Ambra Investicorp Trust Limited has indicated its plans to raise N1tn by the year 2015 to boost development in Anambra State.

The company, which is promoted by the League of Anambra Professionals, said the funds would be targeted at boosting infrastructural development in the state.

The Managing Director of the Fund, Mr. Ndi Onuekwusi, said in a statement on Wednesday, that the company was on the verge of concluding a private placement offer, which opened last year to raise N10bn as a take-off fund.

The statement quoted him as saying, ”We have a target to raise N1tn in this development fund in the next five years and the private placement we did was to raise N10bn as a take-off fund. The first project we are battling with is a N600m project, which is the livestock farm.

”The issue is not really the numbers, the issues are in the mobilisation and now that the government is involved in the process, the potentials are there.”

He said that the organisation planned to develop the state through massive investment activities that would create huge employment opportunities in the state within the next 20 years.

Onuekwusi described the planned development model as an adaptation of a hybrid of Isreali and Dubai developments to suit Anambra State’s development plans.

While stating that the generality of Anambra people are stakeholders, the company’s boss explained that the Isreali model was a proof that partisan politics is inimical to development and that people in diaspora can come together and transform a difficult terrain.

He said, ”We have commenced our first project, a N600m project, which is a large expanse of poultry farm built at Nkwelezuna, and the first phase of development will be spread along the extractive sector covering agriculture, raw materials and manufacturing.

“With time, we will expand into other areas of development like stable energy supply, commercial services, as well as qualitative education.”

These, he added, would reduce migration from the state, while also attracting high skilled labour back home, with a multiplier effect that could spark development in other sectors of the economy about 13 years after.

The MD noted that the company was making use of a model that seeks to maximally leverage on the huge but largely dormant economic base in the state, to create a world class commercial enterprise that would facilitate the emergence of modern businesses in the state.

According to him, ”With impressive profits crystallising from numerous streams of well thought-out activities, paying mouthwatering dividends to the stakeholders is guaranteed. There will also be capital growth.

”So it is not just about creating employment and reducing poverty. It is also about the people who are investing, having capital growth and earning dividends and recouping their investment within the shortest time frame possible.”

Source: Punch