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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021

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Total Exploration - Investors King

Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.

In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.

Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.

The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.

Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.

Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.

Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.

Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.

Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.

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CBN Approves BUA Sugar Refinery, Dangote Sugar Refinery and Golden Sugar Company to Import Sugar into Nigeria

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Sugar - Investors King

The Central Bank of Nigeria on Monday said it has approved BUA Sugar Refinery Limited, Dangote Sugar Refinery and Golden Sugar Company to import sugar into Nigeria given their commitment to ensuring the country is sugar sufficient through their backward integration.

This was contained in a statement signed by Dr. O.S Nnaji, Director Trade and Exchange Department, CBN.

The decision is in line with the Federal Government of Nigeria’s plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.

This will allow the three companies to sustain production while simultaneously building their backward integration in the sector.

However, the apex bank said, “Authorised Dealers shall Not open Forms M or Access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without the prior and express approval of the Central Bank of Nigeria as the Bank is charged with the mandate of monitoring the implementation of the backward integration programs of all the companies.”

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JPMorgan On A Blockchain Hiring Spree

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JPMorgan - Investors King

JPMorgan is on a hiring spree for its blockchain unit, seeking to fill positions across audit, engineering and marketing, several LinkedIn postings reveal.

The bank — which has been active in the blockchain space for several years — announced in October 2020 that it would bring all of its blockchain-related products and services under a new business unit, dubbed Onyx. Those services including Liink, a blockchain network of hundreds of financial-services firms and corporations, as well as its Coin Systems business, as per its website.

As for the job ads, JPMorgan has plastered dozens of new postings on LinkedIn, including engineering-related roles. One role for a blockchain platform software engineer is looking for someone with a background in proof of stake, Ethereum, and bitcoin and would create a “forum for innovation with the blockchain technology community that drives thought leadership around the digital architecture roadmap and strategy.”

There’s also evidence the firm wants a stronger external presence for the blockchain work being worked on at the firm.

“This individual will drive the Liink marketing strategy by developing a thorough understanding of our strategic objectives, positioning, brand voice, and offerings so that you can create consistent and engaging content across multiple touchpoints,” the ad reads. The person hired would be tasked with creating marketing strategies that “spark engagement — both internally and externally.”

The bank added that they want the person to have a sense of humor that is a touch irreverent.

JPMorgan has already made quite a number of big-ticket marketing hires for Onyx. At the beginning of the year, Ariana Gianacopoulos — formerly VP of global commercial marketing at Conde Nast — joined the firm as a marketing director.

Ray Beharry — previously a marketing executive for IBM’s cloud services division — also joined at the beginning of the year as head of marketing at Onyx, as per his LinkedIn.

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