The Ekiti State Government has signed a concession agreement with Royal Fintech Consultancy Limited for the revival and management of the State-owned Quarry Site at Igbemo-Ekiti for a period of five years.
Leading the state delegation to introduce the concessionaire to the host community in Igbemo-Ekiti, the Commissioner for Trade, Industry, Investment and Cooperatives, Mrs. Omotayo Adeola, announced that Royal Fintech Consultancy has been granted the rights to manage, operate and develop the quarry site in line with international best practices and sustainable resource development standards.
Mrs. Adeola noted that the Memorandum of Understanding (MoU), which formalized the partnership, is part of the state government’s renewed drive to restore abandoned assets and strengthen infrastructural development.
She explained that the concession was originally initiated under the administration of Dr. Kayode Fayemi but was revalidated and operationalised by the current administration of Governor Biodun Oyebanji, in line with its continuity agenda for sustainable development.
The Commissioner further explained that under the agreement, effective from July 22, 2025, the concessionaire would manage the Igbemo Quarry Site for a period of five years, adding that the company was also at liberty to relocate the asphalt plant from Ado-Ekiti to the Igbemo Quarry Site to improve operational efficiency and coordination.
She noted that the concessionaire is expected to carry out comprehensive repairs, upgrades and management of the asphalt plant; ensure the production and distribution of high-grade asphalt and construction materials as well as engage both public and private sector clients.
Adeola added that the company is also expected to deliver top-quality services and quarry products to support infrastructure projects within and beyond Ekiti State.
She said part of the concession terms requires the operator to remit to the state government the higher of 7.5% of the gross revenue per ton of asphalt produced or 22.5% of its annual net profit.
Mrs. Adeola reaffirmed the State Government’s commitment to job creation, community development and inclusive growth.
“With Governor Biodun Oyebanji at the helm, another once-moribund state asset is springing back to life, driving infrastructure, creating employment and opening up fresh economic opportunities for Ekiti people,” she added.
Thereafter, a visit was made to the site where reconstruction of the abandoned facility has commenced by the concessionaire, preparatory to the beginning of operations.
Among the government delegation present at the site was the Commissioner for Information, Rt. Hon. Taiwo Olatunbosun.
Last modified: July 26, 2025
