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Published On: Mon, Jan 27th, 2020

Bauchi Alind Company needs 200m recapitalization to survive

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From Ahmad Mohammed, Bauchi

The management of Bauchi State Alind wire and cables limited established 37 years ago has explained that it needs over 200 million Naira recapitalization from shareholders to enable it operate and satisfy the requirements of its shareholders and customers.
Managing Director of the Company Dr Ahmed Mai Abba disclosed this yesterday while answering questions from newsmen in Bauchi. He said since when the company was established in partnership with Alind India, it’s struggling for survival due to lack of enough working capital, our major problem is lack of working capital and you need working capital to survive.
He said the company would work for one two years and stop for three years up to the time when India left in 1995 and they were appointed in 1997- 1998 when government privatized the company and 20 interested people purchased its share , we worked for two years but we stopped along the line due to lack of working capital, we negotiate with a company in Lagos who gave us loan to come produce the cables sale it and return their money we have been doing that it was in 2016 Bauchi state government gave us a loan of N20,000,000
DR Mai Abba said the company even though its struggling was able to double the shares of the shareholders in the company and appeal to various stake holders to assist the company with the required working capital of between 100 or two 200 million Naira to enable it stand on its feet and help to boost the economy of the northern Nigeria and create many Job opportunities to teeming unemployed youths.
He expressed confidence that the present administrations of Bauchi and Gombe State has shown their commitments to support the company and the kind of encouragement and zeal they have shown raise their hopes that the company will get a required working capital to boost its activities.
The Managing Director urged Northern State Governors to support the company by giving them contract to produce all required electricity cables and wire under their rural electrification projects in order to succeed.

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