Enugu, Jelfah sign N40bn deal to revive Sunrise Mills

The Enugu State Government and Jelfah Nigeria Limited Tuesday signed a N40 billion deal for the revival of the state-owned Sunrise Flour Mills.

Based on the agreement signed at the government house, Enugu, Jelfah acquired 60 per cent equity stake in Sunrise Flour Mills and the state government, 40 per cent based on the company’s existing assets.

Governor Peter Mbah said: “This investment will see Jelfah Group investing N24 billion into the existing Enugu Sunrise Flour Mills. N22 billion will be directed into revamping and resuscitation of the Sunrise Flower Mill, and N2 billion is going to come to the state by way of cash.

“The Special Purpose Vehicle (SPV) is also going to own 10,000 hectares of farmland, where we are going to cultivate the inputs for the flour mills such as cassava and grains.

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“This is a testament 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 people of Enugu State.”

In his remarks, the chairman of Jelfah Group, Moses Saromi, said Mbah’s policies had unlocked new opportunities for private sector participation, “and Jelfah is proud to be part of this progressive movement.”

“This acquisition of 60 per cent equity not only aligns with Jelfah’s long-term vision, but also furthers the governor’s ambition of empowering the people, revitalising moribund assets and ensuring sustainable development.

“And together with our consortium partners, our goal is to transform Sunrise Four Mills into a centre of excellence, harnessing our collective expertise to drive growth and value creation,” he said.