Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.
The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.
According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.
What they are saying:
Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.
Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’
On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.
What you should know:
- It is pertinent to note that the value of the deal at the moment cannot be ascertained as negotiations between the aforementioned parties are currently going on. This was highlighted by the firm when it stated that: ‘’The agreement between the Company and KTLG is subject to negotiation and execution of definitive documentation in more detail with the terms of their collaboration.’’
- Ellah Lakes is a diversified Nigerian agribusiness operator with focus on production of oil palm, cassava, maize, soya bean and their derivative products. The firm was established in 1980 and is currently listed on the mainboard of the Nigerian Exchange.
- On the other hand, KJM Trading Limited is a private limited liability company incorporated under the laws of Ghana. It renders diversified services such as clearing, warehousing, haulage and transportation services .
