Nigeria Former Vice President Atiku Abubakar has expanded his investments in his home, Adamawa State with a new Woven Sacks Factory and a Shrink Laminate Plant in the capital city, Yola.
He also inaugurated the head office and branch of a microfinance bank of which he is the principal shareholder, Standard Microfinance Bank, in Yola
The companies are coming on stream as part of the growing investments of the former Vice President in his home state.
There have been Adama Beverages, which began producing water and juice in sachets and bottles in 2006 followed over the years by Rico Gado Nutrition (animal food), Priam Logistics, and Food Merchants Ltd (Chicken cottage).
They, as well as Gotel TV and Radio (a communication arm of the Atiku business empire), are run under the collective entity named Priam Group.
Inaugurating the Standard Microfinance Bank Corporate Head office, located near the famous LCCN Cathedral in Jimeta, Yola, Atiku said the bank, just like his other investments, was established to defeat poverty, beginning from Adamawa.
Atiku also personally led the way Monday when the Woven Sack Factory and Shrink Plant, located on Numan Road in Jimeta, were officially commissioned by Governor Ahmadu Fintiri.
Fintiri expressed gratitude to Atiku for establishing manufacturing companies and engaging thousands of people as employees.
Shehu Atiku, General Manager of Adama Plast, the corporate entity under which the Woven Sacks Factory and Shrink Plant operate, explained the Woven Sacks Factory with the capacity to produce about nine million sacks annually, was designed to serve as backward integration to provide sacks for one of the companies in the Priam Group, Rico Gado Nutrition Nigeria.
“Before now Rico Gado was purchasing all its sacks from Lagos, but today, 100% of the sacks used by Rico Gado is produced by Priam Group,” he explained, adding that the woven sacks division was set up also to address the needs of Adamawa agrarian community and the numerous factories packaging products with sacks.