Economy

Dangote Laments Huge Forex on Rice Importation

Published

9 years ago

17/02/2017

Dipo Olowookere

By Dipo Olowookere

Chairman of Dangote Group, Mr Aliko Dangote, has lamented the huge foreign exchange being spent by the Federal Government to import rice into the country.

Mr Dangote expressed this frustration on Wednesday at the launch of the Dangote rice outgrower scheme in Goronyo, Goronyo Local government, Sokoto.

The business mogul said this moved him to go into rice cultivation because of the genuine interest of the Federal government to revive agriculture as the mainstay of the economy, and reduce importation of foods that could be produced locally.

During the ceremony, a tripartite agreement spare headed by the Dangote Rice Limited to create jobs for 16,000 outgrower rice farmers in Sokoto was signed amid excitement and a pledge by all parties to ensure the success of the scheme to make Nigeria self-sufficient in rice cultivation.

At the event witnessed by the Sultan of Sokoto, Alhaji Sa’ad Abubakar, Mr Dangote lamented that Nigeria consumes 6.5 mtn of rice which costs the nation over $2 billion annually, pointing out that it is heartening that the government now has policy direction that encourages private sector’s active participation in agriculture.

“Buoyed by the policy direction of the federal government, we at Dangote decided to key into this by establishing Dan gone Rice Limited to partner with states to redress the present situation where a huge sumo forex is spent on importation of rice.

“In the next three years we want to produce one million tons of quality rice and make it available and affordable to the people. We hope to do 150, 000 ha and when we are done, Nigeria will not have anything to do with importation of rice.

“Dangote Rice outgrowers scheme is committed to creating significant number of jobs, increasing the incomes of smallholders farmers and ensuring food security in the country by providing high quality seeds, fertilizers and agro-chemicals as well as technical assistance on best agricultural practice to farmers.

“This Scheme will help to diversify the economy, alleviate poverty and reduce the nation’s import bill. The scheme has been designed as a one stop solution for the rice value chain,” Mr Dangote said at the launch, where farmers were presented with rice seeds, fertilizers, nets, agro-chemicals.

The Dangote Rice Project Director, Robert Coleman, said the Sokoto operation was a demonstration phase to familiarize the farming community with the programme, train extension workers and lead farmers as well as test modern technologies.

He noted that they would have 25,000 ha cultivated by nearly 50,000 outgrowers in 2017 in addition to hundreds of jobs expected to be created by the end of that year.

In his remarks, Governor Aminu Waziri Tambuwal expressed delight at the event, saying the coming of Dangote to invest in the state was as a result of his sustained effort towards inviting prospective investors to the state.

He said the state under the scheme, just as it had done with the federal government, would distribute nets, water pumping machines and fertiliser T subsidised prices to help the farmers have good yield.

The state Commissioner for Agriculture, Alhaji Umar Tambuwal, disclosed that the scheme would cover 10 local governments in the stated and that the state government is committing several millions of naira to support the famers in the scheme.

According to him, “the farmers participating in the 5000 ha pilot scheme, the state government is giving out free nets to fight against queue a birds during production which is costing the state N48 million. The state will release and sell 5000 units of water pump worth N170 million at a subsidised rate of N10, 000 each.

“We will also distribute 5000 bags rice seed (Faro 44) worth N32.5 million while fertilizer will be sold 50 per cent subsidised rate to complement the outgrower farmers.”

Sultan Muhammadu Sa’ad Abubakar however, commended President Buhari for his diversifying efforts, urging Nigerians to pray for him.

He commended the Sokoto State government for the encouragement and support being given to the outgrowers scheme, saying it is a thing of joy that the state is also involved by way of giving the famers some of the inputs needed so that the scheme could succeed.

The National President of Rice Farmers Association, Alhaji Aminu Goronyo described the scheme as one of the potential means of making rice available and at low cost to the people because the farmers are encouraged to put all their best into it.

He said he has no doubt the scheme would success because it a private sector driven and that given the pedigree of the Alhaji Dangote in business, he was sure there the scheme would be sustainable and sooner than later other states will key into it.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

6 hours ago

19/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.

At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.

Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.

In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.

This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.

These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.

The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.

The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.

“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.

“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.

Economy

NRS Launches Unified Tax ID System

Published

11 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

14 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.