Ellah Lakes Plc has notified the Nigerian Exchange and the investing public of the Take Over of the management and operations of Adarice Farms & Associated Assets from Enugu State Government.
This is Following the signing of the Memorandum of Understanding between Ellah Lakes Plc and Enugu State Government (Enugu State Technical Committee on Privatisation and Commercialisation),
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 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, 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”.
Source: Ellah Lakes takes over Adarice Farms & Associated Assets from Enugu State Government – StocksWatch (stocksng.com)