Strides Group acquires Rivers Vegetable Oil, saves 500 jobs

Strides Group, owners of Strides Energy and Maritime Limited (SEML), at the weekend acquired the mortgaged assets of the Rivers Vegetable Oil company Limited (RIVOC).

The multibillion naira deal was signed in Lagos by UBA Capital Trustees on behalf of a consortium of four banks consisting of -GTB, UBA, Zenith and Diamond bank.

Chairman of Strides Group, Mr. Moritz Abazie said the deal will save 500 direct jobs and return more than 5000 indirect employment to Nigerians.

He said with the sales agreement signed, the Fast Moving Consumer Goods (FMCG) manufacturing plant, would commence production in two months’ time.

Abazie described the plant as one of the leading fast moving consumer goods manufacturing facilities in the country.

“In accordance with this diversification goal, we have acquired the entire production assets of Rivers Vegetable Oil Company Limited in a multi-billion naira transaction, as a fast route to actualizing our market entry strategy,” he explained.

He hinted that intervention of Strides Group would restore the lost jobs and create new ones through its expansion programmes, while revenue to the government would be boosted by increased tax contributions arising from expansions and higher capacity utilisation.

Chief Executive Officer of the United Capital Trustees; the trustee of the Consortium, Mrs. Tokunbo Ajayi.

“We are happy an indigenous company like Strides Group took over the plant, we look forward towards a speedy conclusion of the transactions and the speedy revival of the business complex,”she said.