- Nigeria Can Make N10bn From Cassava Wastes
The Provost of the Federal College of Agriculture, Akure, Dr. Samson Odedina, has said that the country can make over N10bn from cassava leaves and pills annually.
He also said many people could get employed and make a lot of money from the processing of cassava leaves and pills.
The don stated this in an interview on FECA campus, Akure, the state capital.
Odedina, who also spoke about the training of young farmers last Thursday and Friday by some agro-allied organisations in collaboration with the institution on how to process cassava leaves and make money, said FECA would introduce the cassava waste training to its students.
He said, “Before now, you know people made money from cassava tubers only; after some time, we discovered that one can make money from the stems. Now as experts, we have discovered that you can make money from the leaves and pills and lot of young people can make a living from that.
“Now that we have problem of Fulani herdsmen, we know that people can use the pills and leaves to prepare feeds that people can buy to feed their cattle and goats.
“Apart from having the pills, we can also have jobs for young people. The amount of money that cassava leaves and pills alone can deliver to the system is in excess of N10bn and we need our youths to key into that.”
Odedina said younger farmers trained on the campus of the institution were expected to make money first from cassava waste processing so that the venture would be attractive to other youths.
The Country Director, Harvest Plus Nigeria, Mr. Paul Ilona, said the training was important for the youths, saying cassava pills and leaves processing was another way to generate money and employment in the country.
He said “Cassava has leaves, stems and tubers. We harvest over 54 million metric tonnes of cassava annually but over 25 per cent of that goes into waste when you pill; 25 per cent of 54 million metric tonnes translate to over 12 million metric tonnes. This can be converted into a new product and certainly new enterprises and jobs will be created in the animal feeds sector.”
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
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