Connect with us

Business

Food Fortification: FG, BMGF, Dangote, Others Intensify Efforts

Published

on

Billionaire Aliko Dangote
  • Food Fortification: FG, BMGF, Dangote, Others Intensify Efforts

Following the global campaign for the fortification of all food products with micronutrients, the Bill and Melinda Gates Foundation has collaborated with the Federal Government, the Aliko Dangote Foundation, Flour Mills of Nigeria Plc as well as chief executives of food processing companies in the country to intensify efforts on fortifying all food and food products on sale in Nigerian markets.

The World Health Organisation and the World Bank Group Joint Child Nutrition estimated that 41 per cent of Nigerian children under the age of five were stunted in 2017, while the United Nations Children’s Educational Fund has revealed that 10,235 children under the same age range were stunted in 2015.

Speaking in Lagos on Thursday night during the Nigeria Food Processing and Nutrition CEOs Forum, the President, Dangote Group, Aliko Dangote, called on the Federal Government to remove the import duty on micronutrient premixes used by processors to fortify food products.

He also urged the appropriate agencies of government to intensify efforts at curbing smuggling across the borders, noting that most of the food products smuggled into the country were not fortified.

Dangote stated, “We have agreed that if the agencies of government enter our markets and find food products with less nutrients than needed or that are not fortified at all, the firms producing them need to be shut.

“More than 10 million children are currently malnourished and we are making efforts to see how to save our children from malnourishment. We are more committed to fortification now and the regulatory agencies – the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control – have agreed that they will be more aggressive in implementing the policy.”

The Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, said that it was a government policy that all foods must be fortified.

She stated, “There is a health issue. All our children have been suffering and fortified food strengthens them and gives them a better future. This meeting today is to ensure that everybody is on board.

“We had meetings with the CEOs and they have committed to fortify their food products and the government will also commit to addressing any challenge they have, such as making sure that the cost of production in terms of premix and their nutrients is brought down.

“There will be a meeting next year to review the agreement and what we all need to do. Government will review and see what can be done about the tariff on premix, because we are told that other countries have gone down to zero although that depends on each country and its circumstances.”

The Director, Nutrition Programme, the Bill and Melinda Gates Foundation, Shawn Baker, remarked that Nigeria had some of the biggest burden of malnutrition in the world.

He said, “You really cannot talk about reducing malnutrition in the world unless you also make significant progress in Nigeria.

“Two of our significant programmes are large-scale food products fortification and optimal breastfeeding. Only 17 per cent of mothers breastfeed exclusively within the first six months and that is when the child needs all the nutrients.

“Large-scale food fortification is important because if a child does not have the essential vitamins in their diet, they lack the essential nutrients for brain, immune system, eyesight development and for building adequate blood supply.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

Published

on

Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

Continue Reading

Company News

Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

Published

on

Dangote Refinery

Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

Continue Reading

Appointments

First Bank of Nigeria Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan

Published

on

Olusegun Alebiosu

First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC, has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer (CEO).

This decision comes in the wake of the resignation of Dr. Adesola Adeduntan, who has led the bank for the past nine years.

The appointment, which takes immediate effect, is subject to the approval of the Central Bank of Nigeria (CBN), reflecting the bank’s commitment to regulatory compliance and governance standards.

Mr. Alebiosu, a seasoned banking professional with over three decades of experience, is well-prepared to take on the responsibilities of leading First Bank Nigeria during this transition period.

Having served as the Executive Director and Chief Risk Officer, he played a pivotal role in the transformation and growth of the institution over the past eight years.

His extensive experience spans various aspects of the banking and financial services industry, including credit risk management, financial planning, corporate and commercial banking, and project financing.

Before joining First Bank Nigeria in 2016, Mr. Alebiosu held key positions in renowned financial institutions such as Coronation Merchant Bank Limited and the African Development Bank Group.

Expressing gratitude for Dr. Adeduntan’s exemplary leadership, the Board of Directors acknowledged his significant contributions to the bank’s growth and success during his tenure.

Dr. Adeduntan’s departure marks the end of an era characterized by remarkable achievements and milestones for First Bank Nigeria.

As Acting CEO, Mr. Alebiosu is poised to build upon the bank’s legacy and steer it towards continued growth and profitability. With a strong focus on strategic objectives, he aims to uphold First Bank Nigeria’s reputation as a leading financial institution in Nigeria and beyond.

In his new role, Mr. Alebiosu will work closely with the Board of Directors and management team to ensure seamless operations and uphold the bank’s commitment to delivering exceptional services to its customers.

As the banking industry undergoes rapid transformation and evolving regulatory landscape, First Bank Nigeria remains committed to maintaining its position as a trusted financial partner for individuals and businesses across the country.

With Mr. Alebiosu at the helm, the bank looks forward to a new chapter of innovation, resilience, and sustainable growth.

The appointment of Mr. Olusegun Alebiosu underscores First Bank Nigeria’s commitment to continuity and stability amidst leadership changes, signaling confidence in his ability to lead the bank through its next phase of growth and development.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending