ANSG signs MoU of N525m for production of cosmetics

By John Ndu, Awka

Anambra State government has signed a Memorandum of Understanding for the establishment of a modern factory for the production of hair wigs, weavons, attachments, hair food and cosmetics.

The N525 million worth of project was signed between the state government and Sunny Peace Industries Nigeria, at the Governor’s lodge, Amawbia.

The state governor, Chief Willie Obiano, while signing on behalf of the state said the production would restrain people from travelling to China for the purchase of weavons and other related cosmetics.

The Governor noted that it would promote and strength the economy of the state, as well as create various direct and indirect jobs for the youths.

While urging investors to bring their businesses home, the Governor assured them of maximum security and conducive environment that would boost productivity.

Governor Obiano also added that “it will be emphasised that the investor is expected to commence work within six months of issuance of the Certificate of Recognition and non compliance would have the land title revoked, with the land automatically reverted to the state.”

Also speaking, the Managing Director, Anambra State Investment Promotion and Protection Agency, (ANSIPPA), Mr. Jide Ikeako, observed that the annual gross profit would be shared among the investor, having 85%, and the state would receive 10%, while 5% would go for Corporate Social Responsibility.

The Managing Director Sunny Peace Industries, Mr. Ogwu Sunday, stated that the company would be located at Onitsha with sophisticated facilities to produce hair accessories and cosmetics that would be distributed across Nigeria.

Sunday commended Governor Obiano for his all inclusive governance and “Aku luo u no ” policy, which had attracted more investors to the state.