Economy
Flour Millers Plans Wheat Procurement Centres in Kano, Others
By Adedapo Adesanya
The Flour Milling Association of Nigeria (FMAN) has said that it would establish wheat procurement centres across 15 Northern states of the country to off-take all grains from about 150,000 farmers under the Anchor Borrower Programme (ABP).
This was disclosed by Mr Aliyu Samaila, FMAN’s National Programme Manager, Wheat Development Project, at the Green wheat farmers’ field day at Gawon-Bature near Dambatta Local Government Area of Kano state.
According to Mr Samaila, the FMAN’s wheat programme was being implemented through the ABP of the Central Bank of Nigeria (CBN) and its beneficiaries include Kano; Kaduna; Jigawa; Kebbi; Sokoto; Bauchi; Adamawa; Katsina; Gombe; Plateau; Taraba; Zamfara; Niger; and Yobe.
”The programme adopted proactive farmer support services to sustainably encourage wheat production and yields per hectare, to enable it to compete with rice and other dry season crops in the 2021-2022 dry season activities.
”The programme had resulted in the cultivation of 504 demonstration farms on 0.5 ha each, across the 15 states, to provide training on Good Agronomic Practices (GAP) to 250,000 farmers under the CBN ABP,” he explained.
Mr Samaila further said plans were on to expand the scope of its direct out-grower scheme, through the provision of input loans to 2,000 farmers in Kano; Jigawa; Sokoto; Kebbi; Kaduna; Bauchi; and Gombe states.
The Programme Manager added that the programme would also expand seed production with six certified seed companies, including both dry and wet season seed production, to produce sufficient seeds for the 5,000 out-growers next season.
According to him, the programme was cultivating a 10-hectare research farm in Jigawa, for testing new seed varieties and for improved agronomic practices.
Mr Samaila added that the project was being implemented in collaboration with the Lake Chad Research Institute and the International Centre for Agricultural Research and Development (ICARDA).
He also said that FMAN provided grant funding to the National Agricultural Seeds Council to expand their capabilities on testing seed quality, certifying seed production and training farmers to differentiate between high-quality seeds, from others in the market.
He said that the country required a strong vision backed by clear roles and responsibilities for all stakeholders.
The FMAN official added that the association would organise state-wide field days in all their major areas of operation, to bring together key stakeholders in order to address challenges and learn from each other.
“We would also organise wheat farmers’ Yield Championship at the end of the season, to recognise the highest performing farmer.
“We are looking forward to partnering with organisations across the value chain to improve farmer yields through high-quality seeds, expanded extension services, and improved access to irrigation,” he said.
On his part, the Deputy Governor of Kano State, Mr Nasiru Gawuna lauded the initiative, said that it would boost wheat cultivation in the area.
The state Commissioner for Agriculture, represented by Abdulkarim Sani, Director Agricultural Services, said the state government had introduced programmes to support wheat farmers in the state.
Adding his input, Mr Salim Muhammad, National President, Wheat Farmers Association of Nigeria, commended FMAN and the CBN for the wheat farmers’ support programme.
Mr Muhammad also reminded wheat farmers to repay the loan as stipulated in the preconditions for ABP loans, adding that loan repayment should be timely, to enable others to benefit from 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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