In a significant development for the economy of Enugu State, the state government has entered into a N40 billion agreement with Jelfah Nigeria Ltd aimed at revitalizing the long-dormant Sunrise Flour Mills. The deal, finalized at the Government House in Enugu, grants Jelfah a 60 percent equity stake in the mills, while the state retains 40 percent ownership based on the existing assets.
Jelfah is set to invest N24 billion in the project, which has remained inactive since its commissioning in 1983. The investment is intended to rejuvenate the facility and include a substantial N22 billion allocated for the refurbishment of Sunrise Flour Mills, with an additional N2 billion provided to the state as cash.
During the signing ceremony, Governor Mbah highlighted this agreement as part of his administration’s broader strategy to transform Enugu’s economy from $4.4 billion to $30 billion through private sector investment. He noted that this partnership follows a recent N100 billion investment deal to revitalize Enugu United Palm Products Limited (UPPL).
“This investment is a testament to our commitment to fostering a business-friendly environment in Enugu State. We are serious about creating win-win opportunities for both investors and our community,” Mbah remarked.
He expressed optimism that this initiative would attract further investments, emphasizing the government’s dedication to working closely with investors to mitigate risks and promote business growth in the region.
Chairman of Jelfah Group, Moses Saromi, praised Governor Mbah’s leadership and the improving business climate in Enugu. He stated that the acquisition aligns with Jelfah’s long-term vision and aims to transform Sunrise Mills into a hub of excellence, contributing to local economic growth and job creation.
“We are committed to quickly moving forward with our plans for the flour mills. In the coming 90 days, residents can expect to see significant activity as we begin operations, including the recruitment of local talent to manage the facility,” Saromi added.
The partnership also includes plans for a Special Purpose Vehicle (SPV) to manage 10,000 hectares of farmland dedicated to cultivating raw materials such as cassava and grains, essential for the flour production process. This initiative underscores the joint commitment to enhancing local agricultural capacity while revitalizing the state’s industrial sector.
