In a decisive move to reclaim and revitalise its dormant agro-industrial infrastructure, the Cross River State Government has signed a historic asset sale agreement with Biase Plantations Limited, a subsidiary of global agribusiness giant, Wilmar International for her previously managed asset. The formal signing ceremony held at the Executive Council Chamber in Calabar on the 14th of June , 2025 marks a turning point in the state’s drive to reposition its agricultural sector and re-engage the private sector for economic transformation.
The agreement confers ownership of more than 8,500 hectares of land and associated assets—previously under the management of Eng-Huat Industries Limited within the defunct Cross River Estates Limited—to Wilmar, setting the stage for full-scale rehabilitation and commercial utilisation.
Describing the occasion as a “historic day,” Governor Bassey Otu highlighted the significance of the move, declaring it a critical step towards restoring value to dormant assets and entrusting them to capable hands. “It’s very clear that government is not good at managing businesses,” the Governor stated candidly. “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.”
Governor Otu lamented the failure of previous operators to honour their commitments, a lapse that bred disillusionment among host communities and led to the decay of vital infrastructure. He commended the efforts of mediators who helped broker the deal and pledged the government’s support for Wilmar, particularly in areas of infrastructure development, energy provision, and fostering community relations.
He further charged Wilmar to scale up its smallholder integration scheme, urging the inclusion of local farmers from Biase and Akamkpa Local Government Areas. He also encouraged the company to consider siting a palm oil refinery within the state to enhance value addition and stimulate broader economic benefits. “We want our people to benefit directly from this project, not just through jobs, but through the entire agricultural value chain,” Governor Otu emphasised, reiterating that “Cross River remains the safest and most investment-ready sub-national in the country.”
Speaking on the legal framework of the transaction, the State Attorney General and Commissioner for Justice, Ededem Ani, Esq., confirmed that the process is aligned with Governor Otu’s pledge to revive legacy investments. “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 disclosed.
Leading Wilmar’s delegation, the CEO of Wilmar Africa, Mr. Santosh Pillai, lauded the renewed partnership and expressed deep appreciation to the state government for its trust. Reflecting on Wilmar’s 14-year presence in Cross River, he noted that the company is “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 Calaro oil palm estates to global standards.”
Pillai reaffirmed Wilmar’s dedication to corporate social responsibility, pledging continuity in scholarship schemes, school and clinic construction, and smallholder farmer development. He assured that the company would maintain its legacy of mutual respect and active engagement with host communities—an approach that has seen it forge successful relationships with 28 communities across the state.
With an existing land bank of 28,000 hectares, Wilmar plans to incorporate the newly acquired land into its world-class plantation portfolio. The event was witnessed by an array of stakeholders, including traditional rulers, community representatives, and private sector players, all of whom expressed optimism about the renewed partnership’s potential to stimulate inclusive economic growth and shared prosperity.
Speaking to journalists after the agreement was signed, the Chairman of Akamkpa Local Government Council, Hon. (Ophot) Felix Akposi KSJI, expressed heartfelt gratitude to Governor Otu for bringing relief and justice to affected communities. “The people were in bondage. Twenty years after the privatisation, no land rent was paid, all traditional rites and other entitlements were denied our people. So this decision was a step in the right direction,” he said. “We are very happy because we are not just hearing about the track records of Wilmar but we know their antecedents and how they operate. We are ready to work with them and ensure that the community-based synergy between us is symbiotic.”
