An international investment firm, Al Liwan Group Limited, has announced plans to inject $5m into the Owala Water Dam project in Osun State.
The commissioner for Federal Affairs in Osun State, Adenike Adeleke, disclosed this on Friday while receiving a delegation from the company, led by its founder and group chief executive officer, Michael Gale, in Abuja.
Adeleke said the company was prepared to commence the Owala Dam project with an initial funding package of $5 billion, noting that the investment could be scaled up over time.
She added that the investors were ready to move to site immediately once the Osun State government formally signed off on the project.
According to her, the project will significantly boost employment opportunities around the Oba Oke axis in Olorunda Local government Area and improve the state’s internally generated revenue.
“This is a win-win for Osun State. It will create massive jobs, attract people into the state and put Osun back on the investment map,” Adeleke said.
Also speaking, the company’s director, Bola Adefehinti, said Al Liwan Group was already executing projects in Nigeria across the maritime, water resources, solid minerals and energy sectors.
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He said the Owala Dam project formed part of the firm’s short-term strategic plan, adding that $5 billion had been earmarked for its Nigerian operations.
Adefehinti described the maritime and inland waterways sectors as critical to Nigeria’s drive towards a $1 trillion economy, stressing that Owala Dam presented opportunities in fisheries and reservoir-based development.
He noted that Osun also had strong prospects in gold mining and cocoa processing, which the company was considering for future investments.
In his remarks, Gale said the firm’s model was to deploy private capital, take early risks and develop bankable projects that could later attract government and institutional funding.
“Nigeria is a key focus for us. We want quick wins that can serve as case studies for successful private-sector investment working with government,” he said.
