Economy
NALDA Plans Cassava Processing Plant, Farm Estate in Ogun
By Adedapo Adesanya
The National Agricultural Land Development Authority (NALDA) has disclosed plans to establish a cassava processing plant in Ogun State to boost the commodity value chain as well as boost job creation for youths in the country.
This was disclosed by the group’s Executive Secretary/Chief Executive, Mr Paul Ikonne, during a courtesy visit to the state Governor, Mr Dapo Abiodun, in Abeokuta.
He also noted that the cassava plant will complement the integrated farm estates to be established in the three senatorial zones of the state – Ogun Central, Ogun East, and Ogun West.
Mr Ikonne, explained that the proposed farm estate would comprise of different agricultural activities including farming, processing and packaging as well as a commodity market, residential and school areas.
He told the governor that NALDA was in the state to reactivates its 700 hectares of land, and solicited more lands from the state government for the establishment of an integrated farm estate in the senatorial zones of the state.
He added that the initiative also planned to establish a garri processing and packaging plant, train 200 graduates with an agriculture and science background in soil testing technology.
He stated that President Muhammadu Buhari had directed the authority to create employment and achieve food security through NALDA’s mandate.
He added that the state had been listed among the pilot states for the implementation of ongoing projects across the country.
He said, “Your Excellency, NALDA would be requesting you to provide the lands suitable for this project and as soon as the land is made available NALDA would commence work.
“Knowing that Ogun State has the largest capacity in cassava production, our garri packaging plant would be located in Ogun state, whereby NALDA would be the off-taker from the farmers, they would process it and package accordingly and move it into the market.
“So, putting this plant here in Ogun state would create more opportunities and also encourage the farmers to produce more, knowing there would be a reward.”
The NALDA boss said the projects will create thousands of jobs for the youths of the state as it would cut across the entire agricultural value chain from production to processing and marketing.
He also commended the governor’s prompt response to NALDA as well as creating the enabling environment for agriculture to thrive in the state.
Responding, Governor Abiodun, commended the authority for choosing his state as one of the pilot states for the projects, adding that it will further complement the state’s Agripreneur drive aimed at creating employment for the youths.
The governor pointed out that his state decided to key into Buhari’s agricultural drive because the state remains the industrial capital for the country.
“And to sustain that, we need to continue to sustain our agro produce programme because that’s the engine room of inputs for industrialisation,” he said.
He said, being the largest cassava producer in the country, the state would benefit immensely from the establishment of the garri processing plant, adding that NALDA’s visit couldn’t have been more timely as it complemented the state’s agriculture programmes.
The authority had commenced the establishment of farm estates across the country, beginning with Imo and Ekiti states respectively, while Ogun will be the third to benefit under the scheme.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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