Elano Investments Limited, the company managing the 7.5% shares of the Host Communities of Indorama Eleme Petrochemicals Limited has disclosed that it would resume its oversees postgraduate scholarship and skill acquisition programmes which have been beneficial to members of its host communities.
Making the disclosure at her 6th Annual General Meeting (AGM) in Calabar, Cross Rivers State, Chairman, Board of Directors, Elano Investments Limited, Chief Gomba Okanje re-echoed the stance of the company to make sure members of the host communities feel the impact of its sustainable developmental projects.
“This Annual General Meeting is remarkable as it comes after a period of turbulence in the host communities and a new awakening to the realities of our environment.
“When we met at our 5th Annual General Meeting, we informed you that your company was entering a stage of diversification and consolidation to ensure the achievement of sustainable development of the host communities though our programmes in education, healthcare, infrastructure, housing estate and security. We intend to give you feedback on these programmes at this 6th Annual General Meeting.
“Our Health Insurance Programmes has a portfolio of 6,600 beneficiaries from all our host communities and has saved many lives through critical surgical procedures such as caesarean deliveries, regular preventive medicine, and hospitalization. Our Educational programme offered more than 200 Bursary Awards to students in tertiary educational institutions all over the country and has assisted many recipients to earn their academic qualifications. The infrastructural programme has opened up the host communities through road networks and double sided drains.
“We also plan to resume our postgraduate scholarship programme and skills acquisition for deserving and qualifying members of the host communities in the coming years”, he stated.
The Board Chairman further disclosed that the communities whose funds were withheld due to litigations have now accessed their funds as a result of court judgments. According to him, both Aleto and Agbonchia have since received their dividends and are currently receiving new ones being declared.
Also the chairman highlighted the financial records of the company for the year ended March 31, 2018. His words: “The dividends received this reporting period amounted to N5, 275,972,855 out of which the amount of N2, 300, 212, 689 was distributed to the host communities.
“Our community development programmes utilized the sum of N1, 764, 210, 841 during this reporting period. This high expenditure was necessitated by the payment of compensations for properties damaged by some misguided host community youths. Compared to last year’s dividends received of N4, 688,785, 575, there was an increase of about N687, 187, 280 in the dividends received in this reporting period”.
Chief Okanje also placed before the stakeholders a special resolution from the Board of Directors requesting that the host communities submit their own audited accounts at every Annual General Meetings in the spirit of openness and transparency.
“As you are aware, the amounts of dividends distributed to host communities are managed by committee appointed by the leadership of each host community. These committees have in the past not been accountable to Elano Investments Limited which is the parent body and in whose name such dividends are received and distributed. Your Board of Directors has therefore resolved to receive annual audited accounts from each host community at future Annual General Meetings”, he stated.
He also advised stakeholders and host community members to maintain peace in order to encourage investors.
Also at the occasion, the chairman announced the death of three directors of the company: King Samuel Oluka Ejire, HRH, Isaac Obele-Eeh and Chief James Ngei Agba while four new directors: Prince Awalanta Ejire, Williamson Nwogu, Abel Olukpe and Meshack Obele-Eh were appointed.
“Remuneration for the Board of the Directors were fixed, re-appointment and fixing of remuneration for auditor and mandating each host community to submit their own audited accounts at every AGMS”.
All these were done upon motions being raised and seconded by the directors. There were also goodwill messages from several institutions, social cultural groups, corporate organizations, individuals among others.
Some of the goodwill messages read: “On behalf of the Acting King of Eleme, I send felicitations to this great company. The King told me to announce to you that he has you in his heart. He said without Elano, Eleme would have been one foot backwards. Elano’s effort has been able to alleviate poverty in Eleme land. We want to say thank you”.
– HRH, TEK Akobe, Rep of the Acting King of Eleme.
“As O-E’la Obor Eleme, the General Assembly of Eleme people, we are happy to be invited here. I’m happy with what I’ve seen. There is openness and transparency, but we want Elano to be fairer. Elano is doing well. O-E’la Obor Eleme has never had an office, but Elano stepped in and furnished an office for us. Our brothers in USA, Ofalarun Eleme USA Inc., who picked interest in equipping our hospital brought the equipments, Elano came and assisted in clearing the equipments”.
– Chief (Elder) Israel Abbey, President, O-E’la Obor Eleme
“I’m impressed with what Elano is doing. We in PCRC thank Elano for all the assistance. This shows their robust corporate social responsibility not just to their host communities but all. Since 2017, Elano has been assisting us. My re-election for a second term, Elano contributed, we praise Elano and say they should keep on doing the good work. – Chief Casca Ogosu, Chairman, PCRC, Rivers State Command, Zone 6.
“It is our expectation that this template Elano runs will be replicated in other communities in Niger Delta and Nigeria at large. We believe that someday, Elano will be celebrated better”.
– Seun Adelaji, Rep of Polaris Bank.
“Of all the community based organizations we’ve worked with, Chevron, Agip amongst others, Elano is one of the most transparent we’ve ever worked with. We hope they continue the good work”.
– Mr. Jacob, Rep of Wider Perspectives.
“Elano is doing the best, they have tried in changing the host communities, but we plead that you involve women in all you do since they are the bedrock of every home”.
– Hon. Blessing Ejii, Commissioner, Rivers State Local Government Service Commission.
There was also the formal launching of the Elano Magazine known as Olare. The event was well attended by stakeholders, invitees from within the host communities and other interest groups. There was also a dinner at Transcorp Hotel, Calabar organized for board members, stakeholders and invited guests.
On the Pre AGM celebrations, which featured a dinner/gala night, there were music presentations by Harrisong, Buckwild Da Ikwerrian, Eleme born musicians like, ZAPSQUAD, Sam Whyte, Silas Oluka Nke among others. There was also comedy by MC Generation, Danny Spry.