Economy

New N10b WACOT Rice Mill in Kebbi Targets 120,000 Metric Tonnes

Published

9 years ago

24/03/2017

Modupe Gbadeyanka

**Creates 3,500 Jobs, Eyes 50,000 Farmers

By Modupe Gbadeyanka

No fewer than 50,000 farmers will have ready market for their produce courtesy the newly built rice processing mill with 120,000 metric tonnes capacity in Argungu, Kebbi State by WACOT Rice Limited, a member of the TGI Group.

The rice processing plant, located along the Argungu-Sokoto road, is the first rice mill to be conceptualized, executed and to be commissioned during the administration of President Muhammadu Buhari.

The rice mill is part of WACOT’s expansion plan, which targets a capacity increase with additional rice plants to overall 500,000 metric tonnes in the next years.

During a pre-commissioning visit to the establishment on Thursday, Governor of Kebbi State, Mr Abubakar Atiku Bagudu; Minister of Agriculture and Rural Development, Mr Audu Ogbeh; and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, commended the Board and Management of WACOT Rice Limited for keying into the ‘self-sufficiency in rice production’ goal of the federal government.

While conducting the special visitors round the N10 billion state of the art mill, the Group Managing Director of TGI Group, Mr Rahul Savara, noted that the factory will produce top quality rice, and that it will generate direct and indirect employment for 3,500 people.

Also, WACOT’s Managing Director, Mr Ujwalkanta Senapati, adds that “WACOT views farmers as partners with whom we work hand-in-hand to improve agricultural production.”

Mr Savara further revealed that the Mill is “the first rice plant in Nigeria with captive power co-generation facility and that it will generate one MW electricity from rice husks, thereby ensuring that all by-products and waste products are fully consumed and the environment is protected.

While commending the management of WACOT for locating the mill in his State and for completing it within a short period, the visibly elated Governor Bagudu said, “what WACOT has done shows thatNigeria has friends and a friend in need is a friend indeed”, adding, WACOT is investing in Kebbi because we have created the enabling environment for business to thrive”.

The Governor also declared that once the WACOT Mill starts full operation, a large part of the rice cultivated in the State will be processed within the state, instead of being taken elsewhere for milling. He also used the opportunity to reiterate the fact that Kebbi state is endowed with massive arable land, fit for production of rice, wheat, maize, sorghum, groundnut etc.

Also, speaking during the visit, Chief Ogbeh stated that the Federal Government will continue to encourage and support organisations such as WACOT, in its efforts to enhance and stabilise food production in the country. He commended WACOT for having faith in Kebbi State and Nigeria

While applauding the focus of the Kebbi State government on Agriculture, the Minister said that it is anticipated that more state governments will embrace this laudable path, in order to promote food sufficiency and economic development in the country. He added that for the country to have lasting security, there must be concerted effort by all tiers of government to tackle the twin issues of food security and unemployment, as youth unemployment could be a time bomb for the country.

The Minister concluded by saying that “a time is coming when the most important person in Kebbi State will not be a politician but a farmer”.

On his part, the CBN governor, Godwin Emefiele lauded WACOT Limited for the feat, adding that the mill will save the country substantial amount of foreign exchange that would have gone into rice importation. He also assured the farmers that government will continue to do everything to ensure that their products are sold.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

4 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

4 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

5 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.