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Diamond Bank, FCMI to revive ceramic firm
(The PUNCH, Friday, M) |
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By Sunkanmi Oriyomi
Diamond Bank Limited, has linked up with two firms to reactivate the Modern Ceramic Industries Limited, Umuahia, under the Small and Medium Industries Equity Investment Scheme, with an expected financial outlay of $6million (about N793million).
Diamond Bank’s partners in the turnaround venture are, Fuccelli Ceramic Machine Industries of Italy and UCL Resources & Investment Company Limited.
A statement from DBL on Thursday stated that the bank, which is the financial adviser to the project, was currently finalising a technical partnership with FCMI for the purpose of resuscitating the ceramic company, with the project estimated to cost about $6million.
According to the statement, Fuccelli would lead a team to Nigeria, made up of two other Italian companies – Italforni and Temax – which specialise in equipment manufacturing and technology, respectively, for the venture.
“The expatriate team will be involved in the reactivation of the sprawling ceramic company in partnership with Diamond Bank as the financial adviser,” said the statement, which was signed by the Head, Corporate Affairs, DBL, Mr. Nkem Ossai.
“A five-man team of the consortium of Italian companies, led by Mr. Bruno Fuccelli, is currently on a tour of MOCERAM and the company’s raw material sites in Nigeria,” said Ossai.
MOCERAM was established in 1963 by the government of the former Eastern Region of Nigeria, with an installed capacity to produce 1,000 metric tonnes of ceramic products, per annun mainly sanitary wares for the real estate sector, the statement said.
The factory was shut down in 1967 due to the Nigerian Civil War and was reactivated in 1975 with funds from the then East Central State government, successor to the region.
Following failed efforts by the Abia state government to raise the necessary funds to keep the factory running, the company was acquired by UCL Resources & Investment Company Limited in 2003.
“The acquisition of the company by UCL, the investment vehicle of the Umuahia Diocese of the Catholic Church, had been hailed as a unique development in the move toward putting the private sector in the driver’s seat of the economy,” Ossai said.
“With the evolving partnership between DBL and Fuccelli, MOCERAM is hopeful to obtain the requisite capital as well as technical input to conclude its restructuring and turnaround programmes and bounce back to production,” said Ossai.
Ossai explained that from the commencement of SMIEIS in August 2001 till end-December 2004, DBL had invested over N560million in small-scale industries by way of equity injection and medium to long-term loan facilities.
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