Cross River State Government has signed an asset sale agreement with Biase Plantations Limited, a subsidiary of Wilmar International, to revitalize dormant agricultural assets.
The formal signing ceremony was held at the Executive Council Chamber, Governor’s Office, Calabar. The agreement transfers ownership of over 8,500 hectares of land and assets—previously managed by Enghuat Industries Limited under the defunct Cross River Estates Limited—to Wilmar for full-scale rehabilitation and commercial development.
Describing the event as a “historic day,” Governor Bassey Otu said the agreement underscores his administration’s commitment to reviving legacy investments and entrusting their management to capable private sector partners.
“It’s very clear that government is not good at running businesses,” Governor Otu stated. “We are here today to restore value to what was once a thriving economic hub. Wilmar has shown the capacity and integrity needed to take this forward.”
Governor Otu criticized previous operators for failing to fulfill contractual obligations, which he said led to community disillusionment and the deterioration of critical infrastructure. He commended mediators who facilitated the transition and reiterated the government’s readiness to support Wilmar through infrastructure, energy provision, and community integration.
The governor also urged Wilmar to scale up its smallholder inclusion program to benefit local farmers in Biase and Akamkpa, and to consider establishing a palm oil refinery in the state to drive value addition and industrial growth.
“We want our people to benefit not only through employment but across the entire agricultural value chain,” he said. “Cross River remains the safest and most investment-ready sub-national in Nigeria.”
Attorney General of the State, Ededem Ani, Esq., affirmed that the agreement aligns with Governor Otu’s agenda to reclaim and rejuvenate the state’s moribund assets.
“A portion of the reclaimed land has now been allocated to Biase Plantations Limited. Compensation has been paid, and today’s agreement marks a new beginning for our people,” Ani noted.
Leading Wilmar’s delegation, Wilmar Africa CEO, Mr. Santosh Pillai, expressed gratitude for the renewed trust and partnership. He recalled the company’s entry into Cross River 14 years ago and outlined its impact.
“We are the largest private employer in the state with over 5,000 staff and the highest taxpayer,” Pillai said. “We are committed to transforming the Ibiae and Kalaro oil palm estates into global benchmarks.”
He also reaffirmed Wilmar’s dedication to community development through ongoing scholarships, healthcare and school infrastructure projects, and smallholder farmer schemes.
“We have built trusted relationships with 28 host communities across the state and will continue to uphold that legacy,” Pillai assured.
With a land bank totaling 28,000 hectares, Wilmar plans to expand its footprint by transforming the newly acquired lands into a world-class plantation. The event was attended by top government officials, traditional leaders, community representatives, and private sector stakeholders, many of whom expressed optimism about the partnership’s potential to drive inclusive and sustainable economic growth in the state.
