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Cashew Exporters Seek N13b Credit from Banks



Nigeria to expand Cashew Nut export by 2020
  • Cashew Exporters Seek N13b Credit from Banks

Exporters of raw cashew nuts under the aegis of National Cashew Association of Nigeria (NCAN) have urged the Central Bank of Nigeria (CBN) to order commercial banks to create a special window for them.

They said this would enable them get loans at competitive rates, adding that this would help revive the industry and boost the Federal Government’s efforts in diversification agenda.

The group said the CBN had agreed to support the produce, especially for its value addition to move beyond its export.

Speaking on the matter, the group’s spokesman, Mr Kehinde Ibikunle, said exporters needed about N13 billion to finance cashew export till the end of the year.

Ibikunle said they needed a special credit package from commercial banks to improve their exports. He said over 30 per cent of their members had abandoned the trade because of high interest rates they pay on loans, urging the apex bank to address the issue.

He noted that NCAN in the past contributed to the production of cashew by providing loans and herbicides to farmers.

But since banks have tightened credit and set “stricter criteria” for exporters, he said, cashew exporters should provide more detailed financial reports and prove the commercial viability of their business for banks to lend.

He said the $480 million target the group set for itself as foreign earnings from cashew nuts export at the beginning of the year might not be met unless the banks come to their aid.

Another member of the group, Mr. Francis Asade, said the Nigerian cashew is referred to as the best in the international market.

Asade told The Nation that the association had set up a four-year cashew development road map to increase production to 500,000 tonnes, adding that the plan was also aimed at enhancing value addition of the produce up to about 70 per cent within four years.

Asade disclosed that last year the country earned N144.7 billion from raw cashew nuts’ exports to Vietnam and other countries.

Investigation, however, revealed that last year, the Nigeria Customs Service (NCS), Tin-Can Island Command processed 45,462 metric tonnes of the produce for export in the first quarter of the year as against 8,140.6 metric tonnes in the corresponding perio.

Agricultural products being exported through the port are cashew nut, rubber, hibiscus flower, cocoa butter, sesame seed, processed wood, frozen shrimps and processed leather.

The exported manufacturing products are empty bottles, biscuits, cigarette, polyethene, billets, soap, hair cream and tissue paper, among others.

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


Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020




Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website:, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank



Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth



Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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