Economy
Ogun Attracts $2.5bn Investment from Brazilian Meat-Packing Firm
By Adedapo Adesanya
The largest protein producer in the world, JBS of Brazil, has indicated interest to invest about $2.5 billion in the livestock subsector of Nigeria’s economy.
The controlling shareholder of the company, Mr Wesley Batista, gave this indication when officials of his firm, led by Mr John Coumantaros, visited the Ogun State Governor, Mr Dapo Abiodun, in his office at Oke-Mosan, Abeokuta on Sunday.
Mr Batista, who described Nigeria as the hub of Africa with the largest population, noted the enormous potentials that exist in the country in terms of human and natural resources, and said they were ready to bring their knowledge and expertise in the area of livestock to bear in the nation’s economy.
“We have been talking and learning about Nigeria. We had the privilege to meet the Nigerian delegation in Brazil when President Bola Tinubu visited our country. We see Nigeria as the hub of Africa with a very large population.
“Though it is our first time in Nigeria, we feel that we have a lot of similarities between Brazil and Nigeria. We have a very good impression so far about Nigeria and Nigerians.
“We are serious about coming to Nigeria to invest in beef, pork, chicken, among others. We see growth prospects in Nigeria and what Nigerian leaders are doing in encouraging investors to come and make significant investments here. We can bring our knowledge and expertise to bear in Nigeria’s economy,” he stated.
Giving a brief background of the company, Mr Batista narrated that it started in 1953 with slaughtering one cow per day and grew to 600 heads of cattle in one beef plant per day in 1957, becoming the largest beef player in Brazil in the 1990s.
“In the beginning of 2000, we started looking for opportunities to go beyond Brazil, and in 2005, we started in Argentina, and in 2007, we went to the United States and Australia. JBS is our biggest business under our holding company,” he added.
Mr Batista said the organization currently has a revenue of about $75 billion and 280,000 direct members who operate hundreds of facilities across Brazil, the USA, Mexico, Canada, Australia, New Zealand, the United Kingdom, Italy, and France, among others.
According to the Controlling Shareholder, the company processes 80,000 heads of cattle, 15 million chickens, about 25,000 heads of lamb per day, and also produces packaged products like sausages and bacon, while they also hold interests in other sectors like energy, the paper-producing industry, banking and finance, as well as soap and toiletries.
On his part, Governor Abiodun said the state, with more than 16,000 square kilometers, offers an ideal location for investments as it provides unique connections to the 17 southern states as well as the northern parts of the country.
“We have provided, in terms of infrastructure, 1,000 kilometers of highways and the best-constructed airport in Nigeria, specially dedicated to agro imports and exports.
“We are number one in non-oil, as two-thirds of the state sits on limestone. Our state is the third-largest producer of cement in Africa, trailing behind Morocco, which is second, and Egypt, which is first.
“The state also has gold, silica, bitumen, and others which are too numerous to mention. We have gas reticulation more than any other state. There are two major gas pipelines that crisscross our state,” he stated.
Governor Abiodun noted that Ogun is going into power generation and distribution, assuring that industries and companies that operate in the State would have access to the cheapest power supply in the country.
On the acquisition of land, the governor said it has been made seamless as land title documents would be made ready within 30 days, assuring that his administration has invested significantly in security to guarantee the safety of lives and properties of those who live and work in state.
He lauded the company for rising from humble beginnings to become the largest protein producer in the world, saying his administration is looking forward to seeing the company establish itself in the State.
The leader of the delegation, Mr Coumantaros, in his remarks, applauded the governor for opening up the state in the area of infrastructure, which he noted has pushed up investments and brought more development to the State.
The Chief Executive Officer of the Nigeria Investment Promotion Commission (NIPC), Ms Aisha Rimi, on her part, said the meeting is a follow-up to the technical team sent by the company to assess the potentials of the state for investment.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn