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 Adedapo Adesanya
The Nigeria Postal Service (NIPOST) will deliver financial services across Nigeria and beyond, following the renewal of its International Money Transfer Operator (IMTO) and Super Agent licenses with the Central Bank of Nigeria (CBN).
This was disclosed by the Postmaster General and CEO of NIPOST, Mrs Tola Odeyemi, disclosed this during a Channels TV programme, monitored by Business Post on Monday.
According to her, the postal service is seeking to boost its revenue through the reactivation of these two services.
She also disclosed that NIPOST surpassed N10 billion last year driven by increased digital technology adoption.
According to her, the service has renewed its licenses with) and paid some fines to begin delivery of financial services after about eight years since the business was shut down.
“NIPOST has two licenses, a Super Agents license as well as an International Money Transfer Operator license. Unfortunately, something had happened with that IMTO license, and it was shut down for about seven, eight years.
“But last year, we were able to pay off all the fines, and it’s now back up,” she said.
Mrs Odetola said NIPOST has begun signing bilateral agreements with different countries to facilitate cross-border payments and remittance.
According to her, African countries are the main target because that is where most Nigerians face challenges in cross-border payments, revealing that some of Nigeria’s West African neighbours are already on board.
“Sending money from Cameroon to Nigeria is harder than sending money from the US to Nigeria. So, right now we have signed bilaterals with Togo, Benin, and I think a couple of other countries.
“There’s a particular agreement that right now is going through the justice system,” she said.
Speaking on the exceeding the N10 billion annual benchmark last year, Mrs Odetola said that the record would become insignificant with the new push into other businesses.
“We actually surpassed N10 billion last year, and that was just by digitizing some of our processes and plugging leakages.
“I think for the Nigerian Postal Service, N10 billion naira is a scratch,” she added.
According to her, the major services of NIPOST can generate much more for the nation, even as operations within the organization have been drastically optimized to ensure optimal service delivery that yields more revenue.
The Postmaster General highlighted several transformation strategies, including deeper integration with Nigeria’s fast-growing e-commerce space, expanding digital services like PostMoni, and leveraging the National Addressing System to boost financial inclusion and security.
She explained that if the Nigeria Police adopts NIPOST’s addressing framework, the Force can better combat crimes and improve emergency responses.
Recall that last week, NIPOST announced partnership with KLM Royal Dutch Airlines to improve international mail delivery services.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed lower by 0.14 per cent on the first trading day of the new week, Monday, May 19.
The bourse was under a selling pressure, which took out 4.37 points from the NASD Unlisted Security Index (NSI), leaving it at 3,150.49 points compared with the previous session’s 3,154.86 points.
In the same vein, the market capitalisation of the alternative stock exchange lost N2.56 billion to close at N1.844 trillion, in contrast to the N1.847 trillion it ended last Friday.
Business Post reports that FrieslandCampina Wamco Nigeria Plc depreciated by N1.00 to sell for N40.00 per unit versus the preceding session’s price of N41.00 per unit, and Geo-Fluids Plc went down by 23 Kobo to settle at N2.31 per share compared with last Friday’s rate of N2.54 per share.
On the flip side, AG Mortgage Bank Plc increased during the session by 5 Kobo to sell for 63 Kobo per unit versus the previous trading day’s 58 Kobo per unit.
The volume of securities transacted in the session jumped by 16,446.2 per cent to 42.0 million units from the 253,960 units traded in the previous trading day, the value of transactions rose by 1,264.5 per cent to N210.6 million from N15.4 million, and the number of deals fell by 75 per cent to nine deals from 36 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.7 million units valued at N471.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Also, Okitipupa Plc was the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units sold for N837.9 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Aduragbemi Omiyale
Consumers of Premium Motor Spirit (PMS), otherwise known as petrol, in Nigeria have been assured price stability amid the unstable prices of crude oil in the global market.
This assurance was given by the Dangote Petroleum Refinery and Petrochemicals, which sells the crude oil derivative in the country.
In recent times, the private oil refiner has reduced the PMS pump price to make the product accessible to motorists and other users.
The company, in a release signed its Group Chief Branding and Communications Officer, Mr Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.
The decision, the firm stated, underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians.
“We are immensely grateful to President Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” the organisation said.
The company assured all stakeholders—consumers, partners, and the government—of its continuous dedication to operational excellence and national service.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” it noted.
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