Delight Farms business group has signed a $300 million Memorandum of Understanding (MoU) with Regal Regtech Finance LLC, a Dubai-based financial institution, to boost agriculture in Oyo State.
The $300 million (N105 billion) technical MoU was signed in Ibadan, yesterday between the Chairman of Delight Farm, Mr Stanley Lucky John and the Project Consultant, Professor Christopher Olufunsho Boyejo of Chris Management Consultant as the first phase of the MoU which is expected to be fine tune between Delight Farms and the Joint Venture partners in Dubai, United Arab Emirates in November 2018.
Others present at the MoU signing ceremony include Duro Adeyemi Michael, Joseph Kayode Adebayo, Kehinde Mojeed Adegoke and Ekemode Emmanuel Olusanya.
Speaking at the event, the Project Management Consultant, Professor Boyejo said that the event, being the first phase of the project is a technical procedure to heralds the beginning of the great business venture for a dream that started in 2014.
“This project is a landmark event for us in Nigeria because when we started this venture four years ago, our initial bargain was $100 million, but today and with proposal we presented, they are offering the group a $300 million for the same project.
“The fund which will be released in tranches for the implementation of the project is meant to create over 100,000 jobs for Nigerians as well as increase the nation’s Gross Domestic Product (GDP).
“It will also help to reduce the dependency on the importation of foreign produce (frozen chicken), which Nigeria use to import from the Benin Republic. And by the time the project kicks off, we will be exporting to other countries,” Boyejo said.
The multi-billion naira project which would be executed in phases is expected to start early next year. The venture will involve multiple projects in the agro-allied business which includes Poultry, mixed crop farming, piggery and rice farming among other economic driven business activities.
The chairman, Delight Farms, Mr Lucky in his speech thanked the project consultant Professor Boyejo for his efforts at facilitating the multi-billion Naira project with the Dubai financial institution from the conceptualization stage to the advance stage of signing the first phase of the joint venture partner project.
Lucky added that the technical MoU is a dream come true for his group, promising to work within the agreement to see that project is actualised.
He said the fund when released will help to activate different allied projects which will also recreate employment as well as boost productivity of agricultural products in Ibadan and it neighbouring states.
The chairman of Delight Farms explained that the project is an expansion of the group’s agro -allied business based in Ibadan which also targets co-operative farmers in Oyo State, which will later extend its tentacle to other South-Western states and later to the Eastern part of Nigeria, starting from Abia State.