The deal also involves expanding the rice firm into a Staple Crop Processing Zone.
Ellah Lakes Plc has announced its partnership with the Enugu State government via a joint venture for the development of the Ada Rice Company and plantation. The deal also involves expanding the rice firm into a Staple Crop Processing Zone.
Ellah Lakes Plc made the disclosure in a statement on the Nigerian Exchange Limited on Wednesday, signed by the company’s secretary Kenechi Ezezika .
The company entered into an agreement with the Enugu State Government through the Enugu State Technical Committee on Privatisation and Commercialisation, for the expansion and further development of the rice company in Adani Uzo-Uwani LGA.
“Ellah Lakes will produce and process rice with the participation of over Two Hundred (200) indigenous Farmers in the local out-grower program. Ellah Lakes will also develop a Feed Mill and Ethanol processing plant on the site in Adani.
“The development is expected to create a minimum of Five Thousand (5,000) jobs over the next 24 months, and work is scheduled to begin immediately,” it said.
The chief executive officer, Chuka Mordi, said “this is a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base, & we are very excited to be working with the Enugu State Government.
“We are very pleased at this collaboration with the very progressive Government of Enugu State. For us, this is the beginning of a great journey to expand the industrial base of the state, and we look forward to a mutually beneficial, valuable and fruitful venture.”
In October 2021, the company began a partnership with the Ekiti State government with the aim of improving the biodiversity of the landscape and increasing employment in the state.
The firm will restore the forest assets in the state within the stipulated period.
Ellah Lakes is considering a listing on the London Stock Exchange and its board is hoping to get shareholders nod to proceed with the ambition.
