Indorama reveals secret of success in volatile oil region
The Indorama Nigeria group, which began with petrochemicals and later to fertilizer and other ventures has revealed its success formula at a time over 70 companies have left Port Harcourt, plus other states in the Niger Delta.
Indorama made the revelation at the 2024 annual general meeting and conference of the Manufacturers Association of Nigeria (MAN) Rivers/Bayelsa branch which just ended in Port Harcourt.
The company said it uses what it called ESC (Environment, Social Justice, and Corporate Governance) to handle all matters, apart from its technical prowess.
The company which is a member of both the local and national chapters of MAN made the explanation when a resource person, Opuala Charles, founder of the Port Harcourt Premier Business School, showed statistics of companies’ failure rates in the Niger Delta and the ones that succeeded.
Charles sited Indorama as one of the few that have remained strong and observed that Indorama has rather continued to grow and expand, yet, it is in the Niger Delta.
The expert said Indorama has found a way to work with host communities from financial year to financial year without stoppage of work.
During the panel session, the moderator, Emeka Unachukwu (PhD), CEO of Develop-U and former president of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), demanded that Indorama should do well to share its experience in working with the host communities and waxing so strong.
In his response, the head, corporate Communications, Jossy Nkwocha, who is a corporate communication and reputation management specialist, revealed the formula.
He called it the ESC, saying they may huge attention to issues of environment which he said was a condition for the three tranches of loans from the international finance corporation (IFC) so far.
The next, he explained, is the Social Responsibility condition which makes Indorama to behave responsibility and work with the communities. He revealed that the communities have 7.5% equity in the company and this has made them to feel part of ownership of the place. “Whenever there is any issue, we invite them, sit down with them, and find amicable solution”.
Nkwocha finally mentioned the Corporate Governance aspect and how it enables Indorama to apply global best practices in all its operations to the satisfaction of all parties.
The explanation seemed to go down well with the industrialists and business persons in the audience and this was reflected in clause three of the recommendations of the AGM communique which urged all corporate organisations to “Make Corporate Social Responsibility (CSR) and Community Development as part of their business strategy and sustainability to foster harmony in their operating environment and empowerment of the youths amongst others.”
