Abia State approves Nepal Group takeover of Afro Beverages to boost manufacturing, jobs
Abia State has approved Nepal Group’s takeover of Afro Beverages, aiming to revive the facility, stimulate industrial growth, and create employment through private sector-led management.
NIGERIA – Abia State Governor, Dr. Alex Otti, has approved in principle the takeover of the state-owned Afro Beverages facility by Nepal Group, a move aimed at revitalizing the company and boosting economic productivity.
Afro Beverages is among several firms recently acquired by the Abia State Government from the Asset Management Corporation of Nigeria (AMCON) as part of a broader strategy to strengthen manufacturing output and create employment opportunities across the state.
Governor Otti granted the approval while receiving a delegation from Nepal Energies, led by its Chief Executive Officer, Dr. Mrs. Ngozi Ekeoma. He expressed confidence in the company’s ability to manage and revive the facility effectively.
The governor clarified that the state has no intention of directly running the company, emphasizing a preference for private sector-led operations to drive efficiency and growth.
“We don’t even want to run any business. We want to create an environment for businesses to run, make money, create jobs, improve GDP and reduce poverty,” he said, adding, “profitability is the last thing that we think about.”
He further noted that the state government would retain a minority stake of not more than 20 per cent in Afro Beverages, ensuring continued public interest while allowing private sector leadership.
Earlier, Dr. Ngozi Ekeoma stated that the Nepal Group delegation visited to formally present its proposal for the final takeover of the facility. She explained that the company’s interest in Afro Beverages aligns with its broader strategy to diversify into manufacturing.
“I’m here again to ask for Afro Beverages because I’ve been there, I’ve done my numbers, I’ve also done both the due diligence and the numbers for it and today we are here again to make a proposal and hopefully the state will accept for us to take over that facility and revamp it,” she said.
Ekeoma expressed confidence in her team’s ability to successfully manage the plant, citing prior experience in similar projects. “I believe that I’ve done a lot of this sort of thing over and over again and I trust that you will trust us to handle that factory,” she added.
She also underscored the importance of manufacturing in driving economic growth and employment. “We think that manufacturing is the way to go because that’s what creates jobs and for us, that is what we need to do, bring back all the industries back to our State,” she stated.
Ekeoma further highlighted improvements in Abia State’s business environment, particularly in power and infrastructure, noting that high diesel costs had previously constrained industrial operations.
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