Economy

IITA Plans to Save 11m from Poverty—DG

Published

9 years ago

13/06/2017

By Modupe Gbadeyanka

Director General of International Institute of Tropical Agriculture (IITA), Dr Nteranya Sanginga, has disclosed that the research body plans to lift about 11 million people out of poverty in sub-Saharan Africa by 2020 under the refreshed IITA strategy.

Dr Sanginga made this disclosure at the commissioning of the research and training farm of the institute at Ago Owu in Ayedade Local Government Area of Osun State last Thursday.

He stated that under the refreshed strategy, IITA also plans to reclaim 7.5 million hectares of degraded land and put the land into sustainable use, noting that achieving this goal entails IITA expanding its partnership scope and strengthening old partnerships.

Dr Sanginga explained that the Ago-Owu research facility would primarily conduct research on cassava, maize, yam, soybean, banana/plantain and cowpea.

“We will also be using the facility to train Nigerian youths in agribusiness,” he said, adding further that, “This research facility is part of our strategy to take research closer to the people. Our plan is to make this station a one-stop shop where farmers’ needs would be addressed.”

The inauguration of the research farm was performed by the Osun State Governor, Mr Rauf Aregbesola, and it brings to six the number of such facilities in Nigeria with others located in Onne (Rivers State), Abuja, Mokwa (Niger state), Minjibir (Kano), and Ikenne (Ogun State).

The Ago Owu research station was set up primarily to serve as a research and training facility that will backstop the state’s agricultural programs and offer training support to the youth.

It was also built to mark the 50th anniversary of IITA part of further efforts to expand its research agenda and create impact at farm level and it stands on 205.5 hectares of land donated by Mr Aregbesola in 2015.

Both parties signed an MoU and began investment on the land with the development of roads and other infrastructure.

Governor Aregbesola, in his address at the ceremony, said the research facility will advance research in Osun State with a spinoff effect on other parts of the country.

“We believe that this research facility will train and empower our youth in modern agriculture,” he said.

The inauguration of the research facility also allowed researchers to make presentations on new findings from cassava weed management, breeding, banana breeding and multiplication, cassava processing, and aflasafe—a technology for controlling aflatoxins among others.

There was a presentation of improved seeds of maize, cowpea, soybean, yam, plantain seedlings, and cassava stems for onward distribution to farmers in Osun state.

IITA also gave the Governor some quantities of Purdue Improved Crop Storage (PICS) bags which provide simple, low-cost method of reducing post-harvest cowpea losses due to insects’ infestations.

Director for Development and Delivery at IITA, Dr Alfred Dixon, in his remarks, said the inauguration of the research facility was a step in the right direction with the potential of bringing many benefits to the people of the state in particular, and the country in general.

He said the research facility would assist the state in accelerating its agricultural reform agenda whose particular focus is on increasing agricultural productivity and job creation.

Established in 1967, IITA is an international agricultural research institution that generates agricultural innovations to meet Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation. Working with various partners across sub-Saharan Africa, IITA improves livelihoods, enhance food and nutrition security, increase employment, and preserve natural resource integrity. The Institute operates in Nigeria and 13 research stations/hubs across sub-Saharan Africa.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

13 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

18 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

21 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.