Kompetenz Investment Zentrum Ltd has announced plans to crash down the cost of vegetable oil in the market through adequate production and milling of its product for large-scale sales. The firm's Head of Human Resource Management, Mrs Amina Shehu, revealed this in Yenagoa, the Bayelsa State capital, during an inspection tour of the company. She stated that the firm aims to boost revenue and create jobs.
Mrs Shehu noted that the company recently acquired the right of management of the Bayelsa Government-owned palm plantation in September 2026. She described the firm as an experienced manager of palm farms. However, she bemoaned the poor state of the farm facilities prior to its acquisition, adding that the company plans to overhaul the mills and get all moribund machinery functioning.
The firm has employed no fewer than 200 staffers, comprising regular, casuals, and workers on its daily payroll. At peak periods of harvest, more hands would be employed, and production and milling capacity will be increased to 10 tons of palm oil per day. This move aims to gradually crash down the soaring price of red oil in and around Bayelsa State.
Mrs Shehu added that the company has borrowed loans to run the farm and is working assiduously to overhaul the mills. Some engineering contractors have shown interest in bidding for the repair and overhaul of the ailing big mill. However, the cost of repairs shown to them by the engineers runs into billions.
During the World Food Day, the company showcased some of its produce, and calls are coming in from far and near, placing orders and showing interest in doing business with the firm. The company's Director has the requisite experience in this business, having reinvigorated and invested in similar Palm farm businesses in other parts of the country.
The firm currently has about 105 workers, comprising daily-paid harvesters and regular staff. Additionally, it employs daily slashers, who are about 100 in number. During peak periods, the firm hopes to increase its workforce for maximum production. The company is the new operator of the Bayelsa Palm estate and manager of the state's Palm tree plantation.
A cross-section of traders and consumers in major markets of Bayelsa State reported that the price of Palm oil has increased astronomically in recent months due to general inflation in prices of commodities. The firm's efforts to increase production and reduce prices may come as a relief to consumers.
Key points
- The firm aims to boost revenue and create jobs through large-scale production and milling of vegetable oil.
- The company has employed over 200 staff and plans to increase its workforce during peak periods.
- The firm plans to overhaul the mills and get all moribund machinery functioning to increase production capacity.
