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Olam Invests $1bn to Boost Nigeria’s Agric Sector

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Olam
  • Olam Invests $1bn to Boost Nigeria’s Agric Sector

The Vice-President of Olam, Reji George has disclosed that Olam Nigeria Limited had invested about $1 billion (about N306billion) to boost Nigeria’s agricultural sector.

George made this known yesterday, in an interview with the News Agency of Nigeria (NAN) in Abuja.

He said the investment was done within its 26 years of existence in the country.

He said Olam was working towards enhancing Nigeria’s food security, boosting the country’s self-sufficiency in food production and helping it to realise its goal of becoming a global exporter of rice.

George said as part of efforts to realise its goals, Olam Nigeria Limited has set up a multi-million dollar integrated rice mill, which have the capacity to produce 36,000 tonnes of rice per annum, in Nasarawa State.

“The 3,000 hectares of land under cultivation on the 6,000-hectare paddy farm, where the rice mill is located, is being increased to 10,000 hectares and will become the largest rice farm in Africa.

“The mill has given direct employment to 1,000 people from the surrounding communities. The total investment in the integrated farm, the mill and other facilities amounts to 111 million dollars (about N40 billion),’’ he said.

George said that the farm was also supporting an “out-grower programme’’, through which adjacent rice-growing communities were supported with training, pre-finance support, fertiliser and seeds so as to boost their productivity.

“More than 3,500 rice-growing farmers are currently engaged in training, pre-finance support and inputs supplies in order to improve their own paddy yields, and the target is the production of 16,000 tonnes of rice by 2018,’’ he said.

George said that as part of strategies to ensure that those involved in the rice value chain did not record or suffer losses, rice farmers were motivated with the provision of rice mills, while domestic markets were sought for the milled rice.

He said that in efforts to boost food production, support the farmers and make Nigeria the agricultural hub of Africa, close to 120 million dollars was spent on the poultry and animal feeds business in Kaduna and Ilorin in 2017.

“We are determined to make Nigeria the agricultural hub on the continent; we are, therefore, sourcing, procuring, grading, processing and exporting other agricultural products such as cocoa, cashew, sesame and cotton,’’ he said.

The Olam vice-president said that more than 6,000 farmers in Taraba and Benue had been fully registered and equipped with farm inputs at a 50-per-cent subsidy.

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

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Finance

FG Implores Parastatals to Promote the Country’s Digital Economy Initiative

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FG Tells MDAs to Promote the Country’s Digital Economy

The Ministry of Communications and Digital Economy under the management of Dr. Isa Pantami, has implored all the federal government parastatals to promote and safeguard the country’s digital economy initiative.

Dr. Isa Pantami, while presenting the keynote address in a virtual forum organised by the Association of Telecoms Companies of Nigeria (ATCON),  said based on the negative effects of COVID-19 pandemic, the demand for critical data infrastructure and broadband is now high.

The minister urged government parastatals to put in effort to uphold and promote government’s digital economy initiative designed to reduce the effect of the pandemic on the nation. He also disclosed that the interests of all Nigerians would also be protected by the government.

Federal government will continue to develop its digital economy policy for a digital Nigeria. Both the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) that are under the supervision of my ministry, now have special departments that promotes digital economy initiative and I urge them and all other parastatals under my supervision, to ensure that they promote the digital economy initiative of the federal government in order to maintain investor’s confidence and to protect the interest of Nigerians, especially telecoms consumers.

Government on its part will ensure that the interests of telecoms companies and the interest of Nigerians are protected. Government is currently addressing the challenges in the cost of investments such as the issue of vandalisation of telecoms infrastructure, and President Muhammadu Buhari has officially directed all security institutes, through the Office of the National Security Adviser (ONSA), to protect telecoms investments in the country,” Pantami said.

The Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, when making his presentation said “The COVID-19 pandemic rapidly and sharply ravaged the globe, Nigeria is no exception. Governments therefore, faced unprecedented challenges from COVID-19 pandemic. The impact affects most sectors of the global economy, ranging from health, to education, to finance, to trade and investment.

While explaining the Commission’s efforts at resolving consumer-related issues, Danbatta noted that less than 500,000 people activated Do-Not-Disturb (DND) code as at 2015 when the code was introduced by the Commission but presently, over 22,722,366 people line on the code.

He also made it known that the commission has resolved 98 per cent of service-related complaints received from telecoms consumers from January 2019 to April 2020.

according to Danbatta “the Commission has monthly engagements with operators as well as quarterly industry working group on Quality of Service and Short Codes, and is currently monitoring 2G Key Performance Indicators, while the KPIs for 4G are being prepared.

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Mambilla Power Project: FG Spends N1.2bn on Survey, Sensitisation 

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FG Releases N1.2bn for 3,050MW Mambilla Hydroelectric Power Project

The Federal Government has released a total sum of N1.2 billion to the Taraba State Government for the 3,050 megawatts Mambilla Hydroelectric Power Project to finally take-off.

Investigations have revealed that the funds were released for the sensitisation of host communities around the site where the plant is to be constructed and survey works.

The N2 trillion power project is to be located in Sardauna Local Government Area of Taraba State after four decades of on and off planning.

Checks revealed that Sale Mamman, the Minister of Power, visited Taraba State last week, where he met with Darius Ishaku, the State Governor, and discussed the final take-off of the 3,050MW project, among other things.

Mamman on Wednesday had tweeted some of the highlights of his Wednesday visit, saying the Federal Government and Taraba State Government discussed how to speed up the project.

He said, “I paid a visit to the Taraba State Government House where I met with the governor and brother.

“We held discussions centered on how to speed up the final take-off of the Mambilla Hydroelectric Power Project and other power issues affecting the state.

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FBN Holdings Boost First Bank CAR With N25 Billion Capital Injection

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FBN Holdings

First Bank Boosts CAR With N25 Billion Capital Injection

FBN Holdings Plc announced it has boosted the Capital Adequacy Ratio (CAR) of its commercial banking subsidiary, First Bank of Nigeria Limited by N25 billion.

According to the statement released by the bank on the Nigerian Stock Exchange website, the capital injection represents part of the net proceeds of the company’s divestment from FBN Insurance Limited.

It noted that the capital injection upped the bank’s Capital Adequacy Ratio to 16.53 percent –before capitalising year to date profit– as at June 2020.

Oyewale Ariyibi, the Chief Financial Officer of the Company, was quoted as saying “the divestment is in line with the Group’s medium to long term strategic objectives. The divestment has unlocked significant value embedded in the former subsidiary which is being leveraged to strengthen the core banking business for which the Group is renowned“.

Ariyibi further stated that the Company’s objective is to increase capital across the Group in order to drive business growth, enhance efficiency and improve overall shareholders’ value.

Uk Eke, the Group Managing Director, who commented on the company’s performance for the first half of 2020 said “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the results demonstrate our capacity to deliver exceptional services to our customers in these uncertain times. Looking ahead, we remain cautious, but confident that our business is fundamentally strong to surmount any future challenge towards delivering superior financial performance“.

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