One Year Of Investment Drive

On assumption of office- 24th February, 2017 Arakunrin Oluwarotimi Akeredolu, SAN did promise to create jobs through Agriculture and Investment. Most importantly, to diversify the State's economy from civil servants driven to industrialized economy. To this end, the present Administration in Ondo State has been able to create enabling environment for private investors to thrive. The following Memoranda of Understanding have been signed and the government is hard at working to ensuring that everything comes into fruition

A. LIST OF PROJECTS WITH EXECUTED MoUs

1.​MOU between Cocaset Nigeria Limited and ODSG for the Establishment and Management of Integrated Sugar Cane Value Chain Project, comprising 1,100 hectares of Sugar Cane Plantation, 50 tones p/d capacity Sugar Processing Mill and 10,000 Litres of Ethanol Mill at a project estimated value of N3,500,000,000.(Three Billion, Five Hundred Million Naira only). ODSG owns a 15% equity stake for surveying the land and 3 directors on board (one of the directors from the Community where the project is located) and COCASET holding 85% equity stake for funding the project and 4 directors. The project is located at Omar village, Ikaro Community, Ose LGA, and to be flagged off on 22nd February 2018.

2.​MOU between Ondo State Government and WEMS Agro Companies Limited and Akotogbo Land-owners for Integrated Rice Project comprising WEM Rice Farm of 5,400 ha, between WEMS AGRO Nigeria Company Limited and Akotogbo Land-owners and ODSG at a project estimated value of N5,800,000,000 (Five Billion, Eight Hundred Million Naira Only). WEMS AGRO owns 75% (5% for community social responsibility), Landowners own 10% and ODSG 15% for serving as the land regulator between WEMS AGRO and Akotogbo Land-owners, and the WEMS Rice Mill of 32,700mt capacity per annum with a project estimate value of 4,200,000,000.(Four Billion, Two Hundred Million Naira Only) between WEMS AGRO company Limited and ODSG, having share holding interest of 95% and 5% respectively (5% equity stake to ODSG for goodwill).

3.​Agreement between ODSG and Air Peace Ltd for the Air Transport Service Operation on Lagos-Akure-Lagos Flight Route operating six days a week to make Akure more accessible to foreign and Local investors.

4.​Agreement between ODSG and Overland Airways Limited on rescheduled Air Transport Operation to increase flight schedules on Abuja-Akure-Abuja Route from 3 days to 6 days a week.

5.​MOU between ODSG and Greenfield Assets Ltd for the Establishment and Management of a Commercial Scale Poultry Farm and Powdered Egg Plant Project at Emure-Ile, Owo LGA, Ondo State at an estimated project value of N42,000,000,000 (Forty-Two Billion Naira Only). With ODSG holding a 10% equity stake and a director on board for contributing 150 hectares of land and goodwill to the project, while Greenfield Assets owns a 90% equity stake and 4 directors on Board for contributing funding and management to the project. The project is to be flagged off on the 22nd of February 2018.

6.​Re-appraised and reworked MOU between Africa Redcrest Nigeria Ltd and ODSG for the Establishment of Mass Rice Production of 37,500Mt of rice per annum and a Rice Mill, all with an estimated project value of N12,000,000,000 (Twelve Billion Naira Only). ODSG holds 20% equity stake and having two (2) directors on Board for contributing 500 hectares of land beside Owena Dam Area, while Africa Redcrest Ltd is to own 80% of equity stake and 5 directors on Board for providing technical assistance, management and funding to the project. The Rice Mill is located at Igbara Oke, Ifedore LGA. The project is to be flagged off on 21st February 2018.

7.​MOU between ODSG and Adventium Global Resources Ltd for the Establishment of Agriculture Development and Food Processing Hub Project at Jugbere Village, (Owo Forest Reserve), Owo LGA, at an estimated value of $43,000,000 (Forty Three Million Dollars only). Ondo State owns 25% equity stake and 2 directors on Board for contributing 5,700 hectares of Land while Adventium Global owns 75% equity stake for providing funds and managing the project and 5 directors on Board.

8.​Re-appraised and reworked Concession Agreement between ODSG and ZL Global Alliance Resources Ltd. for the Integrated Waste Management System Project across the State., comprising Waste Collection with user charges, Waste Recovery and Recycling Plant, Igbatoro Road, Akure, Electronic Waste Management Plant at Ore, Waste Management Auto-Assembly Plant at Ondo, all at estimated value of 7,150,000,000 (Seven Billion, One Hundred and Fifty Million Naira Only) with over 3,000 youths to be employed. ODSG to be paid N60,000,000 (Sixty Million naira Only) annually for waste collection and 20% equity stake in each of the other segments of the project. The project is to be flagged off at Akure on 21 February 2018.

9.​Re-appraised and reworked MOU between ODSG and NNPC on the Establishment and Operation of Cassava to fuel Ethanol Project at an estimated project value of $175,000,000 (One Hundred and Seventy-Five Million Dollars only). ODSG representatives, NNPC officers and other project team members are to travel to China in order to firm up all technical and financial issues relating to the project. Their Visas are currently being processed. The project is estimated to create over 1,000,000 jobs.

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