Investors to Commit over $80m to Osun Infrastructures,  Domestic Gas Projects

Investors to Commit over $80m to Osun Infrastructures,  Domestic Gas Projects

Yinka Kolawole in Osogbo

Two separate investing conglomerates had last Tuesday evening committed close to 80 million dollars to investment in Osun State infrastructures within the framework of Public-Private Partnership (PPP).

Hosted by Governor Adeleke and members of his cabinet, the investors include Allegiance CNG Limited focusing on comprehensive sustainable energy solutions through compressed natural gas, and First Tricon Construction Services Limited with earmarked projects across infrastructure sub-sectors.

The Allegiance CNG led by its Managing Director, Oye Afolabi, listed several gas projects for which Osun State is to benefit up to the tune of 20 million dollars.

Afolabi, who said his firm is among those engaged by the federal government for the adoption of CCG in transportation in the wake of fuel subsidy removal, said it is willing to invest in power generation for Osun State to power the industrialisation objective of Governor Ademola Adeleke beginning with the powering of the state secretariat and Government House for 24 hours at no cost.

“We are here Your Excellency with a basket of projects and services. We propose mutually beneficial public-private partnership. The Osun State Government will only provide land while Allegiance CNG will provide technical expertise, construction capabilities and private investment.

“Our principal financial partner is the African Development Bank. We have the funding already,” he stated.

Promising a major reduction in gas cost from one thousand, four hundred naira to about four hundred naira, the managing director said the proposed investment covers several gas value chains to expand Osun State economy and reduce energy poverty.

He said the plant by the firm would be stationed in three locations and reflects senatorial demography, promising to present sample of the household gas to the governor within two weeks.

In his own presentation, the Chairman of First Tricoon Construction Services Limited, Remi Olumuyiwa, said his company is impressed with the infra initiatives of the governor, hence its decision to refocus a 60 million dollar investible fund for roads, bridges, water and housing projects across the state.

Applauding the governor for exciting investors’ confidence by his elaborate policy innovations, Olumuyiwa said the company had handled big infrastructure projects in Nigeria, Sierra Leone, Guinea and Liberia.

He made elaborate presentations to the governor and his team on several proposed infra projects, noting that the firm is a multi-faceted company involved in building roads, bridges, houses with funding from several investors backed by top financial institutions.

Olumuyiwa posited that the firm is not going to burden the state with financial traps, assuring the state that it has a strong and good relationship with financial institutions for sponsorship of projects.

“We have a very good relationship with our banks and investors. When we see what we can deliver in Osun State, we have the capacity to do it. We are here because this is our country, this is our state. We are ready to work with you to meet the housing and infra needs of our people,” the company chairman stated.

While responding, Governor Adeleke assured the company chiefs that Osun State is implementing a fast-tracked ease of doing business plan with a target on attracting investment into the state.

“These submissions here today are really massive. Osun State is changing for the better. On a daily basis, various firms across the sector are reaching out to us with actionable proposals. I am glad that these two firms are really here to hit the ground running.

“We have the land. We have the enabling environment. Osun State is already a huge construction site. You are welcome to the site.

“To the good people of the state, more are coming. As I’m talking to you, more investors are knocking at our doors. We will not relent in the ongoing drive to expand Osun State economy and ensure better life for our people,” the governor concluded.

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