Ekiti Clay Company Resumes Operation After 17 Years

Ire Clay Products Limited has returned to production 17 years after
the company was shut due to major technical problems. The Managing
Director of the Company, Mr. Biodun Adedeji, told journalists that
about N815 million was spent to resuscitate the company now worth
N1.05 billion due to valuation on land and building of old Ondo State
Bricks Work Limited.
According to him, the plant, when fully become operational on July 1,
would focus on five products: Decking pot, hollow block, faces lift,
partitioning blocks and sun breakers. "It will reduce construction
cost by 60 percent. The plant is the most modern brick plant in
Nigeria and West-African sub-region and can compete with any of its
peer globally. "At present, the company has engaged over 100 youths
mostly graduates in mechanical, electrical and other disciplines to
work with the expatriates," he said. Adedeji recalled that efforts to
revive the company-jointly owned by Ekiti State Government (70%) and
Odu'a Investment Company Limited (30%) began in 2008 by former
Governor Segun Oni's administration who committed N90 million out of
the required N400 million. He added that his successor, Kayode Fayemi,
on assumption of office contributed N351 million while the joint
partner contributed N140 million after the initial N30 million because
of increase in cost of equipment. He gave his assurance that the
company would produce 20 million units of bricks per annum, and create
over 200 direct and indirect jobs.