An indigenous investment firm, Elano Investments Limited has disclosed plans to invest in employment yielding ventures that will create wealth and employment for youths in its host communities in Eleme, Rivers State.
The Chairman of the Board of the company, Gomba Okanje, told the magazine that the decision to go into agriculture and estate development was informed by the need to empower teeming youths in its host communities.
Elano is the company managing the shares of the six host communities in Indorama Eleme Petrochemicals Limited, formerly Eleme Petrochemicals Company Limited before it was privatized. The host communities hold 7.5 percent of the shares of Indorama.
The company has successfully paid out dividends to community members since 2012 when it procured the shares of the host communities at N2.925 billion.
Apart from paying dividends to the community members, Elano has also been implementing community development projects like overseas scholarships, roads construction, health insurance and skills acquisition programmes for members of the host communities. About 7,600 people are enjoying the free health insurance scheme while more than 40 kilometres of road has been constructed in the communities.
Okanje said considering that not every person could gain employment in the companies around, the company decided to venture into agriculture and estate development by floating companies in those two broad areas.
“These companies at startup will greatly create much needed employment opportunities for our youths,” he said.
The company paid out total dividends of N2.7 billion to members of the host communities in the 2019 accounting year and spent N2.1 billion on community development projects.
Indorama has since become one of the largest producers of fertiliser in Africa after building a second plant at the petrochemicals complex located in Eleme, Rivers State.