BY BAMIDELE FAMOOFO
The management of Ellah Lakes Plc, a leading agribusiness firm, whose shares are listed on the floor of the Nigerian Exchange Limited, has announced the immediate take over Adarice Farms & Associated Assets formerly owned and managed by the Enugu State government.
Oake Legal, Company Secretary, Ellah Lakes Plc made this known in a memo to the NGX Ltd on the development.
The statement issued by management of Ellah Lakes read in part: “Following the signing of the Memorandum of Understanding Between Ellah Lakes Plc. and Enugu State Government (Enugu State Technical Committee on Privatisation and Commercialisation), Ellah Lakes Plc. (“Ellah Lakes” or “the Company”) is pleased to announce the take-over of the management and operations of Adarice Farms & Associated Assets from the Enugu State Government. -Uwani Local Government Area in Enugu State, that has a Diversion Dam and a 15km main canal for irrigation, it also has secondary distribution canals, to enable farming all year round. The Farm has operated sub-optimally for several years and the Adani Staple Crop Processing Zone Food Company (“Adani SCPZ”) a Special Purpose Vehicle (SPV), has been set up to oversee and manage the farm and its activities.”
Speaking on the development, the Chief Executive Officer of Ellah Lakes, Chuka Mordi commented: “Today is a great day for the Company, and we have achieved yet another of our set milestones for 2022. We are ready to commence the management and turnaround of the fortunes of Adarice farms, and we fully intend to take the Farm to new heights with the cultivation and processing of Rice, Soybean and Cassava. Ultimately, the plan is to turn the entire area into a Staple Crop Processing Zone & bring economic growth and prosperity to the entire sub-region.”
Ellah Lakes Plc is a Nigerian agribusiness that is currently specialising in Oil Palm, Cassava and Soybean cultivation. The company is expanding operations in Edo, Enugu and Ondo States.
It was listed on the Nigerian Stock Exchange on January 14, 1993. Ellah Lakes Plc has brought empowerment to the communities in which it operates and is diversifying across Oil Palm, Cassava, Maize, Rice and Soybean value chains.