Akwa Ibom Government has announced plans to reactivate cash-trapped peacock paints Limited in Ikot Ekan in Etinan local government area as part of its efforts to boost its industrialisation programme.
The state government has shares in the company but the factory became moribund many years ago due to debts.
Governor Udom Emmanuel who was on a fact-finding tour of the company said the government would direct the state owned investment promotion company to reactivate the outfit.
“This is one factory that in our minds we promise will not be one of those stories which we used to tell that once upon a time. During our campaign tour of the State, we promised the people that we would have a second look at this factory. This is one brand in Nigeria that people were actually seeking a whole lot because of the quality.
“As a brand in paint manufacturing, was actually then a scarce commodity in the market. At a point in time, the company could not meet demands in Nigeria.
“I am happy with what I am seeing today. All hopes are not lost. We can actually pick up what we have today and build up a brand that will go around the whole country. The technical team will come and to see how we can turn around this place. The legal issues will be handed over to the state Ministry of Justice to advise government in this regard. What I am still today gives us hope that we can still pick up and build based on where we are as a country.”
He said it was inconceivable for a bank to have demanded for the refund of interest on its loan collected more than 10 years ago by the defunct company adding “Once we are able to sort out the ownership structure and legal issues, this will give way to a more modern technology. We will install a better line that can actually improve on that capacity and do much more than what was installed here several years ago.
“I want to assure Akwa Ibom people that Peacock Company will not die. We will do everything to resuscitate it. We will make sure the brand is still in the market. Be rest assured that we will do something about it”, the governor assured.
ANIEFIOK UDONQUAK
