NewStats: 3,261,318 , 8,173,669 topics. Date: Wednesday, 28 May 2025 at 08:02 PM 455c3m

The Cross River State government may revoke the title to 12,400 hectares of Ayi Eku oil palm estate in Akamkpa LGA operated by Ningsong M-House Palm Oil Ltd reportedly owned by former Senate President, Bukola Saraki.

This follows complaints of neglect of the vast estate which has reportedly become fallow by residents of the area.

Ayi Eku Oil Palm Estate was privatised in 2007 under the istration of President Olusegun Obasanjo.

Saraki’s firm allegedly got the title to the estate.

Now, the Cross River State government has given the investors one month to submit detailed plans for regenerating and developing the plantation for full-fledged business, or the state House of Assembly will begin processes of revoking the license.

Leading other high-ranking state government officials, the Commissioner for Agriculture, Johnson Ebokpo, said the state has received mountains of petitions from the host communities against owners of the estate, all calling for new investors to take over.

Stakeholders, government officials, including the five communities which initially donated the land to the federal government as well as security agencies held a roundtable in Calabar to address the petitions before the management of the firm, warning them to live up to expectations.

Ebokpo said the state had to step in to resolve the issue between five communities, Iku, Abung, Akor, New Ndebiji, Okarara and the firm.

Some of the allegations by these communities against the firm are that the firm failed to implement of reference, including lack of corporate social responsibility and veering into illegal timber logging in the Cross River National Park.

According to Ebokpo, his office consulted the Bureau of Public Enterprises, BPE, which confirmed that Wingsong M-House was the majority shareholder and had the right to the title of the estate.

He called on the firm to act responsibly and to re-establish a new line of informal engagement with the communities to douse tension while the development plan was awaited, warning that they risk ownership of the estate if they failed.

He cautioned the five communities involved to show restraint even in the face of the misunderstanding over the years.

The commissioner stressed that they want responsible private sector participation in its business environment.

State security adviser, Major General Obono Ubi cautioned the firm not to allow the estate become a den for criminals so that the Ambazonian fighters in southwest Cameroon will not use it as their fortress against the Cameroonian government.

A lawmaker in the State House of Assembly, Phillips Bette, representing the Boki 1 constituency spoke about negligence, insecurity and the possibility of revoking their title.

Managing Director of the firm, Mr Moyi Ladoja denied veering into lumbering, disclosing that they recently resumed actions in the estate.

He appealed for two months to enable them properly detail their development plans.

He disclosed that misunderstandings between the host communities and themselves have barred them from full operations.

Source: https://dailypost.ng/2025/04/17/cross-river-govt-threatens-to-revoke-ownership-of-sarakis-oil-palm-estate/

Oil Palm business is highly profitable but the bar of entry is high for commercial scale level a Politician can manage. He should sell it to PZ or Okomu

FreeStuffsNG:
Oil Palm business is highly profitable but the bar of entry is high for commercial scale level a Politician can manage. He should sell it to PZ or Okomu

Oga it's not highly profitable its just low risk investment

Investment in palm oil business might take you 10 years to break even... Depending on location

Where palm oil grows in Nigeria don't have cheap lands the lands are super super expensive

mrvitalis:

Oga it's not highly profitable its just low risk investment

Investment in palm oil business might take you 10 years to break even... Depending on location

Where palm oil grows in Nigeria don't have cheap lands the lands are super super expensive

Smh. It's a high risk so much that even well-established ones like Okomu are still dealing with threats to the lives of their employees who have been fatally attacked several times.

I don't know what you mean by super super expensive because as a Lagosian, I know that you can't have land sold anywhere in Nigeria like what land or even swamp goes for in Lagos. I am sure that you don't know that land is even sold for multimillion naira per square metre in some parts of Lagos.

Palm oil business is highly capital intensive but highly profitable. I have real facts to it. The only snag is that it's bar of entry is high

This is why it is not good entrusting an enterprise in the hands of politicians or people without an in depth knowledge.

Why didn't he invest in Kwara state. At least no one would threaten the investment.

Nigeria matter and shamelessness na 5 and 6 🤝

Buy it from him.
That's simple

FreeStuffsNG:
Smh. It's a high risk so much that even well-established ones like Okomu are still dealing with threats to the lives of their employees who have been fatally attacked several times.

I don't know what you mean by super super expensive because as a Lagosian, I know that you can't have land sold anywhere in Nigeria like what land or even swamp goes for in Lagos. I am not even sure that you know that land is even sold per square metre in some parts of Lagos. Palm oil business is highly capital intensive but highly profitable. I have real facts to it. The only snag is that it's bar of entry is high

once the plantation is established
with good management its a cash cow

mrvitalis:

Oga it's not highly profitable its just low risk investment

Investment in palm oil business might take you 10 years to break even... Depending on location

Where palm oil grows in Nigeria don't have cheap lands the lands are super super expensive

You are just an online writer and nothing more. You know absolutely nothing of what you're saying.
The bolded says it all.

NewDigitalWorld:


Source: https://dailypost.ng/2025/04/17/cross-river-govt-threatens-to-revoke-ownership-of-sarakis-oil-palm-estate/

This south south people sef.........how una allow strangers take hold of your patrimony....tomorrow una govsay Igbos are domineering and loud!

Eyip Eku, a place where I spent my formative years, two years to be precise. Please, Politicians, in the name of being investors, should not kill this great oil palm estate. Still Akor Government primary school

bixton:




You are just an online writer and nothing more. You know absolutely nothing of what you're saying.
The bolded says it all.

Abi o! He said where palm trees grow? What does that even mean?

kponkedenge:
Why didn't he invest in Kwara state. At least no one would threaten the investment.

Which sector....
Fried wara...?!

He just abandoned the plantation.
The state government should take over it.

Perhaps he could no longer fund the project and abandoned it

Ayi Eku Oil Palm Estate was privatised in 2007 under the istration of President Olusegun Obasanjo.

Saraki’s firm allegedly got the title to the estate.
only kids of yesterday takes any nonsense that came out of Obasanjo mouth seriously, that man is the most corrupted president Nigeria ever had
He almost sold all Nigeria assets to his friends

mrvitalis:

Oga it's not highly profitable its just low risk investment

Investment in palm oil business might take you 10 years to break even... Depending on location

Where palm oil grows in Nigeria don't have cheap lands the lands are super super expensive

Lol who tell you say farming land dey expensive in Nigeria? Are you trying to build your farm inside the city or what?

una go dey cap nonsense online.

LegendHero:


Lol who tell you say farming land dey expensive in Nigeria? Are you trying to build your farm inside the city or what?

una go dey cap nonsense online.

Your ignorant is really something beyond normal honestly

144 palm fruit only can be planted in one hectare... And in most places palm oil grow it would cost you 2 to 50 million per hectare especially in South South and South East... So how exactly am I wrong

He was never good at managing any business. Wonder how an outsider can own such volume of land, must have been the work of that hobbit ex governor.

mrvitalis:

Your ignorant is really something beyond normal honestly

144 palm fruit only can be planted in one hectare... And in most places palm oil grow it would cost you 2 to 50 million per hectare especially in South South and South East... So how exactly am I wrong

No farmland is 50m anywhere in Nigeria for 1ha, you are probably not familiar with farm business

OlujobaSamuel:

No farmland is 50m anywhere in Nigeria for 1ha, you are probably not familiar with farm business

Have you ever bought land in South East?

mrvitalis:

Your ignorant is really something beyond normal honestly

144 palm fruit only can be planted in one hectare... And in most places palm oil grow it would cost you 2 to 50 million per hectare especially in South South and South East... So how exactly am I wrong

Lol swampy area for 55m per hectares....


Maybe you plan to do your own farming in town...


As Lagos Land cost reach there are some Bush you will still go that you will see land for 400k, 300k per plot in Epe, odo, Agbowa area....

inoki247:



Lol swampy area for 55m per hectares....


Maybe you plan to do your own farming in town...


As Lagos Land cost reach there are some Bush you will still go that you will see land for 400k, 300k per plot in Epe, odo, Agbowa area....

So that's 6 to 8 million pet hectare

See good business he's taking for granted. He should get a good manager to manage the place for him than losing the place outrightly.
We can help him manage the place if he doesn't know what to do to the palm plantation.

mrvitalis:

Have you ever bought land in South East?

Mention the area in southeast that is having a farmland of 3m per plot. Don't insinuate, be specific of the area.
Kindly note that we are talking about farmland

mrvitalis:

Your ignorant is really something beyond normal honestly

144 palm fruit only can be planted in one hectare... And in most places palm oil grow it would cost you 2 to 50 million per hectare especially in South South and South East... So how exactly am I wrong

There is no where in the rural area where you’ll buy a hectare for average of 25million per hectare. That is nonsense statistics.

Most of these big players just go to the state government and they allocate land to them and they pay a token of the actual cost price.

I think you have numbers problem. Dangote bought 70,000 acres in Lagos for $100 million which is roughly 1.8million naira per acres. Thats N4m+ per hectares.

So how in the world will one hectare cost even 5million in a remote location for state in the SE/SS? Farmland oooo, not residential land.

inoki247:



Lol swampy area for 55m per hectares....


Maybe you plan to do your own farming in town...


As Lagos Land cost reach there are some Bush you will still go that you will see land for 400k, 300k per plot in Epe, odo, Agbowa area....

Leave am oo, it means for large scale farming, the investor go need about 2bn to acquire land, before even talking of clearing the land

LegendHero:


There is no where in the rural area where you’ll buy a hectare for average of 25million per hectare. That is nonsense statistics.

Most of these big players just go to the state government and they allocate land to them and they pay a token of the actual cost price.

I think you have numbers problem. Dangote bought 70,000 acres in Lagos for $100 million which is roughly 1.8million naira per acres. Thats N4m+ per hectares.

So how in the world will one hectare cost even 5million in a remote location for state in the SE/SS? Farmland oooo, not residential land.

The way you talk out of ignorance is funny... In my village in IMO 50 million can't get you 1 hectare.

Nigeria doesn't start and end in South West oga

[b][/b]

OlujobaSamuel:

Mention the area in southeast that is having a farmland of 3m per plot. Don't insinuate, be specific of the area.
Kindly note that we are talking about farmland

Mbaise