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Kano Can Produce 30,000 Litres of Milk Per Day—KADALCU Chief

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KADALCU Chairman

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.

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Economy

Binance Gets Digital Asset Service Provider Licence in France

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Binance

By Adedapo Adesanya

Binance, the world’s largest crypto and blockchain infrastructure provider, has been granted a Digital Asset Service Provider (DASP) registration to operate in France.

The green light was given by Autorité des marchés financiers (AMF), which regulates the French financial markets, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority responsible for supervising the banking and insurance sectors in France, especially AML Regulations.

The landmark achievement for Binance represents its first DASP registration in the European Union and demonstrates its commitment to being a compliance-first exchange.

The registration allows Binance France SAS to operate as a DASP in France and provides regulatory protection for local users with regard to the implementation of French AML/CFT and customer identification requirements.

This came just after the platform received licenses to be a crypto service provider in Dubai, the United Arab Emirates and Bahrain, a key milestone for the world’s largest digital-asset exchange as it set up the stage for a major push in the Middle East.

According to Binance, compliance and regulation are critical to the development and maturation of the crypto and blockchain industry.

Mr Changpeng Zhao (CZ), founder and CEO of Binance, said: “Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.”

“We are grateful to the AMF and ACPR who both demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process. Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France,” he added.

Mr David Princay, CEO of Binance France added, “The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market which will be welcomed by users and the community in particular.”

Following the registration, Binance will significantly expand its operations and intends to recruit more people focused on cryptocurrency and blockchain infrastructure development.

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Economy

We’ll Sustain High Level of Corporate Governance—Seplat

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Seplat

By Aduragbemi Omiyale

The immediate past chairman of Seplat Energy Plc, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, has assured that the company will continue to sustain a high level of corporate governance.

Speaking last Thursday at the closing gong ceremony to honour him and introduce his successor, Mr Basil Omiyi, to the market, the energy expert applauded the Nigerian Exchange (NGX) Limited for insisting on transparent and accountable corporate governance for issuers on its platform.

According to him, this has been critical to the company’s growth, assuring that this trend would be maintained in the interest of the firm’s stakeholders.

“The high level of corporate governance promoted by NGX for its listed companies was a key attribute that motivated Seplat Energy Plc to become part of the market.

“Since our acceptance into the market, Seplat Energy Plc has continued to deliver a corporate governance structure that is accountable and transparent to our investors, employees, government and all other relevant stakeholders.

“We are committed to sustaining these high levels of corporate governance through our collaboration with NGX as we implement market-leading measures towards ensuring Nigeria achieves a sustainable energy sector,” he said.

Corroborating him, Mr Omiyi, said, “NGX has played an instrumental role in Seplat Energy Plc’s growth within the domestic and international markets. Our history with the exchange dates back to 2014 when the shares of Seplat Energy Plc were listed in the market and over the years, Seplat has benefitted immensely from its collaboration with NGX.

“As we celebrate another milestone on the Trading Floor of the Exchange, we look forward to strengthening our partnership with NGX for the fulfilment of our joint goal of leveraging capital to empower sustainable initiatives that positively impact our investors, employees, and the environment.”

The chairman of NGX, Mr A.B. Mahmoud, in his address, congratulated Mr Orjiako for his exemplary leadership and outstanding performance of Seplat Energy for well over a decade, during which the company was listed on both NGX and the London Stock Exchange.

“The notable acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants under his leadership positioned the company as the largest indigenous domestic supplier of gas,” Mr Mahmoud, who was represented by a director on the bourse, Mr Kamarudeen Oladosu, he noted.

On his part, the CEO of NGX, Mr Temi Popoola, said, “The exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion.

“We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.”

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Economy

JUST IN: CBN Raises Benchmark Interest Rate to 13%

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killing interest rate

By Dipo Olowookere

For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent.

Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today.

While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing to do after holding them for about two years.

According to the central bank chief, one of the reasons for raising the rate is to control liquidity ahead of the 2023 general elections as politicians would be expected to flood the system with cash in a bid to woo voters.

However, the other parameters were left unchanged by members at the gathering as the Asymmetric corridor remained around the MPR at +100/-700bps, the Cash Reserve Ratio (CRR) at 27.5 per cent and the Liquidity Ratio (LR) at 30.0 per cent.

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