Ekiti Clay company resumes operation after 17 yrs

Ekiti Clay company resumes operation after 17 yrs

The Punch - Nigeria's Most Widely Read Newspaper

Ire Clay Products Limited has returned to production 17 years after the company was shut due to major technical problems.

The Managing Director of the Company, Mr. Biodun Adedeji, told journalists that about N815 million was spent to resuscitate the company now worth N1.05 billion due to valuation on land and building of old Ondo State Bricks Work Limited.

According to him, the plant, when fully become operational on July 1, would focus on five products: Decking pot, hollow block, faces lift, partitioning blocks and sun breakers.

“It will reduce construction cost by 60 percent. The plant is the most modern brick plant in Nigeria and West-African sub-region and can compete with any of its peer globally.

“At present, the company has engaged over 100 youths mostly graduates in mechanical, electrical and other disciplines to work with the expatriates,” he said.

Adedeji recalled that efforts to revive the company-jointly owned by Ekiti State Government (70%) and Odu’a Investment Company Limited (30%) began in 2008 by former Governor Segun Oni’s administration who committed N90 million out of the required N400 million.

He added that his successor, Kayode Fayemi, on assumption of office contributed N351 million while the joint partner contributed N140 million after the initial N30 million because of increase in cost of equipment.

He gave his assurance that the company would produce 20 million units of bricks per annum, and create over 200 direct and indirect jobs.