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WACOT Rice Limited Boosts Nigeria’s Food Security, Distributes Agri-Inputs to Farmers in Kebbi

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WACOT Rice

In demonstrating its commitment to the success of the Argungu Outgrower Expansion Program (AOEP), WACOT Rice Limited has concluded the distribution of agri-inputs to smallholder rice farmers in Argungu, Augie, Suru and Dandi Local Government Areas of Kebbi State.

The AOEP which is a partnership between WACOT Rice Limited and the West African Trade and Investment Hub (TH) seeks to increase the quality of smallholder farmer livelihoods via access to required agri-input financing, capacity building trainings on Yield Enhancement Techniques (YET) and Good Agronomic Practices (GAP).

The input distribution was carried out at village and community levels. The Emir of Argungu, His Highness Alhaji Samaila Muhammad Mera (CON), flagged off the 2021/2022 Dry Season agri-input distribution exercise at his palace in on the 8th of December 2021.

The ongoing program involves 3,464 registered farmers in four LGAs. These farmers, comprising of 10% women and 25% youth, have received agri-inputs and as the season progresses, they will also be supported with both on and off-field training sessions.

Commenting on the exercise, the Chairman of WACOT Rice Limited – Farouk Gumel, said the distribution of certified seeds, agrochemicals, and fertilizer to the project participants will enhance their productivity and thus, income.

He added that, “I am excited about the significant participation of youth and women this season who continue to play a critical role in Nigeria’s agricultural value chain. I will encourage more to sign up as this will support our ambitions to become a self-sufficient nation”

One of the beneficiaries, Hajia Kulu Augie, who has a three-hectare rice farm at Kasuwanamu Fadama area of Kebbi, commended WACOT and its partner, the Trade Hub, for the kind gesture, noting that it had made life easier for the farmers by empowering them.

She said, “they are helping many people with the input they give us. I got NPK, Urea, fertilisers and herbicides for this planting season, which will boost my yield. Then, the terms are convenient because I only need to provide them with rice worth the value of inputs I got from them. The arrangement is also beautiful in that I can sell the remaining rice to them at the going rate or take it elsewhere; there is no compulsion at all.”

Recall that in December 2020, WACOT Rice signed a co-investment partnership with the Trade Hub to the tune of $10.5 million to support the company’s Argungu Rice Outgrower Expansion Project based in Kebbi State. In this partnership, WACOT Rice will register an additional 5,143 farmers to complement its already existing outgrower network in the state. These new farmers are expected to cultivate over 5,000 additional hectares of land thereby producing over 20,000 tons of paddy which will be utilised at WACOT Rice’s 120,000-ton rice mill in Kebbi

WACOT Rice Limited – a member of the TGI Group, operates an integrated state-of-the-art rice mill in Argungu, Kebbi State. The mill is one of the largest rice mills in Sub-Saharan Africa and sources paddy from various paddy producing states across Nigeria. The mill was commissioned by the Vice President, Prof. Yemi Osinbajo in 2017 and produces premium household brands of parboiled rice Big Bull and Patriot.

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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Seplat Energy Unveils Ambitious Drilling Program for 2024, Aims for 13 New Wells

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seplate to announce financial results on July 29, 2020

Seplat Energy, one of Nigeria’s prominent energy companies, has set its sights on an ambitious drilling program for 2024, with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

This announcement comes as part of the company’s unaudited results for the first quarter ending March 31, 2024.

The breakdown of the new wells reveals a strategic focus, with 11 dedicated to oil production and 2 aimed at gas production.

Seplat Energy highlights the successful commencement of its drilling program by delivering one well, Ovhor21, in the first quarter of 2024.

Also, two wells, Okporhuru-9 and Sapele-37, which were initiated towards the end of 2023, have been completed.

Both Okporhuru-9 and Sapele-37 have yielded promising results. Okporhuru-9 has discovered multiple hydrocarbon-bearing intervals in deeper formations, while Sapele-37 encountered hydrocarbons in deeper reservoirs, along with proving up a northern extension to the Sapele field.

Seplat Energy is now conducting further technical analysis to assess the commercial potential of these discoveries and the wider implications for OML 41.

Looking ahead, Seplat Energy is committed to delivering the remaining 12 wells on the 2024 drilling plan.

Three wells, namely Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter, with the aim of supporting production volumes later in the year.

Roger Brown, the Chief Executive Officer of Seplat Energy, expressed optimism about the discoveries, emphasizing the promising initial results and highlighting the quality of Nigeria’s geological resources.

He also acknowledged the progressive actions taken by President Tinubu and industry regulators to support the energy sector.

Furthermore, Seplat Energy has made strides in enhancing its operational efficiency and shareholder value.

The company has released the applicable exchange rate for determining its final and special dividend payout to shareholders who opt to receive their dividends in naira.

With an exchange rate of N1,309.88 per $1, shareholders can expect clarity and transparency in dividend payments.

Seplat Energy’s ambitious drilling program underscores its commitment to driving growth and innovation in Nigeria’s energy landscape while maintaining a strong focus on operational excellence and value creation for stakeholders.

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APM Terminals in Talks with Government for Terminal Upgrade in Apapa

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apapa

APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

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Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

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Uber

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

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