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Ibru Group Signs Joint Venture Agreement with Prado Macedo Group of Brazil

Wednesday, 14 December 2011 02:07
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Signing of Joint Venture

Ibru Group, a well known name in business chain in Nigeria, recently signed a Joint Venture agreement with Prado Macedo Group, a Brazilian conglomerate

Ibru Group, a well known name in business chain in Nigeria, recently signed a Joint Venture agreement with Prado Macedo Group, a Brazilian conglomerate operating in the area of infrastructure, civil construction, and real estate development. The signing of the agreement took place at Ibru Head Office, 6, Louis Solomon Close, Victoria Island.

Mr. Emmanuel O N Ibru, one of the Executive Directors of the Ibru Group and President, Nigerian-Brazilian Chamber of Commerce and Industry (NBCCI) signed on behalf of Ibru Group, while Mr. Fernando Lara, Financial Director of Prado Macedo signed on behalf of Prado Macedo Group.

With the signing of the agreement, Prado Macedo in conjunction with Ibru Group will bring a new technology in building industry in Nigeria. The technology has been developed over the years with the aim of providing cost reduction and at same time seeks to work in harmony with nature and eliminate environmental degradation.

Prado Marcedo has a social programme called, ‘My House My Dream’ which is a plan that can assist government to attend to the low-income housing deficit, employment generation and social responsibility. ‘My House My Dream’ is designed to meet the housing needs of workers in both public and private sector with a repayment plan of up to 20 years?

Adequate and affordable housing has been a major challenge for many people in Nigeria. Over time, government efforts alone have not been able to create appreciable impact in this critical sector of the economy.

Prado Macedo has been a success story in Brazil and other countries it has taken the new technology in building and road construction to.

After the signing of the Agreement, Mr. Lara said he was pleased to have successfully gone into strategic partnership with a reputable name in Nigerian business environment in bringing to Nigerians affordable houses. According to him, their over four years in Nigeria looking for a strategic partnership has paid off with the business partnership they have entered into.

Mr. Andre Campose, CEO and President of the Group, had earlier said the company has expertise in designing and construction of housing estates with complete infrastructure such as schools with basic health units, water and electricity.

The company boasts that it can construct more than 1500 units of houses within 18 months and generating approximately 2000 direct jobs at a considerable cost. It is expected that the company would start operation in the country before the end of the first quarter of 2014.

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