Enugu State government has signed a N40 billion agreement with Jelfah Nigeria Limited to revitalize the Sunrise Flour Mills in Emene.
The mills company which has been abandoned for years, is located at Emene, Enugu state.
The state governor Peter Mbah disclosed the development in a statement posted on his official X (formerly Twitter) account on Tuesday.
This is the state government’s latest partnership aimed at revitalizing the agricultural sector and boosting the state’s economy.
According to the statement, Jelfah Nigeria Limited, will acquire a 60% equity stake in the mills, with an investment of N24 billion.
He further explained that N22 billion of the investment will be allocated for the revitalization of the facility while N2 billion will directly benefit the state.
“Today, we took another decisive step towards revitalising our moribund assets. We signed a landmark N40bn deal with Jelfah Nigeria Ltd, led by the chairman, Moses Saromi, to revitalise the long-abandoned Sunrise Flour Mills at Emene.
“This significant partnership will see Jelfah acquiring a 60% equity stake and investing N24bn in the mills – N22bn for the revitalisation and N2bn benefiting the state directly,” the statement read in part.
“This agreement, coming on the heels of the recent N100 deal to resuscitate the Enugu United Palm Products Limited, reaffirms our commitment to growing Enugu’s economy from $4.4bn to $30bn through private sector investment. Additionally, the deal includes a Special Purpose Vehicle (SPV) that will own 10,000 hectares of farmland to cultivate the inputs for the flour mills such as cassava and grains.
“This partnership highlights our dedication to creating a business-friendly environment and empowering our people. It is also a testament to the fact that when we say Enugu State is open for business, we are truly committed to it. We understand how to make a win-win deal, both for the investors and for the good people of Enugu State.
The state launched the Enugu United Palm Products Limited (EUPPL) revitalization project on September 13.
This N100 billion investment, in partnership with Pragmatic Palms Limited, aims to enhance the state’s agricultural output.
The state has also partnered with a Danish company to initiate a tractor assembly plant in Enugu, in a deal that aims to assemble 300 tractors by the end of 2024, with a target of reaching 1,000 tractors by 2025.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
