Nairametrics| It appears that the harsh business environment in the country has just claimed another victim. If you were born in the 80s/90s, you would be familiar with Okin Biscuit. Wondering where it disappeared to suddenly? The company reportedly folded up years ago as a combination of competition from imported biscuits, bad management and changing economic fundamentals meant that they could not operate profitably.
It appears though that the final chapter of the legendary biscuit maker is about to be closed. A recent listing from property website, Nigeria Property Centre shows an offer for a sale of a biscuit factory located in Kwara State. The listing shows that the factor is listed for an asking price of $20 million dollars.
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According to Nigeria Property Centre, the Biscuit factory at Kwara State sits on 29 acres of land with valid documents. They also claim “all industrial oven, machines and equipment are still in working condition, popular cabin, short cake biscuit and other biscuit franchise brand is part of the sale package as well.” The plant the listing continues “stopped production but plant is still in good condition. Expatriate master baker still available to test run facility in presence of buyer and bake sample biscuit brands during inspection, price $20m asking.”
Okin biscuit address is listed as P.M.B 4289 Ajasse- Ipo- Road Ijagbo Offa Asa Kwara Nigeria same location where the factory is listed according to Nigeria Property Centre. One could therefore infer that this factory belongs to the owners of Okin biscuit and is about to be sold for $20 million. The map below also corroborates the location.
The story of OKin biscuit reflects a trend most Nigerians are already familiar with. Family business that flourished in the eighties that have gone bust. Okin Biscuit factory was founded by Chief Adesoye, a legendary Nigerian Patriarch. Chief Adesoye also founded the popular Adesoye College in Kwara State.
The current Senate President, Bukola Saraki, once tweeted about how proud he was Okin Biscuit was from his state.
#factsAboutKwara Okin biscuit that is very popular all around Nigeria is produced in Kwara State by Okin Biscuits Nig. Ltd
— Bukola Saraki (@bukolasaraki) February 9, 2012