Economy
WASIL, BIF Partner to Boost Production of Grains
By Dipo Olowookere
A Memorandum of Understanding (MoU) has been signed between the West African Soy Industries Limited (WASIL), a member of WACOT/TGI Group, and Business Innovation Facility (BIF).
The deal is aimed to improve the productivity of Maize and Soy farmers in a replicable manner in Nigeria.
With the signing of the MOU, BIF will provide WASIL with technical assistance in realizing its objectives.
Identified areas of collaboration include data capturing and building data base of farmers and cooperatives in Maize & Soy.
While WASIL/WACOT is expected to provide its current database of existing cooperatives which had been formed earlier, BIF will support the Group in designing a pre-assessment survey form to assess the farmers’ socio –economic conditions, determine the sample size and assist with getting the same administered on ground.
BIF will also provide the required Information Technology (IT) support and database software and trained field staff to conduct registration of 15,000 new farmers while also conducting farm mapping and re-validation of database of farmers collected by WASIL staff and provide continuous supportive supervision.
It will also support the process of farmer training needs assessment on field, review and fine-tuning of Yield Enhancement Technique training resources and other training and development tools.
Support the production of promotional materials required for provision of Field Extension Services to the member farmers and the dissemination crop calendar related Information to farmer members on a regular basis (through ICT if possible).
BIF will also support in the establishment of Demo Plots to transfer Best Practices to member Farmers and the execution of Farmer Field Days (at least 2 field days) during the Growing Season for the member farmers
General Manager in charge of Corporate Affairs at TGI Group, Mr Sadiq Kassim, stated that, “WASIL is currently working with the Federal Ministry of Agriculture & Rural Development and the Central Bank of Nigeria (CBN) under the Food Security Programme of the Federal Government to improve the productivity of maize and soy farmers in a replicable manner.
“The company has commenced the setting up of a large oil milling facility in Nigeria which will provide off-take of Soybeans from out-grower farmers while its affiliate company, CHI Farms will procure maize for its feed milling activities from the out-grower farmers as well.”
“The WASIL is targeting to reach 14,000 farmers in Katsina and 1,000 farmers in Kaduna State in both maize and soy value chains making a total of 15,000 farmers during the current cropping calendar,” Mr Kassim added.
Also speaking on the agreement, Managing Director of WACOT Limited, Mr Ujwalkanta Senapati, disclosed that WASIL and BIF, through the collaboration, will create new farmers’ associations and cooperatives alongside expansion of existing cooperatives.
It will also facilitate the involvement and support of relevant public agencies and state governments in formation and registration of cooperatives and Self Help Groups.
The MoU will further ensure inclusion of registered farmers into the National Farmers Database and also conduct a joint exercise to mobilize and strengthen farmer cooperatives in areas such as conflict resolution, group functioning, record keeping, etc.
Continuing, Mr Senapati further disclosed that the agreement includes training and capacity building for maize and soy farmers. In this area, WASIL will assistant BIF in setting up a project office in Funtua, Katsina State, while BIF will provide Soy and maize crops’ experts as resource persons to develop manuals and training resources for the farmers.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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