, lauded Governor Udom Emmanuel for his vision in industrialising the state.
John said based on the feasibility study, the Korean company will site a General Hospital in the state as part of its corporate social responsibility, and offer scholarships to the Akwa Ibom indigenes.
”it has been a long journey and God has kept us for this purpose, I want to thank Governor Udom Emmanuel for making this project to materialize, for it has been a turbulent time but what I am telling Akwa Ibom people is that this project which we have signed an agreement today will be of benefit to them all.
“This park coming to Akwa Ibom state will employ over 200,000 Nigerians. The park will attract third party industries that will produce for the successful completion of activities in the Industrial Park,ββ he announced.
Speaking with Straightnews on Wednesday, October 6, Dr. Ekarika Amos Ekarika, the chairman of Community Development Committee, while welcoming the project, pointed out that the company is yet to sign a Memorandum of Understanding (MoU) with the community.
Ekarika who heads five members from different families making up the village announced that N1.8 billion is required as compensation for the benefitting families, noting the project take-off predicates on the payment of the compensation the beneficiaries.
