Deal #4555

Nigeria
Created at
2014-11-20
Last update
2024-07-01
Last full update
2024-07-01

Land area

Intended size
11 416 ha
Size under contract (leased or purchased area)
  • [2013, current] 11416 ha
Size in operation (production)
  • [2019, current] 9500 ha
  • [2017] 7200 ha
  • [2018] 9319 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

Intention of investment
  • [2013, current] Agriculture unspecified (11416 ha)
Comment on intention of investment
oil palm trees and rubber trees cultivation

Carbon offset project

Carbon offset project
No

Nature of the deal

Nature of the deal
Lease

Negotiation status

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

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.

Contract farming

Contract farming
No