Dipo Olowookere
By Dipo Olowookere
The control of the popular Ada Rice Farms & Associated Assets in Enugu State has been handed over to Ellah Lakes Plc by the state government.
This followed the signing of an agreement between the Enugu State government and Ellah Lakes in December 2021 for the expansion of the rice company into a Staple Crop Processing Zone.
The farm sits on a-5000 hectare farming estate at Adani in Uzo-Uwani Local Government Area of Enugu State, with a diversion dam and a 15km main canal for irrigation.
The chief executive of Ellah Lakes, Mr Chuka Mordi, described the control of the rice farm as a milestone that will turn the fortunes of his company around for good.
“Today is a great day for the company and we have achieved yet another of our set milestones for 2022,” he was quoted as saying in a statement sent to the Nigerian Exchange (NGX) Limited on Friday.
“We are ready to commence the management and turnaround of the fortunes of Ada Rice farms and we fully intend to take the farm to new heights with the cultivation and processing of rice, soybean and cassava,” he added.
He disclosed that “the plan is to turn the entire area into a Staple Crop Processing Zone and bring economic growth and prosperity to the entire sub-region.”
It was gathered that Ada Rice Farms has been operated sub-optimally for several years but a special purpose vehicle known as the Adani Staple Crop Processing Zone Food Company has been created to oversee and manage the farm and its activities.
Ellah Lakes, which trades its stocks on the NGX, signed a Memorandum of Understanding (MoU) with the Enugu State government last December through the Enugu State Technical Committee on Privatisation and Commercialisation for the operations of the firm.
The organisation plans to create a minimum of 5,000 jobs through the facility over the next 24 months by producing and processing rice with the participation of over 200 indigenous Farmers in the local out-grower program, and the development of a feed mill and ethanol processing plant on the site.
