Enugu, firm sign N40bn deal to revamp Sunrise flour mills
In a move to revamp Enugu State’s Sunrise Flour Mills in the Emene area of the state, the state government has signed a N40bn agreement with Jelfah Nigeria Limited.
This was disclosed in a statement on the official X (formerly known as Twitter) handle of the state Governor, Peter Mbah on Tuesday.
“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,” he wrote.
The governor stated that the deal would see the company acquire a 60 per cent equity stake in the mills while committing N24bn towards its revitalisation.
“This significant partnership will see Jelfah acquiring a 60 per cent equity stake and investing N24bn in the mills – N22bn for the revitalisation and N2bn benefiting the state directly,” he added.
Mbah added that out of the N24bn investment, N22bn will go directly into revamping the facility, while N2bn will benefit the state in other critical areas.
He noted that the development is part of the state’s broader strategy to transform its economy, increasing it from $4.4bn to $30bn through private sector-driven investments.
He stated that the partnership includes the establishment of a special purpose vehicle, which will manage 10,000 hectares of farmland dedicated to cultivating essential raw materials such as cassava and grains for the mills.
Mbah reaffirmed the state government’s commitment to creating a business-friendly environment expressing gratitude to Jelfah Group and its chairman for their trust and commitment to transforming Sunrise Flour Mills into a centre of excellence.
PUNCH Online reported that Labour Party’s 2023 governorship candidate in Enugu State, Chijioke Edeoga, had earliercalled on Mbah to reconsider the state’s current tax regime, which he claimed has imposed an overwhelming burden on residents and businesses.
