When few years ago the Rivers State Vegetable Company (RIVOC) located in Trans-amadi was crying for little capital to escape closure when the Indian investors pulled out, nobody seemed to spare a dime. The company crashed, workers lost out.
At the 2020 Annual General Meeting (AGM) help in Port Harcourt, the announcement that Rivoc was back made huge impact. Rivoc was once the third largest fast moving consumer goods (FMCG) manufacturing company in Nigeria. It was also the largest producer of edible grade palm kernel oil in Nigeria. All of this dream crashed, just because most Nigerian moneybags do not care to invest in manufacturing which looks slow in returns to them but in politics where the winner takes all and recoup is huge.
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The general manger, administration and human resources, Godfrey Agorom, threw more light on the return of Rivoc and the experience with capital hunting. “Some of the plants not reactivated are waiting for funds. It has not been easy considering the state of manufacturing in Nigeria. People who have funds do not invest in manufacturing but in politics and get one huge reward overnight, but manufacturing will give returns to this generation and generations unborn. You are sure of your investment over the years.
“The company was acquired by a private organisation, now an indigenous company. The Indians abandoned the place and left. So, for the new outfit owned by Strides Nigeria Limited, several of the plants have been reactivated. We now produce soaps and detergents. Gradually, we will reactivated other lines and return to 100 per cent plus”
To him, the expectation of the public is for the New Rivoc to meet the gap it had identified in the society. “Our products are preferred and they are all over Nigeria. Prayerfully, and gradually, we will surpass the level of the old Rivoc.”
He said the company has captured back over 25 per cent of its lost market share.
