LAGOS STATE STRIKES DEAL WITH PRIVATE FIRM TO MANAGE, OPERATE 32-METRIC TONS IMOTA RICE MILL
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By Aishat Momoh. O.
The Lagos State Government has turned over administration of the facility to a private investor for effective operation prior to the commissioning and operation of the 32 metric ton per hour rice mill in Imota, Ikorodu.
On Wednesday, the event where representatives of the State Government signed a Memorandum of Understanding (MoU) with WACOT Rice Limited, a division of TGI Group, was presided over by Governor Babajide Sanwo-Olu.
Through a joint venture, the private company will first manage the mill for nine months while also providing operational support. Subsequently, the relationship comes up for renewal.
The rice mill is anticipated to be turned over by Sanwo-Olu in the next few months, at which point it will start operating for profit.
Ms. Abisola Olusanya, the Commissioner for Agriculture, stated that the privatization of the rice mill’s operations was done to ensure efficiency in the facility’s output. She noted that the state government began discussions with the company in 2019 when the proposal was first proposed.
The Governor believed the mill would be optimized if it had a respectable private brand behind it and a technical support team that could provide intervention towards making the mill sustainable and functional to its capacity, according to Dr. Rotimi Fashola, Special Adviser to the Governor on Agriculture (Rice Initiative).
He said: “There is a need for the Government to put the rice mill on the path of sustainability and give it to a handling that will project quality. We sourced to have a partnership in rice production business that has a stable brand and eye for efficiency. This brings forth this Joint Venture and technical support agreement with WACOT.
“In Nigeria today, this is a brand consumers want to purchase in the market. We are delighted that we are able to bring WACOT to the table for technical support, managerial and quality assurance skills. The partnership agreement being signed today will be for nine months in the first instance and subsequently can be renewed. All i’s have been dotted and all t’s have been crossed.”
Group Managing Director of TGI Group, Rahul Savara, said Lagos Government found a great partner in the firm, pledging that the company would be deploying standard technology and services in managing the rice mill.
He said the private firm shared the Sanwo-Olu administration’s conviction to meet high demand for rice and make Lagos self-sufficient in rice production and processing.
“We are ready to work with Lagos State to make the facility run at its best. We will be deploying the best expertise, technique and training to make the Government proud of this investment,” Savara said.
Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, provided the legal instruments backing the MoU.
Other top management staff of TGI Group at the ceremony included the Group’s Executive Director, Jerome Shogbon, Company Secretary, Omowumi Fajemiroye, Head Corporate Communication, Rafiat Gawat, and representative of Banwo & Ighodalo Partner, Azeezah Muse-Sadiq.
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