Economy
GBfoods Boosts Tomato Paste Market with N20bn Factory
By Modupe Gbadeyanka
A N20 billion tomato processing factory aimed to boost the tomato paste market has been completed in Kebbi State by a global leader in culinary product manufacturing, GBfoods.
The project was put in place by the company in partnership with the Central Bank of Nigeria (CBN), Kebbi State Government and the Emirate of Yauri.
The factory is the second largest in Nigeria and the only fully backward integrated plant in ECOWAS – and has the largest single tomatoes farm in Nigeria.
When all phases of the project are finished, the factory will be the largest fresh tomatoes processing factory in Sub-Saharan Africa.
The investment, in the world-class factory and adjoining farm, includes a drip irrigation and fertigation infrastructure, greenhouses, seed planting robots, an incubation chambers and a plethora of agricultural machinery.
The farm will serve a dual purpose, it will produce industrial tomatoes in the dry season and soya beans in the raining season.
The tomato factory will convert fresh tomatoes into tomato concentrate used for producing Gino Tomatoes Paste and Gino Tomato Pepper Onion Paste, while the soya bean will be used to process soya-bean oil which is a critical ingredient for GBfoods’ Bama and Jago Mayonnaise.
The project created over 1,000 jobs including 500 farming jobs, 150 factory jobs and 150 construction jobs. GBfoods also engaged many small holder farmers as out-growers.
Apart from training the out-growers on good agricultural practices, GBfoods provided them with tomatoes seedlings, agrochemicals and various equipment such as water pumps and hose pipes, enabling the farmers access to water in the dry season.
The firm also supported the host communities by providing and maintaining 16 boreholes of drinking water, a first for some of the surrounding villages. The factory is fully backwardly integrated to the company’s farm and dedicated out-growers.
In the coming tomatoes season, the plant will also source most of its raw material from out-growers who will grow the tomatoes on their own farms and from GBfoods’ owned and operated farm.
The factory is engaging over 5,000 small holder farmers as out-growers, in the coming tomatoes season, to grow fresh tomatoes.
The CEO of GBfoods Africa, Mr Vicenç Bosch, commended the federal government for encouraging and supporting GBfoods to engage with CBN, Ministries, Departments and Agencies to ensure the successful completion of the factory.
He also expressed his gratitude to the Federal Ministry of Industry Trade and Investments, Federal Ministry of Agriculture & Rural Development, Kebbi State Government and the Ngaski Local Government Authorities for their tremendous support towards the actualization of the project.
“Our team of extension workers, consultants and agronomists are ensuring that the Nigerian farmers benefit from the technology transfer of our best practices and know-how built through over 40 years of successful tomato operations in Italy and Spain,” Mr. Bosch added.
Speaking during opening of the factory, Mr Vincent Egbe, the Country Manager, GBfoods Nigeria said, “The commissioning of this processing factory is a great milestone for us.
“It further demonstrates the company’s commitment towards helping Nigeria achieve its food security ambitions, in this case, of self-sufficiency in tomato concentrate production.
“We will continue to work with the federal government towards food security and local production and processing of fresh tomatoes.
“The company is dedicated to reducing pre and post-harvest losses, and also developing the value chain so as to improve revenue streams for tomato farmers.
“Over the past three years, in the three states of Kaduna, Katsina and Kebbi, GBfoods has worked with smallholder out-growers to boost their incomes by providing seedlings, fertilizers, training, and irrigation pumps, further to reduce post-harvest losses GBfoods also provided free plastic crates to farmers.”
“GBfoods is working with the Federal Government of Nigeria and the CBN to make Nigeria not only a shining example in food security, but also to become the food basket of Africa,” he added.
He especially thanked the President Muhammadu Buhari administration; the Kebbi Governor, Mr Atiku Abubakar Bagudu; the CBN Governor, Mr Godwin Emefiele; and the Emir of Yauri, Dr Muhammad Zayyanu Abdullahi for working tirelessly to create an enabling investment environment for GBfoods backwards integration project in tomatoes.
Additional land is expected in September 2020 to be cleared and prepared for the farming season of October 2021. This expansion will be similarly accompanied by an upgrade in the factory’s capacity. With the expansion, new jobs will also be created.
GBfoods has a wide range of quality well-established brands in Nigeria such as Gino, Bama and Jago, under which they manufacture a wide range of quality products that make the daily lives of many African families easier.
Products under their brands include Gino Tomatoes Mix; Gino Pepper Onion, Gino Thyme; Gino Curry; Gino Chicken and Beef Cubes; Bama Mayonnaise as well as Jago Mayonnaise.
GBfoods investments aim to satisfy local culinary habits and preferences whilst offering the healthiest and best ingredients for the Nigerian cuisine.
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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