Fakoyejo OlalekanEllah Lakes has taken over Adarice Farms & Associated Assets from Enugu State Government after both parties signed a Memorandum of Understanding to transfer operational rights.
Rice, Soybean and Cassava are cultivated on Adarice Farms, which, according to a statement obtained from the Nigerian Exchange Limited (NGX), have been operated sub-optimally for several years by the Enugu State government.
Ellah Lakes took possession of the assets after entering into an agreement with Enugu State Technical Committee on Privatisation and Commercialisation. The firm plans to turn the entire area into a Staple Crop Processing Zone.
It was gathered that a Special Purpose Vehicle (SPV), Adani Staple Crop Processing Zone Food Company (Adani SCPZ), was established to oversee and manage the farm and its activities.
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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 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.” the statement reads.
Addressing the acquisition of the asset, the Chief Executive Officer of Ellah Lakes, Chuka Mordi, said, “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 subregion.”
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