The 45 per cent Nigerian Content Development and Monitoring Board, NCDMB, equity shareholding in Bunorr Integrated Energy Limited, a base oil producing company located near Omagwa, Rivers State, has boosted the local economy and created job opportunities, not only for the community but for Nigerians.
The energy company stands out for its ability to recycle used engine oil which it converts to base oil and other by-products. And with the $3.6m equity investment by the NCDMB, the company says it has got some wings to fly in the nation’s business world.
Managing director of the company, Modestus Ikechukwu Okeke, told journalists during a tour of its facilities that the board’s support made it possible for them to attract technical partners and negotiate for materials and support.
“One of the most tangible effects of NCDMB’s involvement is the growth of local Nigerian manpower within our operations. Today, Bunorr proudly employs 37 Nigerians in total, comprising 16 core staff and 21 none core staff.
“As we transition towards full commercial production, and future expansion, this number is expected to grow significantly, creating more high value employment opportunities for Nigerians,” he noted, adding that the NCDMB was also of help in their efforts to improve operational standards, enhance safety culture and adopt best practices in the recycling and lubricant recovery industry.
He said the company has been able to develop young technical talents through plant operations, safety training and hands-on experience and also strengthened relationship and support initiatives within the host community.
In the coming year, he said, the company would move from partial to full commercial production, expand raw material aggregation networks across Nigeria, improve base oil grades and quality through viscosity and purification upgrades and also enhance working capital to sustain production volume.
He, however, lamented the high cost of production because the company relied solely on generators, having not had access to public power supply. He called on the the government for support in this direction.
