Owners of strides energy and maritime limited, strides group, has acquired the mortgaged assets of the rivers vegetable oil company limited.
With the deal the fast moving consumer goods manufacturing plant, will begin production in two months’ time.
The multi-billion 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 describes the plant as one of the leading fast moving consumer goods manufacturing facilities in the country.
Abazie said the deal will save 500 direct jobs and return more than 5000 indirect employment to Nigerians.