The governor of Oyo State, Seyi Makinde, has signed a deal with a Moroccan firm, Africorp Consortium, to establish a multimillion dollar factory in Ibadan, the state capital.
Makinde made this disclosure in a statement on Tuesday following a meeting with the stakeholders of the company in Casablanca, Morocco.
According to Governor Makinde, the company, with Saad Berrada Sounni as Chairman and Jaafar Harti as CEO, has paid the required fees and possessed the land intended for the factory in the state.
- “We have been in Casablanca, Morrocco for a series of meetings with Africorp Consortium led by Chairman, Saad Berrada Sounni and CEO, Mr Jaafar Harti. Africorp is the parent company of Dolidol which acquired Mouka Foam and is establishing a multi-million-dollar factory in Ibadan.
- “Our administration has already allocated land for this purpose and Africorp has paid the required fees and taken possession of the land.
- “We also signed a memorandum of cooperation with Africorp Consortium which has business concerns in agro industries, mining, education, mattress, wood carpentry and PET recycling. We are looking forward to welcoming them in Oyo State,” the governor said.
Backstory
Earlier in May 2023, governor Makinde revealed an ongoing discussion with the leaders of Africorp Consortium for the establishment of factory in Oyo State.
The governor said the discussion centered on their project to launch a factory with a multi-million dollar investment in Ibadan, motivated by the beneficial business conditions in Oyo State.
Makinde also stated that his administration would provide full support for this business venture.
- “We held a fruitful meeting with a team from Africorp Consortium led by the Director General, Mr Jaafar Harti. Africorp is the parent company of Mouka Foam Ltd which was represented by the Managing Director, Mr Femi Fapohunda.
- “We discussed their plans to establish a multi-million dollar factory in Ibadan, which they have chosen because of the favourable business conditions in Oyo State.
- “We assured them that our administration will support them with all they need for this business venture,” Makinde said.
More Insights
Africorp, a leading business conglomerate in Africa, operates across various sectors, including mattress manufacturing, woodworking, PET recycling, agribusiness, and mining.
Africorp is the parent company of Dolidol which acquired Mouka Foam. In furtherance of the realization of its business venture, Africorp applied for allocation of 150,000 sqm of Land in Ibadan, Oyo State and the state government allocated Prime Industrial Land to the firm, having paid the required fees have since taken possession of the land.
Furthermore, the firm was issued with a Certificate of Occupancy by the government to confirm and confer ownership and title over the said Land.
Areas of Cooperation between Africorp and the Oyo State Government include:
- Agriculture and value-added forest products, including promoting dialogue and exchanging information to enhance business relationships in agricultural and forest products.
- PET Recycling through the promotion of cooperative research and information exchange by both sides to expand opportunities for investment partnership and industrial technology upgrades.
- Quarries and mining through the promotion of cooperative research and information exchange by both sides with the aim of expanding opportunities for investment partnership, among others.
