Economy
Farmers Applaud Olam Agri’s Contribution to Aquaculture Growth
By Aduragbemi Omiyale
Fish farmers in Nigeria are excited with the recent improvement in productivity levels in the aquaculture segment. They have praised Olam Agri for this.
At a recent value chain review exercise, the farmers said the company’s investments in the sector have helped in raising theur operating capacity.
Attesting to the business’ value chain impact, the Vice President of the Lagos State Catfish and Allied Farmers Association, Mr Olatoye Fajimi, said, “Olam agri employs technical experts who go around visiting farms to work with the farmers to improve farm clusters’ productivity.”
The owner of Odafi Fish Farm located within the Asejere Fish Farms cluster in Odogbolu, Ijebu-Ode, Ogun State, Mr Lazarus Odafi, affirmed that, “Olam Agri came to our farm cluster and trained us on pond water management techniques, how to test PH level in the pond, and ways to curb feed waste. They helped us understand the science of catfish farming, especially how to create the right environment for the fish to thrive. These efforts have really impacted our businesses.”
“Since feed is one of the most important inputs in fish farming, Olam Agri increased the availability of feed to farmers. They help farmers gain access to feed in an instant by localizing their production in key hubs here in Nigeria.
“They also employ technical experts as salespeople who go around to visit farms to interact with the farmers to improve farm clusters’ productivity,” he added.
Also speaking, Mrs Ogundeyi Dorcas of Tripple T Farms in Ipaja, Lagos, said, “The conversion rates of Olam Agri feed brands have been superb. An Olam Agri’s technical expert taught me how to manage disease in my pond and how to measure water quality. These inputs have made some impacts on my farm productivity level.”
Mrs Okpapi Lucy whose farm is in Alagbado, Lagos, said she struggled until she met an Olam Agri technical expert who introduced her to new methods of farming. She emphasised the business’ attention to customer improvement,
“Anytime I have issues on the farm and call them, they would show up almost instantly. They are hands-on. In fact, they would go into my pond to address any challenge I complained about. Olam Agri is one of the reasons I am still in business,” she stated.
Speaking about the business’ approach to raising productivity in the aquaculture value chain, the Vice President of the Animal Feed and Protein Unit of Olam Agri in Nigeria, Mr Ankit Puri, said, “A crucial aspect of our success story is that we keep the fish farmers at the heart of our strategy.
“Apart from deploying experts to work with the fish farmers, we introduced best-in-class feed formulation processes, strong procurement systems, wide-reaching logistics and operational excellence into the industry.”
“We are the largest procurer of soy and corn locally. We move over 1 million metric tons of raw materials and animal feed across Nigeria to ensure the availability of feed to fish farmers.
“Our state-of-the-art feed mill is equipped with world-class tech such as vacuum cutting technology. Our fish feed brands are formulated and processed in line with international standards.”
On his part, the Country Head of Olam Agri in Nigeria, Mr Ashish Pande, explained, “Our rising investment in the fish farming value chain is part of our pursuit of a food & nutrition-secure and sustainable Nigeria under the Seeds for The Future (SFTF) initiative.
“The Seeds for the Future initiative is our social sustainability investment vehicle with five levers, namely, supporting farms and farmers, enabling wider education and skill development for young people, empowering indigent women, promoting health and nutrition across the country and reducing carbon emissions in our business operations.”
Olam Agri in Nigeria started investing in the aquaculture value chain in 2017 through its feed milling unit. The firm flew in one of its global aqua experts, Mr Matthew Tan, who trained and introduced local farmers to trendy fish farming practices.
He also trained over 40 Olam Agri technical experts who continued to work with the farmers. Approximately 7,500 Nigerian fish farmers, among whom were women fish farmers, were equipped with the best aquaculture practices by the business’s team of experts. In addition, the agribusiness located a state-of-the-art feed mill in Ilorin to ensure a steady supply of quality and affordable fish feed to fish farmers.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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