Akwa Ibom State Government says it has attracted a $122 million investment commitment for the proposed concession of the St. Gabriel Coconut Factory and plantation.
The investment, which is expected to jump-start operations at the facility, is part of the State Government’s broader efforts to reposition its investments, revive moribund state-owned enterprises and unlock their economic potential.
The Managing Director and Chief Executive Officer of the Akwa Ibom Investment Corporation (AKICORP), Pastor Imohabasi Jacob, disclosed this on Tuesday during a press briefing at Government House, Uyo. He hinted that the Corporation has successfully attracted an investor willing to commit over $`122 million to the St. Gabriel Coconut Factory located at Mkpat Enin under a proposed concessioning arrangement.
“We’ve been able to attract an investor who is ready to deploy over `$122 million in the St. Gabriel Coconut Factory,” Jacob said.
The St. Gabriel Coconut Factory an investment attracted by the previous administration is located at Ikot Akpan Okop village, along the East-West Road in Mkpat Enin Local Government Area of the State, while its coconut plantation spans across Eastern Obolo, Mkpat Enin and Ikot Abasi.
The AKICORP boss also disclosed significant progress in the reactivation and recapitalization of the former Peacock Paints, now renamed Ibom Paints, revealing that the company is preparing to hold its first Annual General Meeting (AGM).
He said AKICORP had assumed full custodial responsibility for state-owned enterprises, a development that has strengthened oversight, improved corporate performance and enhanced dividend generation for the State Government.
Pastor Jacob specifically identified Champion Breweries as having remitted full dividends to the State Government for the first time in 2026, while Ibom Tropicana Mall had also recorded dividend payments within the year.
“We have taken full custodial role of all state-owned enterprises. We have also recorded increased dividend collection and payment to TSA. Champion Breweries is paying full dividends for the first time this year. As we speak, Ibom Paints is getting set to hold its first Annual General Meeting, AGM,” he stated.
The MD further disclosed that AKICORP’s investment portfolio had grown to ₦42.78 billion, reflecting the Corporation’s ongoing efforts to strengthen the State’s investment assets and improve returns on public investments.
In another development, he hinted at plans for an Ammonia Fertilizer Plant in Ikot Abasi Local Government Area, describing it as a major industrial investment involving the Nigeria Sovereign Investment Authority (NSIA) and Morocco’s OCP Group through their joint venture, Multipurpose Industrial Platforms Limited (MIPL).
The proposed fertilizer project is expected to deepen Akwa Ibom’s industrial base, support agricultural productivity and create opportunities across the State’s agricultural and manufacturing value chains.
