Ondo, Private Firm Float N4.2bn Egg Processing Company

Business News


The Ondo State Governor, Mr. Oluwatotimi Akeredolu, has flagged off the construction of egg processing factory worth N4.2 billion.

The company, Sunshine Food Processing Concept Limited, located at Emure-Ile in Owo Local Government is being promoted by Imperial Capital, with 45 per cent equity and Ondo State Government, with 55 per cent shares. On completion, the factory would have the capacity to generate not fewer than 10,000 jobs.

Akeredolu, at the ceremony, said the factory if completed would be of immense benefits to Nigeria as whole, saying it is capable of saving the country not less than $30 billion being used to import eggs on yearly basis.
The governor said that no fewer than 10,000 jobs would be created by the company while not less than 500,000 eggs would be needed per day for the operation of the industry.

He added that the federal government would have to ban importation of eggs when the industry becomes operational. The governor stated that the industry would be the biggest ever in the state when completed.

He, therefore, asked farmers to start investing in poultry farming, saying the industry would be an available market for poultry farmers.

The Chairman of the Board of Directors of the company, Mr. Akinboye Oyewumi, explained that the investors are Imperial Capital with 45 per cent stake while the state government has 55 per cent shares.

Source: ThisDay

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