Agribusiness firm Ellah Lakes announces partnership to build sugar refinery
In December 2021, the company sealed a similar deal with the Enugu State Government to boost rice production.
Agribusiness company Ellah Lakes Plc has announced a partnership with Montserrado Investment Limited via a joint venture for the development of a 600 tonnes of cane per day (tcd) sugar refinery.
Ellah Lakes Plc made the disclosure in a statement on the Nigerian Exchange Limited on Monday, signed by Geraldine Ofoluwa, its spokesperson, and seen by PREMIUM TIMES.
In December 2021, the company sealed a similar deal with the Enugu State Government to boost rice production through expansion of Ada Rice Company.
Ellak Lakes said the latest milestone will help advance the National Sugar Master Plan (NSMP) initiative championed by the National Sugar Development Council (NSDC) in the nation’s quest for self-sufficiency in sugar.
“The Sugar Processing facility is expected to run on 100% renewable power, and the period from construction to completion and commissioning, is expected to be 24 months,” the company 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 and we’re very excited to be working with Montserrado.”
“We are very pleased at this collaboration and look forward to a mutually beneficial, valuable and fruitful venture.”
Last October, Ellah Lakes began a partnership with the Ekiti State Government which is geared towards developing the state’s biodiversity and landscape, in turn opening up opportunities for wealth creation.