Economy
Kano Can Produce 30,000 Litres of Milk Per Day—KADALCU Chief
By Aduragbemi Omiyale
The chairman of the Kano Dairy and Livestock Husbandry Cooperative Union (KADALCU), Mr Usman Abdullahi Usman, has disclosed that the state has the capacity to produce about 30,000 litres of milk per day.
While speaking in a recent interview, he stated further that the dairy industry in Kano contributes nearly 24 per cent to the total milk produced locally on a national scale.
According to him, “This is because Kano State has the largest population of cattle and the relative peace level in the state has been attracting new settlers in the state as cattle farmers are trooping into Kano in larger numbers.”
“Besides, Kano also enjoys a higher population in terms of human resources. This provides a larger market for milk consumption,” he further said.
Mr Usman also disclosed that the support of a private organisation, Outspan Nigeria Limited, the dairy business unit of Olam Food Ingredient, has made the business attractive to herders.
Outspan partnered with the organisation to provide a regular and sustainable dairy market for the member farmers, thereby putting an end to roaming or open grazing among the farmers.
The company buys the raw milk from the association and processes it into different varieties of products.
The deal between both parties was signed in 2020. It aims to develop and execute a backward integration plan that seeks to enhance and support the dairy value chain in line with the federal government’s plan for self-sufficiency in the dairy industry.
Speaking about how the union fulfils its side of the agreement, the KADALCU chief said, “We prioritise quality and standards as a cooperative union and we want to ensure our client off-take milk that meets the best global quality standards. This is why we have put in place a rigorous milk testing parameter.”
“We have what is called a quality control unit. We train the milk attendants to carry out basic tests on raw milk brought into the milk collection centre to ascertain the density level of the raw milk to avoid adulteration, and the PH level of the same to ensure they are not getting sour,” he added.
He stated that the union collects raw milk from its members and store it in a bigger milk collection centre for a maximum of 48 hours.
“The technology is almost similar to what is available at the milk collection centre though. We ensure the milk doesn’t stay too long at the centres. This milk is 100 per cent sourced from locally bred cows.
“Of course, we do get milk from crossbred cows, but it is rare. [About] 99 per cent of our milk is sourced from indigenous cows,” he further stated.
“In Kano alone, we have the capacity of producing 30,000 litres or more of milk a day. It is just that this milk is uncollectable because the farms are located in distant cities. This is where logistics, manpower, culture system and education in milk handling/transportation have to be in place. These are the reasons the milk is not being collected.
“But with the coming of Outspan Nigeria Limited, I am sure the system gaps would be closed sooner to ensure effective collection of milk from distant clusters,” Mr Usman noted.
He disclosed that “currently, there is an initiative called agro-pastoral development programme targeted at helping livestock farmers. There is also a project driven by a partnership between the federal government and the state government that targets improving our operations. The federal government has been highly supportive of dairy farmers. It donated and equipped the bulking centre that was upgraded by Outspan Nigeria Limited.”
The chairman revealed that KADALCU serves as an umbrella body for 74 primary cooperative societies from different local government areas of the state.
According to him, the cooperative union comprises about 12,500 members from the 74 cooperative societies, which have been segregated into three senatorial districts or zones of the state.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
By Adedapo Adesanya
Brent crude prices fell by $3.05 or 3.37 per cent to $87.33 per barrel on Friday, the lowest level since early March, triggered by expectations of an imminent peace agreement between the United States and Iran.
Also, the US West Texas Intermediate (WTI) crude finished at $84.88 a barrel after it gave up $2.83 or 3.23 per cent. It was its lowest level since April 17.
Reuters reported that a memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday, citing sources.
The sources indicate that the US would immediately begin releasing billions of Dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.
The proposals also include discussion of possible war reparations for Iran and dropping longstanding US demands for limits on Iran’s missile program, the sources were quoted as saying.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.
He also said that management of the Strait of Hormuz would not return to the pre-war era, that sovereignty over the strait belonged to Iran and Oman, and that Iran would secure safe passage for ships through it.
US President Donald Trump called off threatened air strikes against Iran on Thursday, while it was reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.
On Thursday, Iran announced a complete closure of the Strait of Hormuz, saying it would fire on any ship trying to pass through.
Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.
The US military, however, said on social media that commercial ships continued to transit the waterway.
Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.
The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day from a previous 1.17 million barrels per day, its second straight downward revision.
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