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Enugu, Jelfah Nigeria sign N40bn deal to revitalise Sunrise Flour Mills
The government of Enugu State has signed a N40bn partnership deal with Jelfah Nigeria Ltd to revitalise the long abandoned Sunrise Flour Mills located at Emene, an outskirt of the state capital.
Mr. Peter Mbah, the state governor, who announced the deal in a statement on Tuesday, said thd partnership will see Jelfah acquiring a 60% equity stake and investing N24bn in the mills – N22bn for the revitalisation and N2bn benefiting the state directly.
“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,” Mbah wrote via his X account, @PNMbah
“This significant partnership will see Jelfah acquiring a 60% equity stake and investing N24bn in the mills – N22bn for the revitalisation and N2bn benefiting the state directly.
“This agreement, coming on the heels of the recent N100 deal to resuscitate the Enugu United Palm Products Limited, reaffirms our commitment to growing Enugu’s economy from $4.4bn to $30bn through private sector investment. Additionally, the deal includes a Special Purpose Vehicle (SPV) that will own 10,000 hectares of farmland to cultivate the inputs for the flour mills such as cassava and grains.
“This partnership highlights our dedication to creating a business-friendly environment and empowering our people. It is also a testament to the fact that when we say Enugu State is open for business, we are truly committed to it. We understand how to make a win-win deal, both for the investors and for the good people of Enugu State.
“Many thanks to Jelfah Group and Chairman Moses Saromi for their trust and commitment to transforming Sunrise Mills into a centre of excellence.
“To potential investors: Enugu State is ready for business and eager to partner with you. We are dedicated to supporting and fostering investments that drive our state’s economic development. Choose Enugu, and be a part of our growth story.”