In support of the National Sugar Master Plan (NSMP) championed by the National Sugar Development Council (NSDC), Nigerian agribusiness specialized in Oil Palm & Cassava cultivation in Edo & Delta States, Ellah Lakes has announced a collaboration with Montserrado Investment Ltd, project development and advisory firm.
The sugar refinery which is expected to accelerate the development and growth of the local sugar industry to achieve national self-sufficiency will run on 100 percent renewable power and the period from construction to completion and commissioning is estimated to be two years.
The Chief Executive Officer of Ella Lakes, Chuka Mordi, in a statement, revealed that the factory would be beneficial to the company and the nation at large.
“This is a significant landmark for the company in fulfilling our strategic objective of diversifying our portfolio and production base and we are very excited to be working with Montserrado.”
“We are very pleased with this collaboration and look forward to a mutually beneficial, valuable and fruitful venture,” he said.
Investors King recalls that the company recently disclosed plans to collaborate with the Ekiti State Government to improve the biodiversity of the landscape and increase employment in the state. He had also disclosed his vision to venture into rice production.
The company, listed on the Main Board of the Nigeria Stock Exchange (NSE) was founded in 1980, by the late Senator F. J. Ellah, and is headquartered in Benin, Edo State Nigeria. For decades, Ellah Lakes supplied Nigerian households with great meals sourced through sustainable fishing practices and led the industry in thinking about the environment and sustainability, first, ensuring that nature will continued to replenish herself to meet the demands of the growing population.
In May 2019, Ellah Lakes completed the acquisition of Telluria Farms, an Oil Palm production company. This acquisition refocuses the corporate mission of Ellah Lakes going forward on the production of Oil Palm and its derivative products. With the acquisition, Ellah Lakes owns a land bank of 2,400 hectares dedicated to the production of Oil Palm.
The company also sealed a similar deal with the Enugu State Government to boost rice production through expansion of Ada Rice Company in December 2021.
