April 02, (THEWILL) – Former President Olusegun Obasanjo’s Agro-Allied Business Ltd (OABL) is set to invest $700 million (about N1.75 trillion) to expand its operations into Cameroon, reinforcing its footprint in the region’s agricultural and logistics sectors.
Agha Albert Ngwana, CEO of Aftel Cameroon Limited and a strategic partner of OABL, confirmed the expansion plans, stating that the company has secured 610 hectares of land for large-scale maize and soybean cultivation. The move is aimed at strengthening OABL’s livestock supply chain and boosting agricultural trade between Nigeria and Cameroon.
As part of the investment, the company will also establish fertilizer distribution networks, packaging facilities, and warehouse infrastructure to facilitate seamless cross-border trade.
Additionally, OABL has acquired land concessions to develop a 10-hectare wood processing site and introduce maritime services to ease congestion at Nigeria’s Apapa and Lekki ports.
“Our goal is to provide transshipment services and other key operations at the Kribi deep-sea port,” Ngwana said.
Beyond agriculture, the firm plans to construct oil and gas storage terminals for ship refueling and develop a five-star hotel to cater to the growing business and tourism market in Cameroon.
Obasanjo’s investment comes as Cameroon completes the second phase of Kribi’s port expansion, executed by China Harbour Engineering Company, a subsidiary of China Communications Construction Company.
The expansion, which includes a 715-meter-long dock, is expected to enhance port efficiency and trade capacity when operations begin in April 2025.
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