Ellah Lakes Signs Agric Deal With Ghanaian Company to Establish Subsidiary

• Ellah Lakes will gain access to KJM Trading Limited's resources following a deal between both companies to expand their services across Africa
• The Nigerian Palm oil company partnered with KJM Trading to have its presence in Ghana as it moves to expand its market control beyond the Nigerian business environment
• The company led by Chuka Emordi will also create a Ghanaian subsidiary following the deal with KJM, and it plans to expand to two more Africam countries

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Ellah Lakes has concluded plans to establish a subsidiary in Ghana after signing a deal with an haulage company, KJM Trading Limited, which operates within the country and Nigeria.

The Nigerian palm oil producer says it will create Ellah Lakes Ghana, which will oversee its operation in the West African country as it plans to introduce its products there.

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In a statement announcing the deal, Ellah Lakes said the partnership is one of many other Anglophone transactions it intends to make in order to increase its African presence.

Although the deal with KJM Trading Limited is subject to negotiation and execution of definitive documentation, a part of the statement reads.

It was gathered that Ellah Lakes will have access to KJM's haulage business to deepen its reach across Africa, and it will purchase arable farmland with a size of 20,000 hectares in Ghana.

Chuka Mordi, the Chief Executive Officer and Managing Director of Ellah Lakes said the deal is the first stage of its dominance in the sub saharan continent.

And Emmanuel Jones-Mensah, the CEO of KJM, said the deal is right for both companies.

Meanwhile, Legit.ng had previously reported that the Minister of State for Petroleum, Timipre Sylva, wants Nigerians to pay more for fuel consumption.

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Sylva said he's against fuel subsidy as it holds the country's progress and weighs heavy on government's finances. He said FG should stop subsidising pump price.

According to the Minister, if fuel subsidy remains after rehabilitation of the refiner, it will be operating at a loss to the government, and it's the reason for the current economic situation.

Source: Legit.ng