Ellah Lakes Plc. has announced the take-over of the management and operations of Adarice Farms and Associated Assets from the Enugu State Government.
According to the disclosure signed by OAKE Legal, the Company Secretary, this is following the signing of the Memorandum of Understanding between Ellah Lakes and the Enugu State Government.
The company says it plans to leverage on the development, turning the entire area into a Staple Crop Processing Zone so as to bring about economic growth and prosperity to the entire subregion.
Chuka Mordi, the Chief Executive Officer while speaking on the development 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 subregion.”
Notably, 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.
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.