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Central Bank of Nigeria (CBN): N52 Billion as loan To Imo state Government.

18th June imo state government begins discussion with the Central Bank of Nigeria, for a loan of N52 billion to be channeled into Adapalm plantation

Goddy Esomobodo, the General Manager of Adapalm, revealed this in Owerri, also adding that the loan would be used in mills, infrastructure and other things such as replacing machine in order to increase the capacity of the oil production and expansion of Adapalm to other zones of the state.

According to reports he also he said that the production of palm oil is still ongoing but state’s governor placed an embargo on the selling of the oil for now but plans for exportation is being put in place.

He said, “The two most important steps to make this place survive is put investments into the mill and the plantation. Plantation gives you the raw material and the mill handles the raw material to the end product and give you the money.

“Today we are doing 40 tons and with the availability of fruits we now know we can achieve a mile stone in oil production but unfortunately this is what we call the leap period in oil palm production. The period of surplus is gone what we are doing now is to use the little fruits that are available to us to keep the mill working.

He spoke on the neglect of the farm saying;“The management headquarters is gone, everything there is gone, GM, admin office is gone, account auditors office is gone, the police post gone, workshop gone, residential quarters for top management staff gone, electricity regulation, water gone.

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That if the plantation must survive then great work had to be done.

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