Ellah Lakes Plc has announced its collaboration and agreement with Montserrado Investment Ltd. to build a sugar refinery.
This was made known through a disclosure signed by the Company’s Secretary, Geraldine Ofoluwa, and filed with the Nigerian Exchange Limited.
The disclosure explained that the collaboration involves the construction of a 600 Tons of Cane per Day Sugar processing plant, which is in line with the National Sugar Master Plan (NSMP), which focuses on the improvement, development and growth of the local sugar industry in Nigeria.
According to the notice, “Ellah Lakes Plc. (‘Ellah Lakes’ or ‘the Company’) is pleased to announce a collaboration agreement with Montserrado Investment Ltd (‘Montserrado’), to build a 600 Tons 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.”
In addition to this, the company mentioned that the facility which is expected to take 24 months to build and commission, is also expected to run on 100% renewable power.
Commenting on the company’s recent development, Chuka Mordi, the Chief Executive Officer (CEO), said, “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 at this collaboration and look forward to a mutually beneficial, valuable and fruitful venture.”