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Deal #4555 Version #68303

Nigeria

Created at

2014-11-20

Last update

2022-01-20

Last full update

2024-07-01

Land area

Intended size

11 416 ha

Size under contract (leased or purchased area)

[2013, current] 11416.0 ha

Size in operation (production)

[2019, current] 9500.0 ha
[2017] 7200.0 ha
[2018] 9319.0 ha

Comment on land area

2,300ha of oil palm was planned to be planted in 2018 which will complete the area to be planted to approx 9,500ha. 181ha was planted in 2019, completing the total planting of Extension 2. The company plans to develop 10 000 hectares by 2017.

Intention of investment

[2013, current] Agriculture unspecified (11416.0 ha)

Nature of the deal

Lease

Negotiation status

[2006] Concluded (Contract signed)
[2013] Concluded (Change of ownership)
[2013, current] Concluded (Contract signed)

Comment on negotiation status

The land was originally leased to Iyayi Brothers in 2006 but assigned to Okomu Palm Oil in 2013.

Implementation status

[2014] Project not started
[2019, current] Startup phase (no production)

Comment on implementation status

The first trees should start to produce in 2020.

Leasing fees

Comment on leasing fee

The original lessee (Iyayi Brothers) paid 11,144,973 Niara for the period 03/05/2006 to 31/12/2013.