• Sunday, June 16, 2024
businessday logo

BusinessDay

Songhai Delta Farm: Govt, firm signs shareholders agreement

Songhai Delta Farm: Govt, firm signs shareholders agreement

Delta State Government has signed a shareholders agreement with Adventium Global Delta Consortium Limited, a subsidiary of Adventium Global Incorporation, United States of America (USA).

The deal is for the transformation of the Songhai Delta Farm at Amukpe in Sapele Local Government Area of the state, into an Agro-Industrial Processing, Tourism and Training Park.

This is seen as part of the efforts being made by the incumbent administration in the state in consolidating on its Stronger Delta Agenda and to finish strong.

Patrick Ukah, the secretary to the Delta State Government (SSG), who signed on behalf of the state government, stated that the signing of the agreement between the government and the consortium was a testament of Governor Ifeanyi Okowa’s vision for creating jobs for the teaming youths in the state and diversifying the state’s revenue base from over reliance in crude oil revenue.

Ukah commended members of the committee set up to drive the process as they were able to deliver on the set goals within the stipulated time.

Read also: ThriveAgric raises $56.4m in debt funding to grow farmer base, expand in Africa

He called on the management team of the consortium to ensure that they keep to the terms of the shareholders agreement to achieve the goals of the Public Private Partnership (PPP) arrangement with the state government.

Earlier, Isaac Oghogho, the group managing director and chief executive officer of Adventium Global Delta Consortium Limited who spoke through Simeon Asaboro, the chief operating officer of the firm, said their investment in Songhai Delta was under a PPP agreement where the consortium would inject $40m into the project, bring technical partners and manage the transformation of the farm.

He disclosed that the project would have socio-economic and developmental impact on the state such as creating jobs for the teeming unemployed and under-employed youths and women in the state.

The project would ensure the development of several communities across the state where raw materials (crops and livestock) shall be produced and bred on a large-scale commercial basis to feed the processing plants at the Songhai Delta Farm, he said.

He added that the project would also generate revenue for the state, promote the tourism potentials in the state and project the investment opportunities in Delta State to the world.

Oghogho thanked the state government for giving the consortium the opportunity to partner with the state and assured that all the terms of the agreement would be met.