By Adedapo Adesanya

Olam Agri, a leading global agribusiness firm, has opened a $50 million state-of-the-art soybean crushing plant and feed milling facility in Ilorin, Kwara State, marking a significant boost to the nation’s agricultural processing capabilities.

This integrated facility, the largest of its kind in sub-Saharan Africa, boasts an annual processing capacity of 250,000 to 350,000 metric tonnes of soybeans, addressing Nigeria’s rising demand for high-quality animal feed and edible oils.

The plant, recently opened, will primarily source soybeans from local farmers, strengthening the domestic supply chain and reducing reliance on imports.

It directly supports Olam Agri’s subsidiary, Ruyat Oil, while supplying raw materials to the adjacent feed mill, which produces poultry and aquaculture feeds.

Olam Agri’s feed milling unit and its edible oil subsidiary, Ruyat Oil, specialise in processing and refining various vegetable oils for the Nigerian market.

This expansion builds on Olam’s existing operations in Kwara and Kaduna States, where it already runs major poultry feed mills and Africa’s first aqua feed plant in the region.

Alongside the plant’s commissioning, Olam Agri unveiled a new consumer product, Mama’s Pride Soya Oil, a refined, cholesterol-free cooking oil aimed at Nigerian households.

Speaking at the event, the company’s Africa Head of Edible Oil Processing, Mr Saurabh Kumar, described the product as a developed innovation tailored for Nigerian kitchens and homes, expressing confidence that it will redefine market standards.

“Mama’s Pride Soya Oil is proudly produced in Nigeria for Nigerians. It is thoughtfully developed as a product consumers can trust for their everyday cooking,” he said.

The company’s Head of Marketing, Mr Bola Adeniji, emphasised the importance of promoting authentic and healthy edible oil options in Nigeria, noting that Mama’s Pride Soya Oil offers quality, safety, and nutrition, and called on trade partners to help eliminate adulterated products from the market.

The new edible oil product is available nationwide in multiple packaging formats, including PET bottles, pouches, and bulk containers, enabling broad market penetration across different income segments.

Olam Agri, which specialises in food, feed and fibre, is committed to a fully integrated approach working closely with farmers through structured support systems, improving yields, and producing and processing locally.

This captures the agribusiness’s focus on fostering positive economic impact through improved value chain productivity, a nutritional landscape, human capital development, and job creation in Nigeria.

On his part, Mr  Anil Nair, Country Head and Managing Director of Olam Agri Nigeria, affirmed that the business will continue to invest in developing key value chains, food safety, and supporting Nigeria’s economic growth in line with the government’s Renewed Hope Agenda.

By Adedapo Adesanya

Flutterwave has distanced itself from the widespread reports claiming the Nigerian government has approved a $75 million investment in the company ahead of a highly anticipated public listing.

In a statement released on Tuesday, the payments giant dismissed the reports as “inaccurate,” specifically refuting claims that it is on the verge of a $250 million Initial Public Offering (IPO). The denial follows media reports on Monday, sparked in part by a now-deleted social media post from a special assistant to President Bola Ahmed Tinubu.

The initial reports suggested that President Bola Tinubu had authorised the Ministry of Finance Incorporated (MoFI) to inject $75 million into the startup.

However, Flutterwave’s spokesperson clarified the company’s position, stating, “Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”

The confusion highlights the intense scrutiny surrounding the unicorn, which was valued at over $3 billion during its 2022 funding round. While Flutterwave has long been touted as the torchbearer for African tech on the global public stage, the company appears to have pivoted toward a more conservative timeline.

According to the reports, the fintech company approached the federal government last year to participate in the offer, which has been in motion since it was first touted as far back as 2022.

Flutterwave’s IPO has been delayed by its lack of sustained profitability, earlier governance and misconduct scandals, and unfavourable global market conditions.

Over the years, the company’s chief executive, Mr Olugbenga Agboola, has maintained a consistent narrative of internal consolidation over public ambition.

He emphasised that the firm’s current priority is operational maturity and robust corporate governance rather than a rushed debut on the stock exchange.

In 2o22, Flutterwave raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion after raising $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion in March 2021. It raised a $35 million in Series B in 2020 and a $20 million in Series A in 2018.

At $3 billion, Flutterwave is currently the highest valued African startup, heightening expectations that the next phase would be an IPO. However, the latest dismissal shows that the years-long wait will have to continue before investors can get a piece of the company valued at $3 billion.

By Adedapo Adesanya

African business mogul, Mr Aliko Dangote, plans to expand his refinery by producing key chemicals used in detergents and cleaning products.

Mr Dangote, who is the major stakeholder in the Dangote Petroleum Refinery and Petrochemicals FZE, will use Honeywell International Inc.’s technology to produce 400,000 metric tons a year of linear alkylbenzene (LAB), the US-based industrial conglomerate said in a statement on Monday.

The refinery, which has a capacity to process 650,000 barrels of crude a day, is now targeting another import-dependent Nigerian market and positioning the business as a major player in the global supply chain.

The project will produce Linear Alkyl Benzene (LAB), the chemical used to make the surfactants, the active cleaning agents in soaps and detergents. This is not a consumer detergent, but the raw material that detergent manufacturers rely on.

The plant is expected to be completed within the next 30 months and produce 400,000 tonnes annually, far exceeding Africa’s current capacity.

Mr Dangote had already hinted at the plan during a tour of the refinery with Mr Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, in February.

“And that raw material for detergent will be sufficient for the entire African continent. It’s 400,000 tonnes, which we don’t have. The only two are one in Algeria, 100,000 tonnes, and Egypt, 50,000. But we are going 400,000. And we will deliver all this in the next 30 months,” Mr Dangote said at the time.

Africa currently depends heavily on imports of LAB, with only two existing plants on the continent, Algeria (100,000 tonnes) and Egypt (50,000 tonnes).

Dangote’s facility could meet the continent’s entire demand, reduce import dependence, and support local detergent manufacturing.

The LAB project also deepens the conglomerate’s broader petrochemical footprint, complementing its operations in fertiliser, cement, oil refining, agriculture, and industrial manufacturing.