Economy
Ondo Governor to Unveil N15bn Cocoa Processing Plant
By Adedapo Adesanya
Governor Rotimi Akeredolu of Ondo State will on Tuesday, December 7, 2021, commission a N15 billion cocoa processing plant in Akure built by JohnVents Industries Limited.
The factory is expected to boost local cocoa production, drive employment and enhance the country’s economy, according to the Managing Director of JohnVents Industry, Mr John Alamu, at a news conference.
He informed newsmen that already, 100 people have been offered direct highly-skilled and unskilled jobs in the company and more are expected to join the organisation, stating that the number of staff will increase to over 300 by the time the industry is at full operation.
Johnvents Industries Limited is a wholly indigenous-owned agribusiness and subsidiary of Capitalsage. The firm was acquired from Olam Venture with 100 per cent acquisition of personnel and machinery.
“Since we came in April 2021, we have invested over N3 billion naira in revamping the factory after acquiring it from Olam Venture. This investment has been on the area of machinery.
“Cocoa is capital intensive. A tonne of cocoa today goes for about N1.3 million and we consume an average body of 35 tonnes per day. That is what we are spending on raw material alone.
“Because we are in the main crop season, it is the practice that you must have raw materials that can take you for 90 days.
“That tells you the requisite billions of naira required for cocoa beans only.
“But we are leveraging on interventions from the Central Bank of Nigeria and Bank of Industry to boost our capital.
“Shareholders have injected huge share capital to finance the project. The investment by shareholders in this industry is N15 billion,” he stated.
The managing director further said the industry was a 15,000 metric tonnes automated processing plant, with the capacity to crush cocoa into cocoa liquor, butter, cake and powder.
He said that over 2,000 personnel would be involved in the cocoa supply and export value chain, while more than 15,000 smallholder farmers would be empowered to generate sustainable income and contribute to the national economy.
Mr Alamu, however, said that the industry had signed an agreement with companies abroad for large scale patronage.
“We have signed an agreement with companies abroad that have potentials. The nature of this contract has already off-taken 100 per cent of what we will be producing in the next one year.
“Our sales strategy plan is product specific. Our cocoa butter is straightly for export and we already have buyers.
“But for our cocoa powder, we are not willing to send that abroad because we don’t want to package all our fortunes here and take them abroad since there is local demand,” he said.
The managing director said that the industry has three warehouses outside the country capable of storing 15,000 tonnes of cocoa beans and the industry would keep stocking up to cater for light crop season.
Also speaking, Mrs Caroline Omotosho, Manager, JohnVents Industries Limited, said the company would be a game-changer in the cocoa value chain in revenue generation, local capacity development, job creation and contribution to the country’s gross domestic product (GDP).
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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