First Bank Endorses WACOT’s Rice Mill Expansion Project

By Ashemiriogwa Emmanuel

A leading financial services solutions provider, First Bank of Nigeria Limited, has cemented its support towards the expansion of the WACOT Rice facility in Argungu, Kebbi State.

This followed the preparation made by WACOT Limited, a subsidiary of Tropical General Investment (TGI) Group, in doubling the capacity of its 120,000-ton rice mill.

On Friday, July 30, a team led by the Managing Director of First Bank, Mr Adesola Adeduntan, inspected the site of the factory and lauded the effort of WACOT’s in its performance and affirmed the bank’s support for the initiative.

While commending the company’s household rice product, Mr Adeduntan noted that the expansion of the WACOT mill would bring about growth in Nigeria’s rice value chain, thereby improving the lives of many small-holder farmers.

He also pointed out that the initiative was parallel to First Bank’s goal of developing the economy through sustainable employment generation.

“Above supporting WACOT Rice, we’ve seen the socio-economic impact of allocating this factory in this state, therefore, we are committing that we will remain a very close financial partner of WACOT Rice Limited,” Mr Adeduntan added.

In response, the Chairman of WACOT Rice Limited, Mr Farouk Gumel, expressed delight over the financial relationship and reiterated the positive impact that the mill expansion would have on the goal of Nigeria’s food security.

According to Mr Gumel, “We are delighted to be hosting the Board of FirstBank here in Argungu today. Our partnership has come a long way. The proposed expansion of our mill clearly shows the future is bright.”

WACOT Rice mill is one of the largest rice mills in Africa and sources paddy from various rice-producing states across Nigeria. Together with paddy farmers, the company also engages in out-grower farming to boost their yields and guarantee fair prices at the end of the season for Smallholder farmers.

The company produces two leading brands of parboiled rice in Nigeria which are Big Bull and Patriot.