Signs S300m MoU on waste to wealth project
Rivers State Government on Friday took a giant step towards boosting its internally generated revenue when it signed a 300 million dollar Memorandum of Understanding on waste to wealth project.
At the ceremony held at the conference hall of the State ministry of Justice. The government said it would promote, strengthen and implement the use of Artificial Intelligence (AI) in waste management to maximize its economic potentials for the benefit of Rivers people.
The State Governor, Sir Siminalayi Fubara, speaking at the ceremony stressed that the MoU would also birth a 200mw power plant, smart e-mobility, 20 tons of carbon capture and storage, and other innovations.
The Governor added that the MoUs with Intec and Omene Group of Companies, among other things, were designed to generate electricity, boost employment opportunities as well as increase the State’s revenue base.
Represented by the Rivers State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, the Governor noted with delight, that Rivers State Government in May, 2024, held the Investment and Economic Summit, the first of its kind in Nigeria.
He added that thereafter, an Executive Order heralding the birth of the Rivers State Investment Promotion Agency was signed to drive investments in the State.
He explained, “Today, we have signed two memoranda of understanding between the Rivers State Government and Omene Nigeria Limited, essentially to manage waste, convert waste to wealth and create massive employment for Rivers people.
“Waste management has been a sour point on the people and the environment worldwide, and Rivers State is not an exception.
“The Rivers State Government spends millions of Naira for waste collation and disposal, with no significant result but by these memos, there is a leap forward.”
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Governor Fubara, expressed joy at the collaboration, saying that the benefit of the waste-to-wealth project would grow the state’s economy, create jobs for the teeming youths, keep the state clean and peaceful, and generate 200 Megawatts electricity daily in addition to 20 tons of carbon capture, which would be traded as Carbon Credit.
He expressed optimism that there would be no hitches in the collaboration and execution of the project, adding that the State would be the first in Nigeria to successfully achieve a waste-to-wealth project with modern technology.
The Chief Executive Officer of Omene Group, Otumba Prince Franklin Omene, said that the company would be working with other foreign investors to convert waste to wealth.
While appreciating the Governor Fubara, for making the investment possible in his administration, Omene said their effort is to complement what the Rivers State Waste Management Authority is doing, explaining that the Rivers State Economic and Investment Summit gave birth to the collaboration.
He said converting waste to wealth is what his company is known for all over the world, stressing that Intec Group, as a reliable group of companies, would help realize the project for State and its environs.
Also speaking, representative of the partners, German-based Intec Group, Srinibach Dora Tepal, thanked the Rivers State Government for creating an enabling environment for investors to invest in, noting that although the project is at no cost to the Government of Rivers State, they had built a smart business model to ensure productive and speedy transformation of the State.
The MoU signing ceremony was witnessed by the Acting Sole Administrator of RIWAMA, Hon Prince Obi Ohia, and Franklin Bottino of Intec Group, among others.
