Southwest Agriculture Company Limited (SWAgCo), the agribusiness investment arm of Odu’a Investment Company Limited (OICL), has signed ₦10 billion worth of joint venture agreements with strategic partners to accelerate agro-industrial development across South-West Nigeria.
The agreements were signed on the sidelines of OICL’s 43rd Annual General Meeting held at Lagos Airport Hotel, Ikeja. The partnerships involve four major entities: Starlink Global & Ideal Limited, PETAGULS Cultivars & Seedling Technologies Ltd, Foodlocker Limited, and the British American Tobacco Nigeria Foundation (BATNF).
SWAgCo entered into a joint venture with Starlink Global & Ideal Limited and PETAGULS Cultivars for a five-year cocoa plantation project valued at ₦4.6 billion. The initiative will be sited at either the Odu’a Agro-Industrial Hub in Oke-Ako, Ekiti State or Akunnu, Ondo State, pending final land validation.
The project will begin with a 100-hectare pilot in its first year, scaling up to 1,000 hectares by Year 5. It is expected to create thousands of direct and indirect jobs, enhance rural livelihoods, and stimulate economic growth through food security and infrastructure development.
Starlink Global is a leading cocoa trading and development firm with over four decades of experience in Africa’s commodity markets, while PETAGULS specializes in advanced cocoa seedling production and agricultural consultancy.
Integrated Crop and Livestock Project – ₦5.2 Billion Investment
SWAgCo also signed a three-year, ₦5.2 billion joint venture with Foodlocker Limited to develop an integrated maize, soybean, sorghum, and beef production hub at the Odu’a Agro-Industrial Hub in Imeko, Ogun State.
The initiative will commence with 200 hectares in Year 1, expanding to 1,000 hectares by Year 3. It will leverage available irrigation infrastructure to promote food security, enhance livelihoods, and support sustainable agricultural development.
Foodlocker, founded in 2017 by former Amazon and Bunnings Warehouse professionals, is backed by Founders Factory Africa, the African Development Bank, and other local investors. The company has received global recognition, including winning the Impulse Accelerator Program and selection by SVG Ventures in Silicon Valley.
Maize Development Project with BATNF – ₦65 Million Initiative
In partnership with the British American Tobacco Nigeria Foundation, SWAgCo will implement a ₦65 million maize production program on 50 hectares at Oke-Ako, Ekiti State. The initiative targets at least 100 smallholder farmers, providing them with credit, agricultural inputs, training, and market access.
A key component of the program includes a ₦32 million revolving grant from BATNF, designed to enhance productivity, income, and sustainable agribusiness practices in rural communities. Implementation will be led by Westlink Integrated Agriculture Limited, a portfolio company of SWAgCo.
Dr. Theo Adewale Onadeko, Managing Director of SWAgCo, emphasized the strategic importance of these partnerships in achieving Odu’a’s vision of agro-industrializing the region:
“These joint ventures are a major step forward in transforming agriculture across the Southwest. By leveraging partnerships and strategic investments, we are laying the foundation for inclusive growth, rural development, and food security in our region.”
