To enhance local self-sufficiency, Ellah Lakes Plc in collaboration with Montserrado Investment Ltd., has announced plans to build a sugar refinery in Nigeria.
This was contained in a notice signed by the Company’s Secretary, Geraldine Ofoluwa, and filed with the Nigerian Exchange Limited (NGX).
The disclosure explained that the collaboration involves the construction of a 600-ton of cane per day sugar processing plant, in line with the National Sugar Master Plan (NSMP), which focuses on the improvement, development and growth of the local sugar industry in the country.
The notice reads: “Ellah Lakes Plc. is pleased to announce a collaboration agreement with Montserrado Investment Ltd., to build a 600 ton of cane per day sugar processing plant.
“This is in support of the National Sugar Master Plan (NSMP) championed by the National Sugar Development Council (NSDC), which is geared towards: ‘Accelerating the development and growth of the local sugar industry to achieve national self-sufficiency’.”
This is in support of the National Sugar Master Plan (NSMP) championed by the National Sugar Development Council (NSDC), which is geared towards: ‘Accelerating the development and growth of the local sugar industry to achieve national self-sufficiency’.
Ellah Lakes also informed about the environmental friendliness of the facility that will run on 100% renewable power, and is expected to be completed and inaugurated within 24 months.
Commenting on the investment, the Chief Executive Officer, Ella Lakes, Chuka Mordi, was quoted: “This is a significant landmark for the Company in fulfilling our strategic objective of diversifying our portfolio and production base.
“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.”
Montserrado Investments Ltd is a project development and advisory firm focused on energy infrastructure in West Africa, with projects underway in Nigeria, Liberia and Ghana.
The company’s key projects to date are in the Oil and Gas industry but have since diversified into power generation and value creation.