Abia To Employ 5000 For Palm Production

Image

palm-production

By Modupe Gbadeyanka

Over 5000 citizens of Abia State are expected to be employed at a palm production firm called Palm Estate located at Ohambele in Ukwa East Local Government Area of the state, Business Post has learnt.

The state government recently signed a memorandum of understanding (MOU) with a private investor in palm production, S-ATM Nigeria Limited.

Speaking at the signing ceremony, Commissioner of Agriculture in the state, Mr Uzo Azubuike, said the deal was part of efforts and resolve of the Governor, Mr Okezie Ikpeazu, to expand and increase the wealth of Abia State.

He said the palm estate is expected to make the state the number one palm producer and create jobs for youths.

He assured the investors that the state government will keep their part of the agreement.

“Part of what we have signed now is that S-ATM Nigeria Limited must build an oil mill inside the palm estate there in Ohambele. Also the estate is going to employ over 5000 Abians, with greater percentage of the employment from the Ohambele community,” the Commissioner said.

On his part, Managing Director of S-ATM Nigeria Limited assured that his company will fulfil the terms of the agreement including investing the needed funds to realise the goals of the state palm plantation and employ Abians.

“More than 40% of the company’s employees will be Abia indigenes and we will also utilise the services of the members of the host community, thereby reducing the rate of unemployment in the state,” the firm’s boss said.

Share
Related Stories
Image
29-January-2024

Nigerian Civil Servants to Undergo Digital Upskilling Programme

By Modupe Gbadeyanka An initiative to enhance the digital skills of civil servants across various Ministries, Departments and Agencies (MDA) in Nigeria has been put in place by the Aig-Imoukhuede Foundation. The organisation partnered with Microsoft, Wootlab Foundation, and the Office of the Head of the Civil Service of the Federation (OHCSF) to prepare the public sector workforce for the digital era of the civil service. Through this partnership, Microsoft is helping lay a foundation for digital transformation in Nigeria, providing government employees with in-demand digital skills for the 21st-century workplace and empowering them to contribute towards the digitisation of

Image
13-February-2024

Access Holdings Selects Bolaji Agbede as Acting Group CEO

By Aduragbemi Omiyale Ms Bolaji Agbede has been appointed as the acting group chief executive of Access Holdings Plc, a statement from the organisation on Monday disclosed. Her appointment followed the death of the group CEO of the company, Mr Herbert Wigwe, in a helicopter crash in the United States over the weekend. Mr Wigwe died along with his wife, son, pilots, and the former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo. In the statement, Access Holdings emphasised that the appointment of the acting group CEO was subject to the approval of the Central Bank

Image
05-January-2024

NPA, NIMASA Get Six New Executive Directors

By Adedapo Adesanya President Bola Tinubu has approved the appointment of six new Executive Directors in two agencies under the Federal Ministry of Marine and Blue Economy. According to a statement late on Thursday by Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, three executives were appointed to the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) each. For the NPA, Mrs Vivian C. Richard Edet was appointed as the Executive Director of Finance and Administration (NPA), Mr Olalekan Badmus — Executive Director of Marine and Operations (NPA), and Mr Ibrahim

More Stories
Image
30-September-2017

CBN Denies Overfunding FG

By Dipo Olowookere Central Bank of Nigeria (CBN) has reacted to a recent report by an online newspaper, Premium Times, that it was over-funding the Federal Government. Governor of the apex bank, Mr Godwin Emefiele, while addressing newsmen in Abuja after the Monetary Policy Committee (MPC) meeting on Tuesday, said “Let me state categorically that the CBN has not over funded the federal government. “The federal government on its own decided that all its funds, both in local and foreign currency, should be moved to the Central Bank of Nigeria, into the Treasury Single Account. “It is important to put

Image
22-October-2019

Air Liquide Nigeria Plans N2.07bn Rights Issue

By Adedapo Adesanya The board of Air Liquide Nigeria Plc has expressed its desire to raise fresh capital from the capital market through a rights issue. A notice from the NASD Over-The-Counter Securities Exchange disclosed that the company intends to raise the sum of N2.07 billion from its existing shareholders. Air Liquide is a world leader in gases, technologies and services for industry and health. The company has presence in 80 countries with approximately 66,000 employees and serves more than 3.6 million customers and patients. In the NASD notice, it was stated that Air Liquide, through its stockbroker, Stanbic IBTC

Image
26-October-2016

NSE Index Gains 0.08% As Unilever Tops Gainers’ Chart

By Modupe Gbadeyanka It was a good day today at the Nigerian Stock Exchange (NSE) as the market closed in green after ending in red for days. The all-share index added by 21.87 points or 0.08 percent on Wednesday to finish at 27,120.39 points against 27,098.52 points it achieved the previous day. Also, the market capitalisation, which lost N163.6 billion to close at N9.307 trillion yesterday, bounced back today with a gain of N7.5 billion to end at N9.315 trillion. Unilever went up by N2.11k to lead the gainers’ chart, closing at N48.1k per share, while Beta Glass finished second

Image
23-September-2017

Agriculture Will Solve Africa’s Rising Youth Unemployment—FAO

By Dipo Olowookere The Food and Agriculture Organization (FAO) has disclosed that farming and rural non-farm-based activities still have untapped potential to generate employment opportunities for Africa’s rising youth population. At a high level forum tagged ‘Harnessing Skills for Rural Transformation and achieving the Sustainable Development Goals’ held at the margins of the United Nations General Assembly, the agency said Africa has the youngest population and the fastest growing population in the world, predicted to double by 2050, pointing out that this has a major impact on the employment market. Although 10 to 12 million young people join the labour

Image
26-February-2021

N26bn PHCN Severance Benefit Puts Insurance Broker in Trouble

By Aduragbemi Omiyale An insurance broker, Mr Abiodun Waheed Hassan, has been arraigned before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja for an alleged diversion of N26 billion. Mr Hassan, who is a director at Bestworth Insurance Brokers Limited, was accused of using the funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of defunct Power Holding Company of Nigeria (PHCN). The Economic and Financial Crimes Commission (EFCC), which arraigned the suspect on Thursday, February 25, 2021, said the offence was punishable under Section 315 of the Panel

Image
04-April-2017

Mutual Benefits Assurance Appoints Ashiru-Mobolaji as Director

By Modupe Gbadeyanka Mr Biyi Ashiru-Mobolaji has been appointed as the Executive Director in charge of Operation at Mutual Benefits Assurance Plc. Mr Ashiru-Mobolaji’s appointment was made by the Board of Directors of the firm and it takes effect from April 1, 2017, though subject to regulatory approvals. In his new role, Mr Ashiru-Mobolaji will oversee the Technical and Marketing & Distribution Channels of Mutual Benefits Assurance Plc. He is a Chartered Insurance Practitioner with a Higher National Diploma in Insurance from the Polytechnic Ibadan in 1996, an alumnus of Lagos State University, where he bagged a Master in Business

Image
01-July-2023

5 Fascinating Aspects Of Shaka Ilembe

From ancient culture and ancestor-based traditions to the allure of unique fashion and the art of wooing, Shaka Ilembe invites you to immerse yourself in the captivating world of Zulu Tradition like never before. Brace yourself for an extraordinary journey through time and culture as we explore five intriguing aspects of this thrilling series. 1. Explore the Fascinating Zulu Culture: Shaka Ilembe takes you on a captivating journey through the life of the legendary Zulu King and warrior, King Shaka. This series delves into the significant events that shaped his extraordinary life, offering a glimpse into the rich culture of

Image
06-December-2021

Diversifying into Foreign Assets – All You Need to Know

By FBNQuest Many Nigerian investors may think that investing in a foreign currency asset is an exotic venture for ultra-high-net-worth investors. On the contrary, diversifying into foreign currency assets may be easier than you think and offers both short-term and long-term benefits. Over the past few years, a growing number of savvy investors are putting their money into vehicles that offer exposure to low-risk dollar assets. This allows them to better manage the currency risk associated with a volatile exchange rate. They are doing this by investing in instruments like Eurobonds. Eurobonds are debt instruments that are denominated in a

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post