Odua group partners ABUAD to revive moribund textile mills

Odu’a Investments Limited, one of Nigerian biggest group have sealed an agreement with Afe Babalola University at Ado-Ekiti (ABUAD) to invest N12 billion for the restoration of the moribund Odu’a Textile Mills to an industrial park/vocational centre. ABUAD will hold 60 percent stake in the deal while Odu’a will hold the remaining 40 percent.

The two partners said that part of the deal is to establish a centre where unemployed school leavers and graduates would be trained and awarded diplomas and advanced level certificates in vocation, engineering and enterprise.

The project is expected to revive the centre while its graduates could be admitted to the university through direct entry.

At the presentation of the project design for effective utilisation of the moribund textile mills, ABUAD Founder, Aare Afe Babalola (SAN), regretted that former hitherto Third World countries, like Brazil and India, had overtaken Nigeria in industrialisation because of their commitment to vocational skills and development of cottage industries.

They shouldn’t allow such a textile mill, which was the hub of Ekiti economy, to die. But with this plan, the factory will bounce to life by becoming an employment generation, vocational and academic centre where people can benefit.

The Group Managing Director of Odu’a Investment Limited, Mr. Adewale Raji, expressed confidence that this partnership, they are very optimistic about the sustainability of the centre

Raji said that N200 million was expended at that time on a builder mart, comprising 50 lockup shops and the vocational centre, which he said are no longer economically sustainable.

The company chief described the abandoned company as “dangerous to the survival of Southwest region’s economy”. He recalled that the factory was converted into a skilled and vocational centre under former Ekiti State Governor Kayode Fayemi.

Recent Posts

INNOVERA shines in Karmuel Young’s convertible design

Modern Meadow proudly announced that Karmuel Young, founder of the Hong Kong-based menswear label, integrated the INNOVERA biomaterial into his…

5 hours ago

XYXX launches fast-fry innerwear range with Tactel fabric

XYXX has introduced its latest innovation in men’s innerwear, featuring Tencel-enhanced Tactel fabric that enables fabric to dry up to…

5 hours ago

Dhana Inc., Accelerating Circularity to advance sustainability in textiles

Dhana Inc. has partnered with Accelerating Circularity Inc. (ACP), a nonprofit organization focused on developing textile-to-textile recycling systems.

5 hours ago

Circulose, Tangshan Sanyou to scale sustainable textile production

Circulose has entered a strategic partnership with Tangshan Sanyou Chemical Fiber, marking a major step toward the commercialization and scaling…

23 hours ago

LebaTex introduces faux leather collection

LebaTex has launched a new faux leather collection featuring over 100 unique colors and textures, including polyurethane, vinyl, and silicone…

23 hours ago

Gabriela Hearst unveils sustainable sneaker collection

Gabriela Hearst has introduced eco-friendly sneaker line, named "Ohio," made from 30% recycled materials, reflecting the brand’s commitment to sustainability.

23 hours ago