New investor injects N1.3billion in Nigerian wire and cable

The new investor has also mapped out new strategies to reclaim lost grounds after the take over by a new board.

Managing Director of the Company, Lateef Akande Bakare disclosed this in Ibadan while speaking on the turn-around agenda of the company.

On the company which was shut over 18 months ago, Bakare said, the take over by the new Board and Management "is symbolic as the new team is committed to see that the aspirations of the founding fathers of the company are not lost".

He noted that the new team has a programme that would ensure that the Nigerian Wire and Cable reclaim its prime position as the supplier of the best cable materials in Nigeria and the West Coast of Africa.

The Managing Director maintained that with the new drive being shown by the company, fake products in the cable market would be driven out within the shortest possible time.

Bakare pointed out that the core investor, Truebond Investment and Capital Limited should be praised for committing such huge funds in the turn-around programme, adding that a customers’ forum would soon be held to sensitize those connected with the distribution chain of the company.

"The machines are in good shape, we are investing heavily in raw materials and machinery. We are also importing two new generating sets, we are planning to have not less than 2,500 KVA generating capacity", he noted

Bakare then assured the employees of the company of better days ahead, noting that the company could not afford to fail this time around.

Also speaking during the board meeting, the Group Managing Director of Odu’a Investment Company Limited, Adebayo Jimoh, who is also a member of the new board of NWC, said a new dawn has arrived at the company.

According to Jimoh, the turn-around programme of NWC is in line with "Odua’a new agenda of laying emphasis on equity participating while the technical aspect would be left with those who knows how best to run the organization".

He said that the same arrangement has been put in place at WAPCO and Nigerite PLC.

Members of the new board are Lateef Akande Bakare, Managing Director, Osa Osunde, Tolu Fadahunsi, Lola Oshafe, Adebayo Jimoh and Angr. Adetunji while the new chairman of the company would be recommended by the Odu’a Group.