Idaewor farms to raise N40mn from public

The authorities of Idaewor Farms limited, one of the leading agro-processors in the South- South geopolitical zone has indicated interest to raise the sum of N40million from members of the public to boost productivity.

BusinessDay reports that the authorities are also planning to enlist in the Nigerian Stock Exchange within the next three years. Peter Idaewor, managing director and chief executive officer of the farm made this known in an exclusive interview with BusinessDay in Benin City at the just concluded 2014 Edo state trade fair.

According to him, we have a plan to source for N40million from members of the public within the next two years. The fund will be geared towards expanding the company with the state-of the-art facilities as well as building warehouse, multipurpose hall, office accommodation, construction of perimeter fence round the factory, among others.

“After that we intend to enlist on the Nigerian Stock Exchange to grow the business to such a level that it will have nothing to do with me again as an individual so that even if I drop dead today the products would be in every nooks and crannies of this country and beyond,” he said.

He disclosed that Bank of Industry (BoI) supported the factory with a facility to acquire N8.5million fly drier machine for the production of High Quality Cassava Flour (HQCF) for making bread, noting that the machine which has been successfully installed would be commissioned soonest.

He added that about 28 cassava processors benefited from the BoI cassava bread fund scheme across the country while others who are on the waiting lists would soon get their funds.

Idaewor said he has a staff strength of 37, excluding casual workers that are engaged in the peeling of cassava. According to him, out of the 37, five are in management positions. He however assured that the staff strength would be increased to include members of the Nigeria Youths Service Corps (NYSC) and students on internship after the commissioning of the newly installed drier at the company to complement the efforts of the existing staff.

Idaewor farms limited is the producer of Idaewor Cassalina while plans have been concluded to introduce Idaewor plantation flour and High Quality Cassava Flour (HQCF) for making bread for the market.

He gave the breakdown of cassava processors operating in the state to include, Idaewor, Santa Maria, Amida and Lentus farms limited respectively.