Insecurity major challenge for indigenous companies – Investor
Mr Godwin Izomor, the Managing Director of MG Vowgas Group, says insecurity remains a major hindrance to the growth of indigenous firms.
Izomor spoke in an interview with News Agency of Nigeria (NAN) in Port Harcourt after the 2019 Practical Nigeria Content Forum, adding that many companies spent huge sums to ensure the security of staff and property in locations.
MG Vowgas is an Indigenous fabrication company dealing in Engineering, Procurement, Construction and Installation servicing the oil and gas and marine sectors of the economy.
He said insecurity discouraged local and international investors from investing in the country.
“The challenge of security is massive, we spend money even going to the location where we work, we spend heavy money on security.
“Where I am working in Agip we have two gunboats and 15 personnel, in Chevron, we have two gunboats and 15 personnel.
“So, constantly we are spending and those things are not cheap,” he said.
Izomor noted that MG Vowgas Group spent more money on security than the payment of staff salaries every month.
“What I pay my workers is about N53 million monthly while my expenses for security is almost N50 million every month,” he said.
He called on the government to ensure improved security in the country to help both indigenous companies to grow and attract foreign investors. (NAN)