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Nigeria Producing 60% of Seeds in West Africa, Others – NASC

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  • Nigeria Producing 60% of Seeds in West Africa, Others – NASC

Nigeria accounts for over 60 per cent of seeds traded and used in West Africa and some parts of East and Central Africa, the National Agricultural Seeds Council has said.

According to the council, additional 158 new seed entrepreneurs have been added to the existing players in the Nigeria’s seed sector in order to bridge the country’s seed supply gap.

The Director-General, NASC, Phillip Olusegun, who disclosed this at the head office of the council in Abuja, also stated that the seed industry was experiencing tremendous growth.

He said, “We continually dominate and extend our share of the seed landscape in the sub-region. Nigeria’s seed industry accounts for over 60 per cent of seeds traded and used in the West African sub-region and some parts of East and Central Africa.”

On the new seed entrepreneurs, Olusegun said, “The governing board of the NASC has approved the licensing of 158 new seed entrepreneurs of different categories to add to the existing 156 already in operation.

“Why additional entrepreneurs? The question may arise in the minds of watchers of the industry. But I want to assure you that this is borne out of the determination to allow many qualified entrepreneurs to explore the budding liberalised landscape of the seed industry.”

He explained that presently the seed supply-demand gap was still wide and there were more calls from neighbouring countries that look up to Nigeria for their seed supply.

“This underscores the point that the industry is not yet saturated as some may think,” he added.

Olusegun said the governing board of the NASC was not just concerned about the numbers but the quality, adding that the council was very critical of the quality of seed being churned out to farmers.

He said, “In view of this, we conducted a recertification exercise. This is done periodically for all initial 156 companies in a bid to evaluate and assess their infrastructure, personnel and capability, production capacity and operational efficiency to ascertain if they still meet up their status or rating.

“The result of this exercise led to the upgrading of six companies that had improved their infrastructure, quality assurance systems, and personnel while 75 were downgraded.”

Olusegun said the downgrade, which could be traced to the lull in the seed industry, owing to a backlog of debts owed to the companies, did not mean weakness in the industry but was strategic.

“It is to checkmate the activities and promote desire for quality and healthy competition among entrepreneurs,” he said.

He also said most of the newly licensed companies were not entirely new in the business but were mostly out-growers, with long years of experience, and had acquired necessary facilities in the relevant categories they had been classified into after due assessment by the NASC.

The NASC boss said, “With these new entrants, the board has approved 16 new small-scale companies, 133 producer and seller entrepreneurs and nine seed dealers.

“In all, the country now has 314 seed entrepreneurs, made of four large-scale, seven medium-scale, 39 small-scale, 223 producer sellers, and 20 seed dealers.

“Also worthy of mention is the fact that during the last recertification exercise, 21 seed entrepreneurs were approved by the board to be classified as inactive. This means they cannot participate in seed-related activities until the council reassesses and recertifies their facilities.”

This, according to Olusegun, does not mean their licences have been revoked, hence their inclusion in the number of companies.

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.

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Company News

Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

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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.

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Company News

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

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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.

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Appointments

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

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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.

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