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FG Stops 571,000 Tonnes of Rice From Entering Nigeria

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bags of rice
  • FG Stops 571,000 Tonnes of Rice From Entering Nigeria

The Federal Government on Monday announced that 571,000 tonnes of foreign rice warehoused in neighbouring countries were being targeted for the Nigerian market for the Christmas and New Year season, but vowed to stop their entry.

It also stated that Nigeria recently took delivery of 110 rice mills in its bid to enhance local production so as to commence the exportation of white rice from next year.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who disclosed these in Abuja, stated that some of Nigeria’s neighbours, particularly the Republic of Benin, were not moving goods within the region as required by relevant treaties.

He, however, stated that the Federal Government would henceforth check all illegal movements of food and non-food items into Nigeria from the neighbouring countries.

Ogbeh said, “What they do is that they import goods, station themselves at our borders and then smuggle them into Nigeria. For instance, the Republic of Benin doesn’t eat parboiled rice. They eat white rice. But all the rice that comes from the borders into Nigeria is parboiled.

“I have a list now of all the ships that left Thailand in the last seven weeks and they’ve arrived; 571,000 tonnes of rice waiting to enter Nigeria for Christmas. But we won’t allow that. We have to review the treaty in the region, because we are at the losing end. Why are we doing this? It is because this rice is not definitely grown in the Republic of Benin.”

He added, “They bring tomato paste and chicken not produced in the Republic of Benin and because the Nigerian market is so huge, that they want to exploit it. But no economy out of sympathy should damage our own and we should not out of sentiment allow anybody to do things to us, which we can’t do to them.

“When Dangote was trying to ship his cement through the Republic of Benin to Togo, it took him one year to persuade them.”

Ogbeh reiterated that the country would start exporting rice from next year, as he stated that 110 mills had been acquired to make this a reality.

He said, “We can make it happen. We have just brought in 110 rice mills of different capacities. Some can do 100 tonnes, others 50, 40, 20 and 10 tonnes. We are going to give them to cooperative organisations and rice millers all over the country to enhance their milling capacities.

“We have another 12 rice mills to come in maybe next year so that the milling capacity is strong enough for us and we too will begin to export white rice to West Africa.”

On the issue of possible famine in Nigeria from January next year, the minister stated that the government was prepared and promised that the country would not experience such.

The minister stated, “We want to put it quite clearly that there is no danger of famine in the country, because the government will not allow that to happen. We are already taking steps to make sure that Nigerians don’t go through any such harrowing experience. There has been some panic over the massive purchase of grains from many of the big grain producing fields in some parts of the country.

“This fear was heightened by emirs and chiefs in the North, who met with us on Tuesday last week and raised the same anxiety. It is true that for the first time in our history, we are witnessing an extra-ordinary purchase of our grains from the West, North and Central Africa. We are even getting demands from as far as Namibia; they are asking for grains in large quantities of up to 37,000 tonnes of maize.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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itel Partners Amatem and Drug-Aid Distributes Relief Materials In Fight Against Malaria

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itel Malaria Day

To commemorate this year’s World Malaria Day, itel recently partnered with Amatem Softgel, an anti-malaria drug in Nigeria, and Drug-Aid Africa, a non-governmental organisation (NGO) that provides medical drug supplies and support to low-income patients in Nigeria and across Africa.

A statement by itel explained that in tandem with the theme of this year’s World Malaria Day, ‘Zero Malaria Starts with Me’, the three brands joined the global fight against malaria by donating treated mosquito nets, free medical tests, mosquito repellent cream and free anti-malaria drugs to over 1,500 households in Isale-Akoka Community, Bariga, Lagos state.

It explained that malaria is a prevalent disease in sub-Saharan Africa, and was responsible for thousands of deaths yearly, adding that as socially responsible organisations, itel, Amatem Softgel, and Drug-Aid Africa, “believe that they have a quota to contribute in ensuring a relatively healthier society.”

The Marketing Manager for West Africa and Nigeria, itel, Oke Umurhohwo, expressed commitment in bridging the gap in low-income communities through its ‘Love Always On CSR initiative.’

He added that the brand was partnering with Amatem Softgel and Drug Aid Africa to provide these communities, “with an even greater fighting chance against malaria is a part of our commitment to them.”

The General Manager, Elbe Pharma, Shivakumar, said: “Malaria is a life-threatening disease, but it is preventable and curable. We at Elbe continue to find a better way to combat this disease, support the vulnerable ones especially the young children. Hence, the introduction of this innovative anti-malaria brand AMATEM SOFTGEL and this CSR partnership.”

The Programme Officer, Drug-Aid Africa, Oluseyi Sanyaolu, said malaria has been ravaging the vulnerable in the society for years, saying, “it is the reasons why Drug-Aid Africa is dedicated to supporting those in indigent communities with medicines and medical supplies. Together, we can end this menace.”

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South Africa’s Largest Fund Administrator Goes Live with Temenos

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Temenos Multifonds Global Accounting Platform - Investors King

Temenos Multifonds Global Accounting platform enables Curo Fund Services to deliver seamless back office service; Curo is a third-party administrator for 3,000 funds with assets under management in excess of $150 billion; Agility and scalability of Temenos platform supports Curo’s large multi-client fund base and rapid pace of product evolution in the investment industry.

Temenos (SIX: TEMN), the banking software company, today announced that Curo Fund Services, South Africa’s largest third-party administrator, has gone live with Temenos Multifonds Global Accounting platform, completing the first phase migration of funds from its five legacy systems to a single instance of Temenos’ award-winning funds administration platform.

The move to Temenos’ platform has transformed Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.

Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. It employs 300 people and services 3,000 funds with assets under administration of more than $150 billion. Its clients include Sanlam and Old Mutual, South Africa’s largest asset managers.

With Temenos’ platform, Curo is able to deliver a seamless back office service with a higher degree of automation and straight through processing. This reduces risk and cost by reducing human processing and enables Curo to deliver a best-in class service to clients with automated information flows between the administrator and asset managers.

Having successfully completed a first phase migration of funds, Curo expects to transition all 3,000 funds to the Temenos platform during 2021.

Temenos’ platform has proved it can easily scale to meet the needs of Curo’s large multi-client fund base. It has also demonstrated it supports requirements specific to the South African market, including complex life and pension portfolio structures and reporting; market specific requirements for asset classes such as bonds and swaps; and South Africa tax reporting and regulatory reporting.

Curo is now looking ahead at international opportunities. Operating its business on Temenos Multifonds Global Accounting gives Curo the agility to expand geographically and support its local clients that operate in international markets.

Barri Maggott, Chief Executive Officer, Curo Fund Services, commented: “We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients. With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions. We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry this gives Curo and our clients a competitive edge.”

Oded Weiss, Managing Director, Temenos, said: “We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform.”

Temenos was awarded the highest ‘best in class’ status in Aite’s Matrix Evaluation of Investment and Fund Accounting Systems report. Temenos Multifonds Global Accounting also gained the highest status in five portfolio management and accounting solution categories by Adox Research.

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Ardova Appoints Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel

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Olumide Adeosun Ardova - Investors King

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana, has confirmed the appointment of Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel with effect from 1 April 2021.

This was disclosed in a letter signed by Olumide Adeosun, Chief Executive Officer, Ardova Plc.

Mr. Nelson-Cole is a lawyer with over 14 years of experience spanning Company Secretarial, Corporate Compliance and General Legal Practice. He is a graduate of the Lagos State University.

Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

As the Company Secretary/General Counsel, Mr. Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

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