Please note: you are viewing an old version of this deal. The current version can be found here: Deal #3074

Deal #3074 Version #58581

Nigeria
Created at
2013-02-22
Last update
2014-11-12
Last full update
2023-03-24

Land area

Intended size
50 000 ha
Size under contract (leased or purchased area)
  • 26000.0 ha
  • [2012, current] 19732.0 ha
Comment on land area
Initial plantations include Biase (8,688 hectares), Ibiae (5,561 hectares), and Calaro (5,483 hectares). Additional plantations at Eyop, Kwa Falls, and Oban. Cross River State Government is reported to be identifying lands for the company's expansion in the area. Some reports state that the intended size is 100 000hectares while others state that the intended size is 50 000hectares.

Intention of investment

Intention of investment
  • [current] Agriculture unspecified
Comment on intention of investment
Oil palm for multiple uses

Nature of the deal

Nature of the deal
Lease

Negotiation status

Negotiation status
  • [2012, current] Concluded (Contract signed)
Comment on negotiation status
During a recent privatization round, the company won bids for 3 plantations. The company has committed to spend $650m into oil palm plantation estate including mills and refining facilities

Implementation status

Implementation status
  • [2013, current] Startup phase (no production)
Comment on implementation status
RSPO has requested the company to halt all activities until it has complied with its regulations

Contract farming

Contract farming
Yes
Not on leased / purchased (out-grower)
Yes
Comment on contract farming
The company is looking into a smallholder scheme.