Clay firm receives N.85b lifeline

nigeria currency


Resumes operations 17 years after

SEVENTEEN years after it went comatose, Ire Clay Products Limited, manufacturers of burnt bricks, has returned to production with the capacity to produce 20 million units of bricks yearly.

The Managing Director of the Company, Biodun Adedeji who conducted journalists round the company, recently disclosed that N815m was spent to revive the company that was shut down seventeen years ago due to technical problems.

Adedeji, who put the value of the company now at N1.05 billion due to valuation on land and building of old Ondo State Bricks Work Limited, said the company was equipped with modern technology to bring the best burnt bricks for the builders.

According to him, the fully automated plant would focus on five products; Decking pot, hollow block, faces lift, partitioning blocks and sun breakers.

“It will reduce construction cost by 60 percent. The plant is the most modern brick plant in Nigeria and West African sub-region and can compete with any of its peer globally.

“At present, the company has engaged over 100 youths mostly graduates in mechanical, electrical and other disciplines to work with the expatriates. Besides about 200 indirect jobs will be created by the company,” he said.

Adedeji recalled that efforts to revive the company-jointly owned by Ekiti State Government (70%) and Odu’a Investment Company Limited (30%), began in 2008 by former Governor Segun Oni’s administration who committed N90 million out of the required N400 million.

He added that his successor, Kayode Fayemi, on assumption of office, contributed N351 million while the joint partner contributed N140 million after the initial N30 million because of increase in market cost of equipment.

He said: “When Dr. Kayode Fayemi came on board in 2010, we presented our matter to him. He reviewed it and I am happy to say that he gave us 90 percent of the money, about N351m and Oodua was able to give us additional N140m. So as at today the total money contributed by shareholders is from Ekiti N441m and Oodua N165m. One thing that really gladdens our hearts is that Ekiti people never allowed politics to destroy this project. Each of the governors supported the project.

“When Governor Ayo Fayose came, we met him and gave us competent people on the board and he has been very supportive”.

Adedeji said the company is surrounded with raw materials as “Ekiti clay is adjudged to be the best in Nigeria and we have it in abundant here”.

Adedeji, however, disclosed that power supply has been the major challenge facing the plant because it is running on generator since it started production.

“We have been running on generator since we started and this is not the best. Besides, the road leading to Ire-Ekiti is not good and we hope the governor, who has been very supportive will help us to look into this.

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