Odua group partners ABUAD to revive moribund textile mills
Odu’a Investments Limited, one of Nigerian biggest group have sealed an agreement with Afe Babalola University at Ado-Ekiti (ABUAD) to invest N12 billion for the restoration of the moribund Odu’a Textile Mills to an industrial park/vocational centre. ABUAD will hold 60 % stake in the deal while Odu’a will hold the remaining 40 %.
The two partners said that part of the deal is to establish a centre where unemployed school leavers and graduates would be trained and awarded diplomas and advanced level certificates in vocation, engineering and enterprise.
The project is expected to revive the centre while its graduates could be admitted to the university through direct entry.
At the presentation of the project design for effective utilisation of the moribund textile mills, ABUAD Founder, Aare Afe Babalola (SAN), regretted that former hitherto Third World countries, like Brazil and India, had overtaken Nigeria in industrialisation because of their commitment to vocational skills and development of cottage industries.
They shouldn’t allow such a textile mill, which was the hub of Ekiti economy, to die. But with this plan, the factory will bounce to life by becoming an employment generation, vocational and academic centre where people can benefit.
The Group Managing Director of Odu’a Investment Limited, Mr. Adewale Raji, expressed confidence that this partnership, they are very optimistic about the sustainability of the centre
Raji said that N200 million was expended at that time on a builder mart, comprising 50 lockup shops and the vocational centre, which he said are no longer economically sustainable.
The company chief described the abandoned company as “dangerous to the survival of Southwest region’s economy”. He recalled that the factory was converted into a skilled and vocational centre under former Ekiti State Governor Kayode Fayemi.