Lagos — Kajola Integrated Investment Company Limited has concluded plans to shore up its capital base from N100 million to N2.5 billion through a private placement that is scheduled to commence before the end of November.
Chairman of the company, Prof. Wale Omole, who made this known in a chat with newsmen in Lagos, said the proceeds from the offer would be utilised to take advantage of opportunities in agriculture and agro-allied business, financial services among others.
He disclosed that the company intends to list on the Nigerian Stock Exchange (NSE) within the next five years.
Cosequently, he said the company is putting in place strategies that will ensure the sustainability of its activities and operations.
"Kajola Investment as a modern private sector investment company, plans to respond to opportunities in agriculture, tourism, real estate development, mining, oil and gas and other sectors that require huge capital outlays, that will create wealth and employment opportunities for the majority of Nigerians," he said. He also disclosed that the company has concluded plans to commence commodity trading in Lagos and environs before the end of the year in addition to real estate development, which it has already commenced.
He said that its commodity trading will specifically focus on Lagos, buying agricultural products from farmers in areas that are not very far from the state due to the nature of the products and to prevent them from getting spoilt in transit.
He said the company intends to expand its operations in the commodity market to other parts of the country, "if the roads network, storage facilities and other means of transportation are developed.
The company, said, will also set up a micro-finance institution once it gets the funds from the placement exercise. "Starting from Osun state before spreading to other parts of the country, we plan to venture into the financial services industry through the setting up of an effective micro-finance institution that will touch the lives of small and medium scale operators within the shortest possible time," he assured.
He said the company has received interests from Nigerians and foreigners who are willing to invest in the company.
He disclosed that the company is set up to bridge the gap between the resources of the country and the citizens using it in its fight against poverty. "The Economic summit that took place in Osun State in 2005 brought the problems of the country to the fore. A group of concerned citizens decided to establish a company that will serve as a vehicle to use technology to alleviate poverty, create prosperity and respond to the needs of Nigerians both at home and in the Diaspora," he explained.
He noted that it hopes to make the company a global organisation that will serve local and international markets and act as driving force for economic development for Nigerians in general.