Okomu oil to explore ways to cushion profit flight shock

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Image result for Okomu oil to explore ways to cushion profit flight shockThe management of Okomu Oil Palm Company, said it will explore innovative marketing opportunities that will cushion the shocks of profit flight.

Managing Director of the company, Dr. Graham Hefer, made the disclosure at a training workshop for 19 host communities in Edo state.

He said this would enhance its profit base and build shareholders confidence.

He further disclosed that the innovation would involve product packaging to suit the needs of local consumers.

Hefer said the trade war between the United States and China had caused a sharp drop in the demand for palm oil and has also plummeted global demand to an all time low.

This, he said, was worsened by the high tax regime placed by India on CPO coming from Nigeria and had raised huge concerns on exports by Nigerian companies.

Even with the dwindling oil palm revenue, the company has awarded bursaries to the children of the host communities.

Hefer assured that its corporate social responsibility held twice yearly would continue to hold despite markets shocks.

He disclosed that the sum of N7m had been spent on the bursary programme for this year on 36 beneficiaries.

The company also spent additional N3.5m on the youths from the host communities to acquire skills in various vocations.

He said,  “We try to train our communities to ensure that there is better communication so that we can work together and we have been doing this since the last five years.

“We have 19 communities and these are the communities we

primarily deal with.

“The turnout is encouraging and it shows that the communities are interested in partnering with us. “


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