- Bank of Agriculture Injects N9bn into S-east States
The Bank of Agriculture (BOA) said it had injected a total of N9.08 billion in states in the South-east zone of the country, in its quest to achieve economic diversification.
A breakdown of the amount showed that while Anambra got the lion share of N3.304billion, Ebonyi got N577.888 million. Abia on its part got N1.451 billion, while Enugu and Imo got N1.703 billion and N2.048 billion respectively.
The bank had also during the last meeting of the South East governors’ forum made a presentation on the activities of the bank in the region and efforts to explore areas the zone had comparative advantage.
Managing Director of the bank, Mr. Kabiru Mohammed explained in Enugu that the bank had the mandate to provide agricultural credit and non-agricultural micro-credit with a view to curbing poverty.
He, however, said that the amount so far disbursed in the zone fell below the expected target for the region,considering the abundant opportunities in the area.
“Our bank and its stakeholders are making concerted efforts to curb all known challenges to agro-entrepreneurship to widen the space for more participation,” he said.
According to him, most of their credit facilities were directed at women whom he said had suffered from neglect; chronic underinvestment and regional protectionism.
“We know that lots of women in the rural areas are involved in agriculture but presently not being taken care of.
“They are poorly served by infrastructure, financial systems, scientific innovations or access to market and the results are reflected in poor levels of productivity.
“Our intension is to make sure our activities extend to them,” he said.
The managing director said that with the effects of climate change and expected upsurge in the country’s population in the year 2050 “all hands must be on deck to help safeguard the future of people”.
Kabiru said that the bank desired to partner state governments in the zone with a view to exploiting the huge potentials in the area.
“The South-east is blessed with good land for the cultivation of tree crops like oil palm, rubber, cashew, roots and tuber crops with abundant water bodies capable of sustaining viable aquaculture,” he said.
He appealed to governors in the region to revitalise the moribund oil palm plantations and processing plants in the zone.
He said that such agencies as the Ada Palm in Imo, Okomu Oil as well as the Imo Rubber and National Institute for Oil Palm Research (NIFOR) had relationship with the bank.
“As the leading Agricultural Development Finance Institution in Nigeria, the bank is ready to offer its expertise, experience and technical capabilities to support the region in its quest for diversification,” Kabiru said.
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.
Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods
Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.
Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.
Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.
He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.
“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.”
According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.
After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.
The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.
Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.
Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.
“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”
He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.”
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