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Communities Reap Billions from Privatized Company

Communities in Eleme Local Government Area of Rivers State have continued to reap bountifully from their investments in Indorama Eleme Petrochemicals Limited.

In 2019, the sum of N2,154,477,098 was spent on community development projects in the communities, according to Gomba Okanje, Chairman of Elano Investments Limited, the company managing the 7.5 percent equity shares of the host communities in Indorama.

Okanje said apart from the amount spent on community development projects, the six host communities of Aleto, Okerewa, Njuru, Akpakpan, Agbonchia and Wakohu got cash amounting to 45 percent of the total dividends that accrued from Indorama in 2019.

He said the community development projects were executed in the areas of education, health, security and infrastructure.

“In Education, we awarded bursaries to more than 450 deserving sons and daughters of Hosts Communities in tertiary institutions of learning.

“In Health Insurance, the number of beneficiaries is currently over 7,680 individuals who now have access to free qualitative health-care.

“And in Infrastructure development, we have extended the length of kilometres of roads and drainages to about 40 kilometres of Community roads,” he said.

The Nigerian government had offered 7.5 percent shares of Eleme Petrochemicals Company Limited in 2006 to the host communities at the price of N2.925 billion. The major bid for the privatisation was won by Indorama Eleme Petrochemicals Limited. Indorama has since added two fertiliser plants to the petrochemical plant it bought over.

Gomba Okanje Photo
Gomba Okanje, Chairman of Elano Investments Limited,
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