ANAMBRA State Governor, Willie Obiano, has reiterated the commitment of his administration to regularly updating its security model to ensure round-the-clock security in every nook and cranny of the state.
Gov. Obiano stated this at a ceremony to sign a Memorandum of Understanding (MoU) between Anambra State and a hair cosmetics manufacturer, Sunny Peace Natural Hair Care.
According to the governor, the state has no reason to look back on a social infrastructure model which has not only won encomiums at different security forums, but also seen other states emulating it, adding that he fought insecurity to improve on the ease of doing business in the state by opening the state to prospective investors.
With an investment size of N525 million, the MoU will see the investor contributing N500 million equity while Anambra State makes up remaining N25million under the bi-partite agreement.
Under the MoU, work is expected to commence at the factory site in Oba, Idemmili South Local Government Area, within six months of issuance of Certificate of Occupancy to the investor or title to the land will be automatically revoked and reverted to the state for non-compliance.
It is also projected that the enterprise will operate a revenue sharing formula that may allocate 85 percent to investor, 10 percent to Anambra State and 5 percent dedicated to host community as its commitment to corporate social responsibility.
While lauding the venture, Managing Director of ANSIPPA, Jude Ikeakor, described it as a cash cow that increase stock in trade, generate massive employment, as well as create activities that boost economic growth to shore up internally generated revenue portfolio of Anambra State.
Also speaking, the investor, Mr. Sunny Ogbu said the decision to establish the project was in response to the governor’s call on Ndi Anambra to think home under the Akụlueụnọ clarion.