Cross River signs agreement to revive plantation assets

 By Solomon Azu, Calabar

The Cross River State Government has signed an asset sale agreement with Biase Plantations Limited, a subsidiary of Wilmar International, to revive dormant plantation assets.

The agreement, signed at the Executive Council Chamber of the Governor’s Office in Calabar, transfers ownership of over 8,500 hectares of land and assets, formerly managed by Enghuat Industries Limited under the defunct Cross River Estates Limited, to Wilmar for rehabilitation and productive use.

Governor Bassey Otu described the event as a “historic day,” reaffirming his administration’s commitment to restoring legacy investments and placing them in the hands of competent professionals.

“It’s clear that the government is not suited to manage businesses. We want to restore value to these assets, and Wilmar has demonstrated the expertise and integrity required for this partnership,” Otu said.

He revealed that previous operators failed to meet expectations, which led to community disillusionment and infrastructure decay.

The governor urged Wilmar to intensify its smallholders scheme to include farmers in Biase and Akamkpa and consider siting a palm oil refinery in the state.

Attorney General Ededem Ani said the deal fulfills Governor Otu’s promise to reclaim and revitalize state-owned assets.

Wilmar Africa CEO, Santosh Pillai, expressed gratitude for the renewed partnership, recalling Wilmar’s 14-year presence in the state.

“We are the largest private employer and taxpayer in Cross River, with over 5,000 staff. We’re committed to upgrading the Ibiae and Kalaro oil palm estates to global standards,” Pillai said.

He assured host communities of continued engagement through scholarships, schools, clinics, and smallholder schemes.

Government officials, traditional rulers, and private sector stakeholders at the signing expressed optimism about the project’s potential to drive inclusive economic growth.

 

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