Economy
Olam Agri Prioritises Food Fortification to Address Important Nutrient Gaps
By Modupe Gbadeyanka
Consumers of the Olam Agri range of products have been assured of healthy food fortified with the important nutrients needed by the body.
The Senior Vice President of Olam Agri, Mr Ashish Pande, while speaking at the recently-concluded World Economic Forum (WEF) in Davos, Switzerland, stated that the company places a high priority on food fortification.
At the global event, he promised that Olam Agri would deliver one trillion servings of fortified food comprising wheat flour, edible oil, and rice to provide essential micronutrients to over 250 million people each day by 2030.
According to him, this is part of the organisation’s commitment to helping to raise the standard of public health as it contributes to meeting the growing demand for healthy foods across the African continent and beyond.
“Food fortification is at the core of Olam Agri’s purpose of transforming food, feed, and fibre for a sustainable future. In 2021, we produced more than 83 billion servings of fortified foods for consumers in Africa, which included fortified rice in Ghana and Cameroon.
“Our commitment goes beyond meeting regulatory requirements to addressing the important nutrient gaps faced by millions of people. By 2030, we pledge to deliver one trillion servings of fortified food – wheat flour, edible oil, rice to provide essential micronutrients to over 250 million people each day,” Mr Pande said.
Global food fortification actions are coming under sharp scrutiny. A discourse around the fortification of staple foods such as rice and wheat and how to build a consensus around unified strategies suitable for reducing malnutrition on a global scale garnered attention at Davos.
It is estimated that three billion people cannot afford a healthy diet annually. This unhealthy population is expected to rise by 267.6 million due to the impact of the COVID-19 pandemic.
Hence, reaching people with micronutrients such as Vitamin A, iron, zinc, iodine, and folate on a global scale is seen as strategic to halting the unfavourable rise in unhealthy diets.
WEF gathers global leaders and key decision-makers across the globe annually to initiate dialogue and drive cooperation that will help navigate the pressing challenges impacting the health of the global economy. This year, the forum mobilized food processors, partner governments, technical agencies, and key donors to address nutrition issues, as well as deepen collaboration and partnership in providing solutions to the issues.
For Mr Pande, there is a need for and advantages of partnerships between millers and technical partners to help address unhealthy diets.
“Thanks to our partnership with TechnoServe, we have installed premix facilities across our local food manufacturing facilities. The premix facility is automated, and the process is controlled to ensure the persistence of quality premix and consistent supply of nourishing foods across our operating markets,” he disclosed.
Diving into the barriers and solutions to scale fortification initiatives on the globe, the Vice Chairman of the Food System Champion Network and moderator at the WEF session, Mr Paul Newnham, said, “Millers are a powerful new ally in the global fight against malnutrition.”
“One in two children and two in three women face at least one micronutrient deficiency. Fortification has a critical role to play. From consumer education to regulatory frameworks, millers face key barriers in producing fortified foods. Millers need to be put on a level playing field, with equal partnerships between business and millers,” he added.
To round off the discourse on food fortification at the forum, a formidable initiative tagged Miller 4 Nutrition Global Coalition was launched.
According to Newnham, the initiative aims to gather millers of all sizes and diverse actors to improve nutrition worldwide.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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