Lagos — AMBRA Investicorp Limited, an investment arm of League of Anambra Professionals (LAP) would on August 21, formally take over the moribund Anambra State Integrated Livestock Company, Nkwelle Ezunaka, near Onitsha.

According to a statement from the organisation, the handing over of the farm would be performed at a special luncheon to be hosted by the State Governor, Peter Obi.

LAP said it is investing in the farm project because of its economic viability and the desire of the organisation to ensure that Anambra people and organisations, who invested in the first phase of the N10 billion private placement of Ambra Investicorp Limited begin to reap the fruit of their investments.

The statement noted that the state government in its public private partnership programme had offered LAP 70 per cent stake in the farm, retaining 20 per cent equity while 10 per cent goes to the community and management, adding that the organisation has set aside about N420 million to ensure the Farm begins full operation.

"During our search for areas to invest the money realised so far from the first phase of our investment drive through our business and investment arm, Ambra Investicorp Limited, so many projects were considered but the major boost was from the state government who offered us the 107 acres abandoned and dilapidated Anambra State Integrated Livestock Company, Nkwelle Ezunaka. We considered it because of the propensity of the farm to become an economic goldmine," the statement said.

Speaking on the significance of the handover, Dr. Ikem Odumodu, president of LAP, said the formal handover of the farm project to LAP marks the beginning of the realization of the dreams of the association to focus on specific industrial projects for the economic development of the state as well as empowering the youths to reduce unemployment and social tension in the state.

"We have looked at the business environment in Anambra state. Farming is one area where you can take poorly skilled and unskilled people and engage them. The Anambra State Integrated Livestock Company is one major project that will create employment for the teeming youth of Anambra and reverse what we call the negative demographic distortion that we have in the state," he said.

Odumodu who is also the managing director/CEO of May & Baker plc, said after the handing over, LAP would quickly move in to refurbish the farmland and prepare it for mechanised farming, poultry, and piggery among others.

He commended Governor Obi for supporting the public private sector collaboration, adding that history would remember him for this landmark partnership.