On Tuesday, at the Government House in Enugu, the Enugu State Government and Jelfah Nigeria Ltd signed a major agreement to revive the long-moribund Sunrise Flour Mills. Under the deal:
- Jelfah Nigeria Ltd has acquired a 60% equity stake in Sunrise Flour Mills.
- The company will invest N24 billion into the mills, with N22 billion allocated for its revamping and resuscitation, and N2 billion provided as cash to the state government.
- The state will retain a 40% stake based on the company’s existing assets.
Governor Peter Mbah emphasized that this investment, following a recent N100 billion deal for Enugu United Palm Products Limited (UPPL), reflects his administration’s commitment to significantly growing the state’s economy. His goal is to boost Enugu’s economy from $4.4 billion to $30 billion through private sector investments.
The agreement includes the establishment of a Special Purpose Vehicle (SPV) to manage 10,000 hectares of farmland for cultivating inputs needed for the flour mills, such as cassava and grains. Mbah assured continued support for Jelfah and encouraged other investors to explore opportunities in Enugu State.
Jelfah Group’s Chairman, Moses Saromi, praised Governor Mbah’s leadership and the improved business environment in Enugu, expressing eagerness to transform Sunrise Flour Mills into a center of excellence. This deal represents a significant step towards revitalizing key industries in the state and leveraging private sector investment for economic growth.