OBJ floats multi-billion naira starch factory in Abeokuta

Bankole Makinde and Olayinka Olukoya - 13.04.2008

Former President, Chief Olusegun Obasanjo, weeks ago, floated a multi-billion Naira agricultural project for the industrial manufacturing of starch and glucose on a continental scale.

The multi-billion Naira project is situated at Adigbe-Obada-Oko, an untarred road in Obafemi-Owode Local Government area of Abeokuta in Ogun state.

Tentatively-named Tempo-Starch Company Nigeria Limited, the company is expected to augment the starch and glucose demands of Nigerians and the West-African sub-region.

The project which is under construction is being handled by Gitto Construction Company Limited.

At present, there are only five attached buildings on site with the contractor reportedly working hard to meet the scheduled opening date said to have been slated for December.

Financing the reported-lucrative business is Unity Bank Nigeria Plc. The Managing Director of the bank, Falalu Bello, who once held sway at Bank PHB Plc. only last week sent a team of technocrats to evaluate the potential profitability of the project.

The team, reportedly comprising of the best brains of the conglomerate, was led by a very top executive (names withheld) of North-Link Insurance Brokers Limited.

The subsidiary company has its head office at No. 12, Immami Housing Estate, Maitama, Abuja.

Unity Bank, which the apex financial regulatory authority in the country, the Central Bank, only recently restructured, is in addition to the Obasanjo project, also financing Nollywood the haven of movie stars in Nigeria.