Lagos, Nigeria – 2024 – Veritasi Homes PLC, a leading luxury real estate development company in Nigeria, and ARN Foods, a renowned agricultural enterprise, announced the strategic establishment of a rice mill in ITUNU CITY, a flagship development by Veritasi Homes.
This landmark development will see ARN Foods build the first state-of-the-art, privately owned rice mill within ITUNU CITY, with a capacity to process 192 tonnes of paddy daily. The rice mill is set to play a crucial role in advancing ITUNU CITY’s status as a thriving economic centre, creating jobs, and boosting future returns on investment for potential investors.
Mr Quazeem Famuyiwa, Managing Director, ITUNU Series at Veritasi Homes PLC, commented, “This innovative project by ARN Foods and Veritasi Homes will propel the ongoing development of this prestigious estate. This is just the beginning, as we have more exciting projects coming soon for all ITUNU CITY investors to benefit from.”
The acquisition underscores Veritasi Homes’ commitment to fostering a diverse and integrated community, marking a significant milestone for ITUNU CITY. The establishment of ARN Foods’ rice mill is expected to generate numerous employment opportunities, enhance the local economy, and align with the vision of creating an ideal blend of commercial and residential city life.
“We are optimistic that this partnership will support ARN Foods in creating numerous jobs in ITUNU CITY and contribute to the region’s overall economic growth. As a model community, ITUNU CITY is evolving, and ARN Foods is committed to employing sustainable practices within the rice mill,” said Nola Adetola, Founder of ARN Foods.
The strategic siting of the rice mill is a significant milestone for ITUNU CITY, cementing its position as a vibrant economic and residential hub. The rice mill will provide job opportunities within the community and contribute to the growth of Nigeria’s agricultural sector.
About ITUNU CITY
ITUNU CITY is a mega-site and service project that balances the experience of living in an enabling community with the thrill of recreation and lifestyle.
Following the success of the sold-out ITUNU Residential by Veritasi Homes, ITUNU CITY is located in the Ibeju-Lekki suburb of Lagos State, Nigeria.
About Veritasi Homes PLC
Veritasi Homes PLC is a leading real estate development company in Nigeria renowned for its commitment to excellence and innovation. The company is dedicated to creating high- quality residential and commercial communities that cater to Nigerians’ evolving needs. ITUNU CITY exemplifies Veritasi Homes’ vision of building thriving and sustainable communities.
About ARN Foods
ARN Foods is a prominent agricultural enterprise in Nigeria focused on revolutionizing the country’s rice milling industry. It is dedicated to overcoming known challenges by implementing efficient and technologically advanced milling practices to meet the growing demand for milled rice in Nigeria. ARN Foods is also committed to supporting local farmers
and promoting sustainable agricultural practices.
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