Enugu State Government and Jelfah Nigeria Ltd have signed a N40 billion deal to revive the long-abandoned Sunrise Flour Mills in Enugu. The agreement, signed at the Government House in Enugu, involves Jelfah acquiring a 60% equity stake in Sunrise Flour Mills, with an investment of N24 billion, while the state government retains 40% based on existing company assets.
Governor Mbah expressed his administration’s commitment to growing the state’s economy from $4.4 billion to $30 billion through private sector investment. This deal follows a previous N100 billion investment with Pragmatic Palms Limited to resuscitate Enugu United Palm Products Limited [1).
The partnership aims to transform Sunrise Mills into a center of excellence, driving growth, job creation, and socio-economic development in Enugu State. Jelfah Chairman Moses Saromi praised Governor Mbah’s vision and leadership, citing the ease of doing business in Enugu State.
Key Highlights of the Deal:
- Investment Value: N40 billion
- Jelfah’s Equity Stake: 60%
- State Government’s Equity Stake: 40%
- Investment Breakdown: N22 billion for mill resuscitation, N2 billion in cash to the state
- Farmland Allocation: 10,000 hectares for cassava and grain cultivation
This partnership signals Enugu State’s readiness for business, offering a conducive environment for investors and promoting economic growth.
