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Business

Ellah Lakes partners with Ondo Govt to develop Oil Palm and Cassava Plantation

Ellah Lakes Plc has signed an agreement with the Ondo State Government for the joint development and the cultivation of Oil Palm & Cassava.

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Ellah Lakes in exclusive talks to purchase oil palm processing company  

A Nigerian agribusiness company, Ellah Lakes Plc has announced that it has executed an agreement with Ondo State Government for the joint development and management of 5000 hectares of land, for the cultivation of Oil Palm & Cassava in the State.

This disclosure was made by the company’s management, in a statement issued and signed by the Company’s Secretary, Mr Kenechi Ezezika.

The agreement between Ellah Lakes and the Ondo State Government is expected to increase the landbank and the production base of the company, especially in its Cassava and Oil Palm segments.

What they are saying

Speaking on the development, the Chief Executive Officer, Chuka Mordi said:

“This is a significant landmark for the Company in the development of our land bank, & we are very excited to be working with the Ondo State Government. I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base.”

“I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State.”

Also speaking on the development, the Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi said, “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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