Agro-processor Ellah Lakes signs seed multiplication deal
Benin City-based agribusiness company Ellah Lakes has entered into an agreement with the International Institute of Tropical Agriculture (IITA) and its subsidiary, Adani Staple Crop Processing Zone Food Company Limited, enabling the provision of technical assistance and participation in its seed multiplication program.
Ellah Lakes, named after its founder, the late FJ Ellah, was granted listed company status in 1993 when it listed in Lagos. In 2016, the company ceased operating its core fish farming business, unable to break the streak of losses dating back at least to 2012.
It has racked up further losses since, despite a takeover by new investors led by current CEO Chuka Mordi in 2019, although the company has also diversified into palm oil production and processing. oil, maize, cassava and soybeans. like their derivatives.
The expansion being proposed is the latest in a series of new investments aimed at increasing revenue and reducing losses.
It will help cultivate high-yielding varieties of soybeans on a 5-hectare tract "located at IITA Ibadan" in its first phase. The initiative will be followed by production of the same crop on a 500-hectare plantation in Adani, Enugu State, where in September it purchased Adarice Farms and its associated assets from the state government to an undisclosed amount.
IITA is to support the seed multiplication movement in the aspect of technical expertise in the hope that the improved seed variety will produce 150% more than Nigeria's average production per hectare, placing it at the same level as countries like Argentina and Brazil.
Mr. Mordi said the agreement is a "symbolic and significant step" for development plans for processing zones across Nigeria. “Adani remains our flagship site and under the oversight of IITA, we plan to accelerate progress in Enugu State, during the year 2023,” he added.
Last February, Ellah Lakes entered into a pact with a project development company, Montserrado Investment Limited, to build a 600 tonnes of cane per day sugar processing plant powered entirely by renewable energy.< /p>
Ellah Lakes shares have been stuck at N3.6 per unit since August 26, after hitting their one-year high of N4 at the end of the third week of June 2022.
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Benin City-based agribusiness company Ellah Lakes has entered into an agreement with the International Institute of Tropical Agriculture (IITA) and its subsidiary, Adani Staple Crop Processing Zone Food Company Limited, enabling the provision of technical assistance and participation in its seed multiplication program.
Ellah Lakes, named after its founder, the late FJ Ellah, was granted listed company status in 1993 when it listed in Lagos. In 2016, the company ceased operating its core fish farming business, unable to break the streak of losses dating back at least to 2012.
It has racked up further losses since, despite a takeover by new investors led by current CEO Chuka Mordi in 2019, although the company has also diversified into palm oil production and processing. oil, maize, cassava and soybeans. like their derivatives.
The expansion being proposed is the latest in a series of new investments aimed at increasing revenue and reducing losses.
It will help cultivate high-yielding varieties of soybeans on a 5-hectare tract "located at IITA Ibadan" in its first phase. The initiative will be followed by production of the same crop on a 500-hectare plantation in Adani, Enugu State, where in September it purchased Adarice Farms and its associated assets from the state government to an undisclosed amount.
IITA is to support the seed multiplication movement in the aspect of technical expertise in the hope that the improved seed variety will produce 150% more than Nigeria's average production per hectare, placing it at the same level as countries like Argentina and Brazil.
Mr. Mordi said the agreement is a "symbolic and significant step" for development plans for processing zones across Nigeria. “Adani remains our flagship site and under the oversight of IITA, we plan to accelerate progress in Enugu State, during the year 2023,” he added.
Last February, Ellah Lakes entered into a pact with a project development company, Montserrado Investment Limited, to build a 600 tonnes of cane per day sugar processing plant powered entirely by renewable energy.< /p>
Ellah Lakes shares have been stuck at N3.6 per unit since August 26, after hitting their one-year high of N4 at the end of the third week of June 2022.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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