Fayemi announces partnership with Promasidor on $5m dairy plant in Ekiti

Ekiti State Governor, Dr Kayode Fayemi has announced the injection of $5million into the Ikun Dairy Farm by Promasidor Nigeria Limited, in partnership with the state government.

According to him, the investment would include procurement of cattle; equipping the Dairy farm; establish a farm to produce feed and renovate existing buildings.

Fayemi stated this during the inauguration of Board of Fountain Holdings Limited in Ado-Ekiti on Tuesday.

He further explained that the partnership would demonstrate the viability of the state’s agro-industrial processing zone, adding that government was also working on the modalities to ensure that the host community reaps significant benefit from the investment and to use it as a model for future public-private partnership.

He said: “As proof of this, we have the leadership team from Promasidor here with us today, led by the Group Chief Executive, Mr Olivier Thiry who came into Nigeria specifically to visit Ikun Dairy Farm, which will soon be managed by a new company, the result of a joint venture between Promasidor Nigeria Limited and Ekiti State government.

“Promasidor is making an initial investment of $5 million in the farm which will be invested to procure cattle; equip the Dairy farm; establish a farm to produce feed and renovate existing buildings. At full capacity, this farm will produce over 9,000 litres of milk per day and put hundreds of our people in jobs.

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“The work being done with Ikun will be replicated for assets like Ikogosi Warm Springs and Resort; Ire Clay Bricks Limited; Fountain Hotels and other assets.”

The governor explained that the journey of effective re-positioning of the economy and investments of the state started in 2011 during his first term in office but lamented the neglect and the sorry state of those investments owing to mismanagement by succeeding administration that was unable to grasp the need to jealously guard the commonwealth of the state.

He said however that the state was already on the part of correcting those anomalies with the inauguration of the board whose members have the collective experience and individual diversity to re-position the state’s investments.

He urged members of the board to ensure effective management of the state’s investments in order to create value for the people.

Earlier, the Managing Director of Fountain Holdings Limited, Mr Seyi Ayeleso said with the inauguration of the board, Fountain Holdings was now well-positioned to serve as the arrow-head of government enterprise to undertake sundry businesses in purchasing, consulting, construction and other specialised services.

Speaking on behalf of other board members, the Chairman, Mr Jide Ogundare appreciated Governor Fayemi for giving them the opportunity to serve the state in that capacity assuring that they would deliver on the mandate given to them.

Other members of the Board are Dr Babatunde Adeniran; Mr Folakemi Fatogbe; Dr Adetoyi Olabode and Mrs Abiodun Ayeni-Agbaje.