Firm to revive moribund Enugu palm oil
Diamond Stripes Limited through its Special Purpose Vehicle (SPV), Pragmatic Palm Limited, has concluded plans to revive the moribund Enugu-based United Palm Produce Limited (UPPL), having acquired a controlling stake in the UPPL.
The firm has already signed a deal with the Enugu State government to resuscitate the company with the aim of kick-starting the economic transformation of the state.
Speaking at the signing ceremony in Enugu recently, the
Managing Director and Chief Executive Officer of Diamond Stripes Limited, Professor George Nwangwu, said palm products are in high demand.
He said, “We have to realise that agriculture is a business. We are going to bring in a lot of equipment and we are going to process the palm. Not just the palm; the palm kernel is an export commodity. If you go back and look at the biggest import over the years, palm is actually number five on the list. So, it is a significant product, and we tend to make sure we optimise its potential here.”
The United Palm Produce
Limited’s three plantations located at Ugwuoba in Oji River Local Government Area, Akiyi, Umulokpa in Uzo-Uwani Local Government Area and Ibite Olo in Ezeagu Local Government Area would be revived and could provide job opportunities to thousands of people in the state.
“Also, just to give you an example, to get the one at Oji River running, you are talking about close to 500 people because we need people to weed, to operate the plants and process it. So, you are also creating direct employment. If you put all these together, you can see that it runs into thousands of jobs,” he said.