Cross River State has signed an asset sale agreement with the Biase Plantations Limited, a subsidiary of Wilmar International.
The formal signing took place at the Executive Council Chamber of the Governor’s Office in Calabar at the weekend
A statement on Monday by Gill Nsa, spokesman to the governor said the agreement 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 full rehabilitation and productive use.
Describing the event as a “historic day,” Governor Bassey Otu said the move represents the state’s determination to restore and activate legacy assets while shifting business operations into the hands of capable professionals.
“It’s very clear that government is not good at managing businesses. We are here today because we want to restore value to what was once a thriving economic asset.
“Wilmar has demonstrated the expertise and integrity we need in this partnership.”
Gov. Otu revealed that previous operators failed to meet agreed terms, leading to disillusionment in host communities and degradation of vital infrastructure.
He praised the role of mediators who helped facilitate the transition and emphasized the government’s readiness to support Wilmar through infrastructure, energy development, and community integration.
Gov. Otu called on Wilmar to intensify its smallholder scheme to include local farmers in Biase and Akamkpa and urged the company to consider siting a palm oil refinery within the state to maximize local value addition.
“We want our people to benefit directly from this project, not just through jobs, but through the entire agricultural value chain,” he said.
“Cross River remains the safest and most investment-ready sub-national in the country.”
Commissioner for Justice and Attorney General of the state, Ededem Ani, noted that the agreement fulfills Gov. Otu’s promise to reclaim and revive the state’s legacy investments.
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“A portion of the reclaimed land has now been allocated to Biase Plantations Limited. Compensation has been paid, and today, we are executing a new asset sale agreement for the benefit of our people,” Ani said.
Wilmar Africa CEO, Mr. Santosh Pillai, who led the company’s delegation, expressed gratitude for the renewed partnership.
He recalled Wilmar’s initial entry into Cross River State 14 years ago and highlighted the company’s achievements since then.
“We are the largest private employer in Cross River with over 5,000 staff and the largest taxpayer.
“We are proud of our track record and are committed to developing the Ibiae and Kalaro oil palm estates to global standards.”
Pillai also pledged to maintain Wilmar’s tradition of strong community engagement, including scholarship programmes, school and clinic construction, and smallholder development schemes.
He assured host communities that the company will continue to build peaceful and productive relationships, as it has done with 28 other communities across the state.
With a land bank of 28,000 hectares, Wilmar plans to transform the newly allocated land into a world-class plantation.
Government officials, traditional rulers, community representatives, and private sector stakeholders present at the event expressed optimism about the renewed partnership’s potential to drive inclusive economic growth.
