Abia Hands Afro Beverages To NEPAL Energies, Retains 20% Stake

Abia State Governor Dr. Alex Otti, has approved the proposal of the NEPAL ENERGIES Limited to take over and run the Afro beverages company.

The Afro Beverages company was recently acquired by the State Government from the Asset Management Corporation of Nigeria (AMCON).

Governor Otti disclosed this on Tuesday when he received a delegation of the Chief Executive Officer of the NEPAL ENERGIES, Dr Ngozi Ekeoma alongside her team members.

Gov. Otti said that he believes that NEPAL ENERGIES Limited has what it takes to run the company.

The Governor noted that when the acquisition of the Afro Beverages was concluded, the plan of the State Government was not to run the business nor for profit making, but to hand it over to the private sector to ensure effective management, employment creation and increased GDP.

“We don’t even want to run business. We want to create an environment for businesses to run, make money, create jobs, improve GDP, reduce poverty.

“So, profitability is the last thing that we think about. So, we are very happy,”Gov Otti stated.

The State Chief Executive, who further directed that detailed proposal be presented by the management team of the NEPAL ENERGIES Limited, later went into closed door meetings with the management.

Governor Otti said that the State Government would retain only a minority stake of not more than 20 percent in the company.

He also revealed that despite interest from foreign investors, the State Government has prioritised partnership with Nepal Group, and expressed his confidence in the company.

Speaking earlier, the Chief Executive Officer of NEPAL Energies Limited, Dr. Ngozi Ekeoma said that the management team came to make a proposal for the final taking over of the Afro Beverages company.

Dr Mrs Ekeoma expressed the hope that the Governor would grant her company the opportunity to run the business.

She thanked the Governor for providing the conducive environment for investors to come to Abia to invest.

The Deputy Governor, His Excellency, Engr. Ikechukwu Emetu, Secretary to the State Government, Dr Emmanuel Meribeole, Chief of Staff to the Governor, Pastor Caleb Ajagba, Ph.D, Commissioner for Industries and SMEs, Mazi Mike Akpara, DG Strategic Communication Bureau, Barr. Onyebuchi Ememanka among other government appointees were present at the meeting.