The National Union of Food Beverage and Tobacco Employees (NUFBTE) has set aside N200 million to begin investments in Ibadan, PortHarcourt and other cities where the union has its 13 state councils.
The move is one of the strategies by the union leadership to expand its business tentacles with N200 million investments.
According to the President of the NUFBTE, Comrade Lateef Oyelekan, the N200 million saved from current investments would be committed to expanding the union’s tentacles in business to save the union from future financial embarrassment.
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The investment will be in the area of commercial hotel and water factory, the President said, adding that the hotel would either be located in Ibadan or PortHarcourt, while the water projects will cover all its 13 states’ councils.
Oyelekan said: “The expansion is part of our long term project to sustain the union because last year, we lost over 3,000 members due to retrenchment. Those numbers cannot be regained within the same years even with new investments coming into the country and we have continued to lose check off dues.
“Hence we have concluded plans to build a new hotel either in Ibadan or Portharcourt, as well as a water factory. Our projection really is to have our water factory in all our 13 states’ councils.”
To ensure the success of the planned projects and effective completion, the National Executive Council (NEC) of the union, which is its highest organ, has given the administrative council two years extension to oversee the business projects.
Also, the branches of the union across it’s 13 states’ councils have also backed the decision of the NEC.
The branches, represented by their chairmen and secretaries, said their decision was borne out of the need to sustain the track record of the union in business in recent years.
In a statement signed by the Coordinating Secretary of Branch Leadership’s Forum, Comrade James Olukanni, the branches said the need to invest more for the organisation in order to save for the raining days is of more importance to them as members of the union.