Ellah Lakes Plc has announced its takeover of Adarice Farms and associated assets from the Enugu State Government.
The firm said this in a notice published on the Nigerian exchange website and seen by PREMIUM TIMES.
The announcement was made after a memorandum of understanding was signed between Ellah Lakes and Enugu State technical committee on privatisation and commercialisation.
“Ellah Lakes is pleased to announce the take-over of the management and operations of Adarice Farms & Associated Assets from Enugu State Government,” the notice said.
To extend the rice company into a Staple Crop Processing Zone, Ellah Lakes partnered with Adarice in 2021.
The development was projected to generate at least 5,000 employment in two years, and construction was set to start right away.
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“Adarice Farms is a Five Thousand Hectare farming estate located in Adani, Uzo -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 notice said.
“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, Chuka Mordi said, “Today is a great day for the company, and we have achieved yet another of our set milestones for 2022.”
He said the company is ready to commence the management and turnaround of the fortunes of Adarice Farms.
It intends to begin the cultivation and processing of rice, soybean and cassava.
“Ultimately, the plan is to turn the
the entire area into a Staple Crop Processing Zone & bring economic growth and prosperity to the entire subregion,” he said.
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