Imo Govt, Investors To Inject N350bn Into ADAPALM Project
The Imo State Governor, Hope Uzodinma on Friday said that state government is partnering with investors to inject N350bn into ADAPALM.
ADAPALM, a state owned Crude Palm Oil plantation has been embroiled in a legal battle between the government and Roach group.
However, all seems to be well as the governor said an out of court settlement will see the sum of N350bn being injected into the company.
The Governor said, “I called for this interactive session so that I can formally discuss our program in making sure ADAPALM comes to life with you as critical stake holders and also to inform you the plans the government have for you and at the same time listen to you to also hear if there are issues you want us as a government to address.
“Unfortunately, when we came into government, the ROACH group had already a concession from the previous administration and the matter was in court.
“We looked at the two options available to us, either to continue with them in court and if we continue, ADAPALM will be stagnant. All the benefits we are supposed to get from there as a government and as a people will also be stagnated.
“The second option was to politically resolve the matter in an amicable manner that will allow for a win-win situation so that ADAPALM can come back to life and then help contribute it’s quota to our developmental agenda.
“In the new arrangement, ADAPALM is going to be run by the new management. The details of the agreement, very simple, the host communities that’s the real host communities are equity members.
“Of the N350bn program, that will be injected as a carpet into ADAPALM, government of Imo State will have 14 percent and host communities will have five percent.
“And if that happen, the management and the governing board of the company will also accommodate each interest group according to your percentage equity interest.”