By Millicent Senava Mannah
The Investment Conglomerate Corporation (ICC) conducted a one day Agric-Financing and Corporate Farming Seminar on Saturday 16th December, 2023 at the Bank of Sierra Leone Complex at Kingtom in Freetown on the theme: “Building an Entrepreneurial Ecosystem Through Agric-Financing and Corporate Farming”.
The event emanated from a promising initiative to empower 5,000 farmers across Sierra Leone through agric-financing and corporate farming.
It is worth noting that currently ICC has a 2,500 acre of land in the five districts where they are working namely: Bombali, Kenema, Port Loko, Moyamba, and Tonkolili Districts.
Engineer Amadu Sesay, Operations and Managing Director of ICC, intimated that the objective of the seminar was geared towards encouraging investment in agriculture in alignment with Government’s “Feed Salone” Game Changer Initiative. Sesay emphasized the Corporation’s role in addressing longstanding challenges in the agric sector by establishing a collaborative partnership among farmers, landowners, communities and the Government.
He disclosed how ICC is a corporation that encompasses several businesses ranging from agriculture, infrastructure, real estate, cleaning services amongst others adding that the mission of the company is to make investment available to everyone.
The Managing Director maintained that their vision is to build an entrepreneurial ecosystem furthering that the company has a five year plan called an ‘Establishment’.
“Corporate farming is an idea that brings together the investor, the land owners and the company with all farms in a particular district in one place and divided into plots,” Mr Sesay stated.
Engineer Sesay also pointed out that the company shall support the investors in the processes of land clearing, planting to harvesting stating how they will also buy the harvests from them.
He revealed that they are growing different crops like cassava, sorghum, rice, pepper, groundnuts and corn amongst others. According to him, they have cassava plantations in all the five districts they are working.
Ing Amadu Sesay explained that they are focusing more on growing cassava and decided to invest in it more because the value chain is huge underscoring how cassava can be used for medicinal purposes, in manufacturing paper, starch and used as food for livestock amongst others.
He noted that the price to invest in one acre is NLe4, 000 and after harvesting the investor will derive a profit of NLe11 million.
The Managing Director further disclosed that after harvesting a plot, the funds the investor used will be refunded and after which the profits will be shared accordingly.
Underlining the profit-sharing structure, Ing Sesay detailed the method of distribution: “The investors will receive 45% of the profits, the farmers 30%, the company 20%, and the community 5%.” He emphasized the Corporation’s involvement in marketing and exporting of harvested produce both for national consumption and export.
Interested investors were encouraged to engage by demonstrating an expression of interest through filling forms, tour the farming locations and signing an agreement.
He added that to facilitate participation, the Corporation is offering a flexible investment plan and individuals without immediate investment capital can engage in planting, deferred payment until after planting.
Yusuf Ibrahim, Director of Finance at NaCSA, emphasized the imperative of achieving rice sufficiency and crop diversification. He advocated for private sector involvement, highlighting the necessity for prudent private investments to achieve an agricultural milestone.
Joseph Mose, one of the farmers from Bo Town, revealed how the seminar ignited his passion for farming, affirming its impact in solidifying his commitment to the agricultural profession.
