The events you are about to witness today is the outcome of a journey started barely six (6) months ago under the able leadership of the very dynamic Executive Governor of Ekiti State, His Excellency, Engr. Olusegun Oni. Three (3) months ago, we signed a Memorandum of Understanding (MoU) with a promise to proceed rapidly to the Ground Breaking phase within 90 days. We therefore give glory to the Almighty God for sparing our lives to witness this epoch-making ceremony.

Your Excellency, please permit me to introduce to you the promoters of this laudable project and our partners.

I will start by welcoming our Chairman; the man who, as CBN Governor, authored the blueprint that paved the way for the banking industry consolidation in Nigeria … welcome Chief (Dr) J. O. Sanusi, ex-CBN Governor, Chairman of Global Biofuels Ltd, Chairman Standard Chartered Bank Plc et.c. Through the efforts, wisdom, guidance and integrity displayed by Chief Sanusi, Global Biofuels Ltd and others like her are now able to approach local and foreign financial institutions to obtain lines of credit for the implementation of commercially viable projects such as the one whose foundation stone we are laying today.

Also, please welcome Senator Bode Olajumoke, a Distinguished Senator of the Federal Republic of Nigeria and Chairman of the Senate Committee on Navy. Furthermore, allow me to introduce Otunba Solomon Ayodele Oladunni, who until only recently occupied the highest position by any Nigerian (dead or alive) in Exxon Mobil Unlimited. Otunba Oladunni is a pioneer and director of Global Biofuels Ltd. He is also the Chairman of the Finance and General Purpose Committee of the company.

Let me also introduce Apostle Hayford Alile, the father of the Nigerian Stock Exchange, Chairman of Oceanic Bank Plc, Chairman of Unilever, Chairman of UTC who is also pioneer director of Global Biofuels Limited. Other directors of this company include Mahey R. Rasheed (Ex-CBN Deputy Governor), M.O. Ajayi (notable Stock Broker), Steve Akinretoye and Professor Anthony Babatunde Obilana.

Talking about the technological side of this project, let me assure Your Excellency that the best Graders, Bulldozers, Stumping, Plowing Harrowing and Harvesting equipment/machinery are held in stock at CASTLAT Nig. Ltd, whose Chairman/CEO Prince (Sir) C. A. Latunde is one of the pioneer members of Global Biofuels Ltd.

You can therefore see that this company is blessed with a crop of highly talented and resourceful people who are determined to make a difference in the service of God and mankind.

The other partners working with us on this project include, PRAJ India, ICRISAT, IAR Samaru, Zaria, Mariano Marcos State University of the Philippines, African Development Bank (ADB), UBA Global Markets, Skye Bank Plc and Santrust Securities Limited. The organization charged with the responsibility of regulating, seeding and generally growing the biofuels sector of the Nigerian economy is NNPC.

3. What is Ethanol?

Ethanol is the end result of a process of fermentation of molasses and cellulose. Ethanol can be derived from various raw materials such as grains, sugar cane, biomass and recently sweet sorghum.

4. Sweet, Sweet Sorghum

‘Sweet’ varieties of sorghum store large quantities of energy as sugar in their stalks, while also producing reasonable grain yields. Before now, the major use for the stalk of sorghum for domestic purposes such as fencing and hut construction. What is not used for these purposes was usually left to rot away in farms or burnt.

Sorghum, like sugarcane and maize, exhibits C4 metabolism – making it more efficient at converting atmospheric carbon dioxide into sugar than most plants. As a dryland crop, sorghum requires far less water than costly irrigated sugarcane. This makes the plant more accessible to the poor. The juice squeezed out of sweet sorghum stalks contains about 15-20% sugar that can be fermented into ethanol more cheaply than from sugarcane molasses – and with even greater energy savings compared to maize grain, which has to be hydrated and converted from starch to sugar before it can be fermented.

5. The Benefits of Ethanol as Fuel

Nations around the world are today looking towards biofuels to help reduce their spiraling oil (hydrocarbon) import costs, and to mitigate pollution and global warming. Developing, manufacturing, building, installing, and maintaining renewable energy technologies, as is the case with fuel ethanol, has the potential to create new Nigeria-led jobs and powerful modern industries. This will not only serve to empower entrepreneurs and companies to help build a vibrant and diverse economy, it is also a wise economic choice for the long term. As fossil fuel depletes, Nigeria will have diverse, dependable energy sources and be able to strategically benefit from our oil resources. There are numerous other benefits of ethanol which I will not be able to mention now due to time constraints. Suffice it to say that the main objective of Global Biofuels Ltd fuel ethanol project is to help our dear country Nigeria achieve the mandatory E10 requirements of the Kyoto Protocol while at the same time positioning the company as a profitable Biofuels producer.

The future of the ethanol industry in Nigeria is bright, but the challenges are equally great. For accelerated development, there is need for government, private sector stakeholders and the general public to pool resources together in a strong Public Private Partnership, with focus on grassroots development and the active involvement of the rural populace as encapsulated in the Nigerian Biofuels Policy and Incentives Package.

I welcome you all to this epoch making event and pray that we shall all gather like this within the foreseeable future when the first drops of ethanol will be fermented from seeds our amiable Governor will plant today.

Long Live the Federal Republic of Nigeria!
Long Live Ekiti State!!
Long Live the Ilemeso Communities!!!