Plans to revitalize the ailing Adapalm Oil in Imo State for optimal production to enable the state jack up its internally generated revenue (IGR) has began.
Presently the state-owned money spinning venture has started to produce about 120 tons of Crude Palm Oil (CPO) monthly.
During the one hundred days in office of Governor Hope Uzodimma, he announced that the monthly internally generated revenue (IGR) was a mere N1.2 billion but informed that his administration would devise means of raising it an appreciable height.
Increasing taxes and rates in the state may make the masses see the governor Hope Uzodinma led government as being insensitive to the plight of the citizens, as well as, the business community now that the Coronavirus pandemic has touched the economy of the entire world.
To make the administration to have a human face, the government rather chose to resuscitate the moribund Adapalm.
But the short lived former Governor Emeka Ihedioha administration had injected life into the Imo State owned money spinning venture and that is the reason it could now produce 120 tons of CPO monthly.
Now Governor Uzodimma had embarked on an inspection visit to Adapalm, where he expressed confidence in what he saw, saying, that his mission was to have on-the-spot assessment of the present state oil palm industry and to see ways the government could contribute to facilitate industrial growth, harmony, expansion and increased productivity, despite the resultant lockdown as a result of the global coronavirus pandemic.
He expressed happiness that production had commenced once again at Adapalm and that 120 tons of Grade A oil per day was been produced.
Uzodinma said that the government was committed to bringing back the company as one of the state’s hopes of economic survival after the global economic downturn due to the coronavirus scourge.
“We are committed to bringing Adapalm back to stream. It is one of our greatest hopes of surviving the post Covid-19 period immediately after the coronavirus pandemic era. Of course, you know that the economy is almost becoming epileptic. We have to look inwards to see how best we can restructure our economy, boost Internally Generated Revenue (IGR) strength and then ensure that our citizenry are also busy”, the governor said.
Assuring that placing Adapalm in its rightful place would raise the internally generated revenue of the state, and that the company on its own is a value chain that can produce not only palm oil, but also other oil-related products like margarine, sheer butter, palm kennel oil, among others.
The governor stated that the government was keen on expanding the company due to the potential 35,000 jobs that could be created. He explained that Imo State stands to benefit from N2 billion to N3 billion turnover once the place is fully revived.
But the access road that leads to the industry has been in ruins and could affect the present production of 120 tons per month and the N3billion revenue projection when revived fully and producing at optimal capacity, but Uzodimma had noted the deplorability of the access road to the Adapalm Plantation and other oil installations in the area and appealed for patience with the government to fix the road.
Meanwhile Governor Uzodimma has appealed to irate youths of the Ohaji/Egbema Local Government Area where the business venture is domiciled to eschew restiveness and vandalism of government property and other oil installations as his administration would not tolerate rascality and recalcitrance from any quarter.
He frowned at the illegal activities perpetrated on Adapalm and Imo State oil, especially the felling of 6,000 palm trees linked to Seplat Petroleum Development Company, and warned that government would not take it lightly with any person or group that tampers with the economic trees of the state.
Conducting Governor Uzodimma round some oil facilities owned by Seplat and a few other oil conglomerates, Austin Kalu Egwuagu, chairman, interim management committee of Adapalm, thanked the governor and his entourage for finding time to visit the facility despite the attendant Covid-19 pandemic.
Egwuagu added that the committee would not disappoint Governor Uzodimma’s administration as they were having the ‘3R’ mantra of Reconstruction, Rehabilitation and Recovery as watchword.
