Connect with us

Company News

Golden Agri Inputa Ltd. (GAIL) Partners With Kaduna State Government On Accelerating The Development Of The Maize & Soyabeans Value Chain In Nigeria

Published

on

Golden Agri Inputs Ltd a subsidiary under the Agro-Allied Division of Flour Mills of Nigeria Plc (FMN) has launched a Maize and Soybean Value Chain Development Programme for farmers called YALWA (Abundance) in Kaduna State following an official MoU signing ceremony with the State Government.

The initiative, which is based on a well-defined Backward Integration Strategy, will be carried out through strategic partnerships, and will include input loans, agricultural extension, agronomy training, farm-gate participation, and out-grower programs for participating farmers.

Speaking at the event, the program’s lead, Mr. Olushola Fashedemi, Head of Commercial, Golden Agri Input, disclosed that the YALWA program was designed to aggressively double maize and soybean output in Nigeria through greater yields, improved quality, and competitive pricing. He emphasised that the program will significantly improve the availability of raw material in the country, contribute to the improvement of food security, save millions in foreign exchange spending, and improve the lives of numerous smallholder farmers in the state.

“During the course of the year, the YALWA initiative will have a substantial impact on over 25,000 farmers and up to 100,000 individuals through farmer-household empowerment. Furthermore, the program is expected to be expanded to other states within the next five years, including Niger, Gombe, and Kwara.” He stated.

Commenting on the initiative, Honourable Hajiya Halima Lawal, Kaduna State Commissioner informed that the state was fully committed to the success of initiatives like YALWA.

“I am delighted that we are partnering with Flour Mills in implementing this project. It offers us a realistic solution to our quest for economic diversification.”

“Kaduna State is first in the ease of doing business and is not relenting in its efforts to provide an enabling environment for private sector participation, increasing investment and scaling up our farming communities to a business level” she said.

In line with its strategy to encourage local content with backward integration investments, FMN is working with renowned hybrid seed companies like Corteva Agricscience and Golden Penny Fertilizer Company to provide support for the project.

It is envisaged that by the end of the program, yields for maize will increase from 2.5mt to 5mt per hectare and soybean from 1mt to 2mt per hectare. To kick start the initiative, all the required inputs were presented to each of the lead farmers in the state.

About GAIL

Golden Agri Inputs Limited (GAIL) is part of the FMN Group which strives through the overarching group’s mission of “Feeding the Nation, Everyday” to create value along the entire food chain with its “farm-to-fork” model. This division ensures an increase in the use of locally sourced materials to develop and produce consumer foods and industrial ingredients for local markets.

About Flour Mills of Nigeria Plc

Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc. is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products, an iconic brand “Golden Penny” and a robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.

The FMN group strives in its mission to “Feed the Nation, Everyday” through its five core food value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches. FMN creates value along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.

Continue Reading
Comments

Company News

Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

Published

on

Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

Continue Reading

Company News

Apple’s Market Value Plummets Amid Regulatory Scrutiny on Both Sides of Atlantic

Published

on

inside apple company

Apple Inc. finds itself at the center of regulatory storms on both sides of the Atlantic, leading to a significant dip in its market value.

The tech giant is facing intense scrutiny from regulators with allegations of antitrust violations looming large.

In the United States, the Department of Justice, along with 16 state attorneys general, has filed a lawsuit against Apple, accusing the company of breaching antitrust laws.

This legal action has sent shockwaves through the investment community, resulting in a 4.1% drop in Apple’s shares on Thursday alone.

This decline wiped out approximately $113 billion in market value, increasing its year-to-date losses to 11%.

Once hailed as the world’s most valuable firm, Apple’s shares have underperformed major indices like the Nasdaq 100 and the S&P 500 in 2024.

Across the pond, European regulators are also eyeing Apple’s practices closely. The company faces potential probes into its compliance with the region’s Digital Markets Act.

This legislation empowers authorities to levy hefty fines, up to 10% of a company’s total annual worldwide revenue, for violations.

With investigations looming, Apple’s future in the European market appears uncertain.

Despite Apple’s staunch defense against the allegations, investors remain jittery about the implications of regulatory actions.

The company’s legal battles have underscored broader concerns about its dominance in the digital marketplace and the impact on competition.

As the regulatory saga unfolds, Apple must navigate turbulent waters, balancing legal challenges with its commitment to innovation and market leadership.

Continue Reading

Company News

NNPC Gears Up for Public Listing, Embraces Full Commercialization

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.

The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.

Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.

This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.

In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.

He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.

Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.

The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.

Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.

NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.

As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending