CBN Releases 50,000MT of Maize to Obasanjo Farms, 11 Others

Image

By Adedapo Adesanya

The Central Bank of Nigeria (CBN), in its bid to moderate and control the prices of maize in the Nigerian market, has approved the release of 50,000 metric tonnes of maize to 12 major producers in the country.

The CBN listed the recipients of the grains as Premier Flour Mills, Crown-Olam, Grand Cereals, Obasanjo Farms, Animal Care, Amobyn and Hybrid Feeds, Zartech, Wacot, Sayeed Farms, Pandagri Novum and Premium Farms.

The maize was released from Strategic Maize Reserve (SMR) under the Anchor Borrowers’ Programme (ABP).

The release of 50,000Mt of maize to the companies, which is the third of such releases, is also intended to check the activities of middlemen aimed at causing hoarding the product and causing artificial scarcity.

Speaking on the release of the grains, the CBN spokesman, Mr Osita Nwanisobi, expressed optimism that the development would crash the price of maize, reduce pressure on the market and make the product directly available to feed producers, thereby reducing the price of poultry feed in the country.

As part of the bank’s financing framework, Mr Nwanisobi said the CBN would continue to facilitate the funding of maize farmers and processors through the ABP Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).

Also speaking on the development, the National President of the Maize Association of Nigeria (MAAN), Mr Bello Abubakar, urged middlemen to desist from taking advantage of the supply gap to hike the price of the grains. He also assured that farmers in Nigeria would maintain reasonable pricing of the products.

It will be recalled that the CBN, responding to the activities of middlemen in January 2021, released 300,000 metric tonnes of maize, which forced a substantial reduction in the price of maize per metric tonne.

Similarly, the Bank, in a renewed move to address the rising cost of food prices in the Nigerian market, collaborated with the Rice Farmers Association of Nigeria (RIFAN) to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide on Thursday, June 24, 2021.

The direct allocation from RIFAN warehouses across 16 states of the federation followed the earlier sale of paddy aggregated as loan repayment under the Anchor Borrowers’ Programme (ABP) to millers from the rice pyramids unveiled in Niger, Kebbi, Gombe and Ekiti States.

Share
Related Stories
Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

More Stories
Image
09-March-2023

Wema Bank Offers Enugu SMEs Loan Packages for Business Growth

By Aduragbemi Omiyale Owners and managers of Small and Medium-Scale Enterprises (SMEs) in Enugu State have been encouraged to apply for the various loan packages of Wema Bank to expand their operations. The business owners were given this offer at the two-day business growth and innovation conference in Enugu in partnership with the Enugu State Government for SMEs. The event took place in February 2023 and was organized to upskill and equip business owners and managers in Enugu and its environs with the knowledge and skills they need to supercharge the growth of their businesses. Topics covered ranged from strategy

Image
15-March-2017

6 Reasons Your Business Needs Chatbots

By Adeniyi Ogunfowoke A chatbot is a newbie in the tech town. It is a computer program developed to interact with human beings via the internet. The software is designed in such a way that it automatically replies to customer inquiries and requests. It makes use of messaging apps like WhatsApp, Facebook Messenger, WeChat and even SMS. Chatbots and conversational ai are now being used by many businesses to sell products and services. You can also deploy it for your business as an entrepreneur. Fascinatingly, 1.4 billion interacted with a chatbot in 2015 according to emarketer. Jumia Travel, the leading

Image
05-November-2021

Equity Market Sheds N17bn as Investors Stay Away

By Dipo Olowookere The equity market in Nigeria was relatively quiet on Thursday as investors stayed away with the others selling off to book profit from the gains of the past trading sessions. This was reflected in the activity level yesterday and contributed to the further decline of the Nigerian Exchange (NGX) Limited by 0.08 per cent at the close of transactions. Business Post reports that the number of deals went down by 24.72 per cent to 3,688 deals from 4,899 deals, the trading volume fell by 45.08 per cent to 160.9 million stocks from 292.9 million stocks, while the

Image
20-August-2017

NSCDC Begins War Against Illegal Miners

By Tribune Commandant General of Nigeria Security and Civil Defence Corps NSCDC), Mr Abdullahi Gana, has ordered his men to flush out illegal miners across the country. He has accordingly directed the head of units in charge of protecting mines and steel activities, to beef up security in various sites in order to stem the tide of illegal mining operation by criminal elements. Commandant, Mines and Steel Department, who confirmed the development to the Nigerian Tribune, in Abuja, said a memorandum of understanding had been signed between the NSCDC and Ministry of Mines and Steel Development to this effect. Mr

Image
15-January-2018

Fresh Crisis as Firm Warns Investors to Stay Off 9mobile Sale

By Modupe Gbadeyanka One of the main investors in Etisalat Nigeria, which transformed to 9mobile, Spectrum Wireless Communication, has warned companies bidding to buy troubled 9mobile to stay away from it or risk losing their hard-earned money in the process. Last Friday, Spectrum Wireless Communication obtained a judgment delivered by Justice Ibrahim Buba of a Federal High Court sitting in Lagos, which nullified the appointment of an interim board to oversee the transition of 9mobile to a new investor. The new owner of the nation’s fourth largest telecoms firm was supposed to be named before December 31, 2017, but was

Image
05-August-2021

Brent Dips to $70 as Triple Whammy Threat Hits Oil Market

By Adedapo Adesanya The Brent crude recorded its third consecutive loss on Wednesday by going down by $2.23 or 3.1 per cent to sell at $70 per barrel. The United States crude benchmark, West Texas Intermediate (WTI) was also not left out as it depreciated by $2.61 or 3.7 per cent to settle at $67.95 per barrel. It was observed that the oil market was dampened by a triple whammy surprise build in crude stockpiles and negative economic reports in the United States as well as worries about the spread of the coronavirus Delta variant. The market, which was already

Image
04-August-2016

5 Money Mistakes Nigerian Girls Make

Every girl makes mistakes with money at some point in time: not planning adequately, not saving enough, spending recklessly on something frivolous etc. Unfortunately, some Nigerian girls seem to be eternally stuck in the miry clay of certain money mistakes and are not even aware of how these financial pitfalls are significantly derailing their finances. Managing money effectively is a key success skill for any sensible Nigerian girl, but to make the decision to become effective with money requires that they first identify what their weakness are and which areas they have been making money mistakes. Are you a Nigerian

Image
20-March-2022

Bandits Have Displaced 700,000 Residents—Zamfara Govt

By Adedapo Adesanya The Zamfara State Government said over 700,000 people are currently displaced from their homes due to banditry and are now taking refuge in various Internally Displaced Persons (IDP) camps across the state. This alarm was raised by the state’s Commissioner for Information, Mr Ibrahim Dosara, who noted that each of the 14 local government areas of the state currently has emergency relief desk officers shouldering the responsibilities of assisting the IDPs in their respective councils. Mr Dosara further noted that the Humanitarian Ministry has established eight centres to take care of the hundreds of thousands that have

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in