The Archive Group is now set to be Nigeria's leading player in the garment sector, with its plan to diversify across the value chain in the industry; owners of the company have said.
The clothing firm, which is already a big player in the East African region and owners of the Shirt Company, Industrial Tailoring Co. and BodyLove Cosmetics, has recently acquired a 49 per cent stake in local Suitmakers, Okunoren Twins for an undisclosed sum.
A consultant privy to the deal, Mr. Tomiwa Idowu, said this in a statement in Abuja. "Through this acquisition, Archive aims to create long term value for the Nigerian market by re-investing its profit over the next 5 years in a bid to achieve full backward integration and reduce the price burden on the Nigerian consumer," he noted.
The Archive group will boost growth in the industry by creating jobs for the people and providing easy access to consumer credit. It will expand by building a multi-purpose production facility in the Lekki Free Trade Zone and has awarded a contract for its construction.
Nigeria, which is Africa's most populous nation, offers unparalleled opportunity for growth to international and local investors in the textile industry. It recently appointed the following individuals to its board of directors; Sir Remi Omotoso, Mrs. Foluke Abdul-Razaq and Dr. Konyin Ajayi (SAN).
Omotoso, who is a member of various professional bodies joined Lever brothers in 1971 as a management trainee and then rose to Executive Director in 1987 before resigning in 1998.
He has since held other top management positions as Group Managing Director of O'dua Investment Group and Director General of the Lagos Chamber of Commerce. He sits on various boards including Juli PLC and Standard Chartered Bank. Omotoso will serve as Chairman of the Archive Group Board of Directors.
Abdul-Razaq, an accountant by profession has over 15years banking experience with Afribank Plc. and Credite Bank Ltd where she rose to the position of acting CEO. She was appointed by the CBN as Executive Chairman of the Interim Management board and also Chairman of the Lagos State Tenders Board.
A two-time Commissioner in Lagos State, firstly as Commissioner of Finance and then as Commissioner for Women Affairs and Social Development, Abdul-Razaq is an experienced manager of men and resources and currently sits on the board of United Bank for Africa Plc. She is also Founder of BridgeHouse School.
Ajayi (SAN) is Managing Partner of Olaniwun Ajayi & Co., an international law firm based in Nigeria. Ajayi was trained at various institutions such as the University of Ife, Cambridge University and Harvard University.
A seasoned advocate and theoretician who specialises in areas such as project finance, corporate and commercial law, he has written over 120 legal papers on commercial law and is the Vice Chairman of the worldwide alumni association of the Harvard Law School.
Archive Group's policy direction will be determined by its Board of Directors with their varying skills and experience in diverse sectors of the Nigerian economy. The company is gearing towards a Private Placement where it hopes to raise an additional N3billion to enable it embark on an aggressive growth strategy. This will position the group for success in its commitments to all stakeholders.