Economy
Olam Gets Fresh $200m for Inflows of Food Commodities to Nigeria, Others
By Modupe Gbadeyanka
A fresh loan of $200 million has been secured by Olam Agri, the subsidiary of Singapore-based Olam Group, for the provision of food to over 40 million people in Nigeria and other emerging markets.
The credit facility was provided by the International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets.
Olam Agri will use the funds to purchase wheat, maize, and soy from Canada, Germany, Latvia, Lithuania, and the United States for delivery to the company’s processing operations and customers in Nigeria, Bangladesh, Cameroon, Chad, Egypt, Ghana, India, Indonesia, Pakistan, Senegal, Thailand, and Turkey.
According to a statement, the loan will further support flows of key food commodities to developing countries, which have been reliant on sourcing from the Black Sea region.
The goal is to help ease food price inflation, particularly in fragile, conflict-affected, and poorer countries that are net food importers, which are among the worst affected, and where food purchases comprise an outsized share of disposable incomes.
“This facility further supports us to continue to supply staple crops and ensure food security to some of the most populous countries in Asia and Africa most at risk of global food inflation,” said N. Muthukumar, Chief Executive Officer, Operations at Olam Agri “We’re delighted to continue our long-standing partnership with IFC, aligning with Olam Agri’s focus on better access to food and nutrition for the most vulnerable and on strengthening global food security.”
“The impacts of the COVID-19 pandemic, the war in Ukraine, and climate change are having disastrous effects on food security for developing countries, erasing years of hard-won development gains,” said Rana Karadsheh, Regional Industry Director, Manufacturing, Agribusiness and Services, Asia Pacific at IFC. “Our partnerships with key agricultural commodity-trading companies such as Olam Agri are crucial to maintaining the flow of critical food staples between countries with surpluses and deficits, ensuring better food security for the world’s poorest and most vulnerable populations.”
It was gathered that the IFC gave this facility to address food insecurity, especially for poor and vulnerable populations that have been hit hard by food inflation.
Food prices have risen significantly over the last two years, driven by the impacts of COVID-19, adverse climate events, and the war in Ukraine.
The number of food-insecure people in the world has been rising every year since the beginning of the pandemic, with more than half of countries globally experiencing a worsening situation. An estimated 928 million people were severely food insecure in 2020, according to the Food and Agriculture Organisation of the United Nations, an increase of 148 million from 2019.
The situation has been exacerbated by the war in Ukraine, which has impacted exports from the Eastern European country and Russia, which collectively produce a large share of key food commodities including wheat and maize as well as energy, fertilizer, and key components of fertilizer production, resulting in rising production and transportation costs.
Poor climate conditions and droughts in key producing countries including Argentina, Brazil, and the United States have worsened the outlook, driving calls for action from the public and private sectors.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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