Oriental Oil Chief, Indimi Explains Investment in Agriculture
The Chairman, Oriental Group of Companies, Dr. Mohammed Indimi, has explained why he has decided to diversify into investing his money into agriculture,the Nation has reported.
Dr. Indimi who spoke with journalists penultimate week in Maiduguri, the Borno state capital, at the signing of a multi-million dollar MoU between one of his subsidiary companies, OER Farms Limited and the University of Ilorin, said enhancing food security in the country was his major concern to venture into agricultural investment.
He refuted insinuation in the global fear that oil will no longer be a major player in the world’s economies, stressing that, “we are going to drill the well until we drain it. Maybe not in my generation but I have groomed the younger one that will do that. My company does a lot of things and not just oil. Like I said before, agriculture is my long-time dream and I am very happy that we have ventured into it now. I am also particularly happy because our investment in agriculture will enhance the food security in the country.”
The Borno born oil mogul also threw his weight behind President Muhammadu Buhari’s decision to closing the country’s borders, stressing that, “such drastic measures will enhance production and boost local economy of the country. If you go to Benin Republic now, there is over 15 million tonnes of rice to be shipped into Nigeria. I asked, why can’t they consume it and I was told that they only eat their local rice. They don’t eat the foreign rice themselves and they want to dump it on other people.”
Indimi who had earlier with the Pro Chancellor of University of Ilorin, Prof. Jubril Oyelekan sealed a deal with the university on behalf of his company, also expressed joy that, “this project is a massive one and its quite unique because we are not bringing anybody from outside, university of Ilorin are going to provide the land for us and their Faculty of Agriculture will be providing all the labour and the expertise and we will pay them.”
Details of the OER Farms Ltd and University of Ilorin MoU as obtained by indicates that the agreement will be a 21-year Land Lease Agreement with University of Ilorin to develop a 10,000-hectare mechanised agricultural project, which will be managed in line with best industry practice to increase productivity within the sector.