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CBN earmarks N41bn through Heritage Bank for Dry Season wheat projects’ farming

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THEY DIDN'T SWAP YOUR CURRENCY, THEY GRABBED IT! 

CBN earmarks N41bn through Heritage Bank for Dry Season wheat projects’ farming

In a bid to meet high demand amid poor production capacity of wheat, the Central Bank of Nigeria earmarked a whopping sum of N41billion, which is being disbursed by Heritage Bank Plc to farmers across multiple States for the expansion of wheat production project.

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CBN earmarks N41bn through Heritage Bank for Dry Season wheat projects’ farming

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The disbursed fund is to consummate the expansion of Wheat Seed Multiplication Project, as part of the CBN’s Brown Revolution Initiative, an intervention programme to flag-off and support the commencement of dry season wheat farming across States in Nigeria.

 

 

 

 

 

 

Speaking on this laudable initiative, the Governor of CBN, Godwin Emefiele disclosed that this move was part of the apex bank’s intervention to address the challenges in Wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap inherited in Nigeria agricultural space.

 

 

 

 

 

 

 

According to him, following the successes in the Anchor Borrowers’ Programme (ABP), the apex bank decided to extend the gains recorded in rice and maize value chains to wheat production.

He said the programme would benefit over 150,000 farmers.

 

 

 

 

 

 

He also said the programme would be implemented in 15 states on about 180,000 hectares of land.

 

 

 

 

 

 

 

Emefiele said the apex bank sought to save $2 billion spent on importing five million metric tons of wheat annually through the intervention.

 

 

 

 

 

 

“Wheat is the third most widely consumed grain in Nigeria after maize and rice. It is estimated that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria,” he said.

 

 

 

 

 

 

 

“This enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill.”

 

 

 

 

 

 

 

He said that unless the issue was addressed, the increasing demand would add more problems to the country’s reserves.

 

 

 

 

 

 

 

“Given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise. This can only intensify pressure on the country’s reserves unless we take a decisive step to grow wheat locally,” Emefiele said.

 

 

 

 

 

 

 

He said the programme was expected to add about 2,000 metric tons of seeds to the nation’s national seed stock and potentially add 750,000 metric tonnes of wheat to national output annually through rain-fed wheat cultivation in Plateau, Mambila Plateau and Obudu Plateau in the short-term.

 

 

 

 

 

 

 

 

Meanwhile, Heritage Bank adopted more functional measures by registering the wheat farmers on the  Lagos Commodities and Futures Exchange (LCFE) platform in order to ensure due diligence on loan administration, monitoring and recovery, which would bring about increase in the domestic production of wheat.

 

 

 

 

 

 

 

 

In agreement with the CBN Governor’s view, MD/CEO of Heritage Bank, Ifie Sekibo that the Brown Revolution Initiative would help reduce the nation’s food import bill by increasing wheat production, create market linkages between smallholders farmers and Anchors/Processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholder farmers by developing credit history through the scheme and many more.

 

 

 

 

 

 

 

 

Narrating some of the feats achieved, Sekibo who was represented by the Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank, Olugbenga Awe said that as a bank it partnered with CBN to ensure wheat planting on wet and dry seasons.

 

 

 

 

 

 

 

 

What we want to achieve is to end importation of seeds and make Nigeria self-sufficient in wheat production.

 

 

 

 

 

 

 

 

“We are working with about 30 firms focusing only on seed production and also working with CBN to make sure we register all farmers. We believe working with LCFE will move Nigerian farmers from informal approach to a structured approach”, he said.

 

 

 

 

 

 

 

He further explained that whilst riding on the success of the wet season, “we decided to focus on the dry season which comes naturally to our people. As a bank, we are working on two things; one is to ensure the continuous multiplication of seeds and the other is to focus on the grains.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

 

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The Imo State High Court of Oru Judicial Division sitting at Mgbidi and presided over by his Lordship Hon. Justice Onyekachi has dismissed Suit No. HOU/71/2019, which was instituted by Chijioke Nwadika against
Nigerian Breweries Plc in the said suit, the claimant Mr. Chijioke Nwadika prayed the court to declare that the entire Ama Ogbejelem farm land at Awo-omamma in Imo State where Nigerian Breweries Plc constructed it’s drainage for waste disposal at its Awo-omamma
Breweries plant belongs to him and his family.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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The claimant also sought the court to order Nigerian Breweries Plc. to remove the drainage system from the land and pay the sum of N500,000,000 (Five Hundred Million Naira) as damages for unpaid
royalty, and destruction of the family’s economic trees as a result of disposal of waste through the drainage that runs through the claimant’s
farm land as claimed.

The claimant Mr. Chijioke Nwadika was represented through-out the
Suit by his counsel Damian Uneze Esq. who urged the court through his
submission to grant the reliefs. Dr A.A Orunkoya Esq counsel to Nigerian Breweries Plc vehemently challenged the claims of the claimant and urged the court to dismiss the suit on grounds that the
claimant failed to prove with empirical evidence the ownership of the and where Nigerian Breweries is situate or any part of it where the
drainage system of Nigerian Breweries passed.

It was his contention
that the claim of Mr. Chijioke Nwadika is predicated on tittle; hence the onus was on him to prove ownership of the land before he can be
entitled to any other relief or claim for damages connected to the land.
Dr. A.A Orunkoya Esq. further informed the court that the claim of Mr. Chijioke Nwadika was statute barred as the entire suit was centered on
a contract he purported his father had with Nigerian Breweries in 1983
whereas the action was instituted in 2019 in breach of limitation of
Action Laws that requires actions founded on breach of contract to be
instituted within six years.
The trial judge Hon. Justice Onyedikachi after considering the argument
and evidence put before the court dismissed the suit in favour of Nigerian Breweries Plc. Dr. A.A. Orunkoya Esq defence counsel to
Nigerian Breweries Plc while addressing the press after the judgment,
reiterated that the judgment has further rekindled the hope of investors and corporate organizations to invest in rural communities.

He stated that private companies are usually sued by unscrupulous
persons in their host communities thereby discouraging investors.
Dr. A.A Orunkoya Esq. further stated that the suit of Mr. chijioke
Nwadika was capable of frustrating the continuous existence of the Nigerian Breweries in Awo- Omamma but because the claims lack
merit, the court appreciated the issues of law that was canvassed as a defence and entered judgment in favour of Nigerian Breweries by dismissing the suit.

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

 … Sanwo-Olu says Dangote prioritize Nigerians’ welfare above profit

 

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The Aliko Dangote Foundation, (ADF) has flagged off the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos state.

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President of Dangote Group and Chairman of the foundation, Aliko Dangote, noted that the gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local government areas of the country.

 

 

 

 

Speaking at the flag off in Alausa, Dangote, said the distribution of the 80,000 bags of 10kg rice is another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity that are at the core of humanity.

Noting that the distribution of the rice is in addition to the daily distribution of 12,500 loaves of bread in Lagos, Dangote stressed that with the initiative, the foundation aspires to ameliorate some of the burdens faced by vulnerable communities across Lagos State.

In his remarks, Governor of Lagos state,  Babajide Sanwo-Olu, applauded the many initiatives of Dangote to ameliorate the sufferings of Nigerians, while praiseing him for showing compassion to the needy in the society.

Sanwo-Olu said the gesture of distribution of 80,000 bags of 10kg rice shows that the leadership of the Foundation prioritize the welfare of the people beyond the pursuit of profit and accumulation of wealth.

The Governor said: “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Mr. Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid and we are grateful for supporting us in government. There is a lot of global disruption in different parts of the world, and it is a tough time to be in a position of leadership,” he said.

While encouraging other wealthy Nigerians to emulate Dangote, the Governor said the distribution of the rice would support the initiative of the state in addressing the effects of the economic hardship.

Justifying the food intervention in Lagos, Dangote said: “While our traditional Ramadan food distribution has been focused on the Muslim Community, we recognize that the current circumstances where a significant proportion of Nigerians across the nation are experiencing severe hardship due to the prevailing high prices of food, require that we broaden our program to cover communities of all faiths. This is why we are extending the Ramadan initiative to cover all the thirty-six states and the Federal Capital Territory as a testament to our commitment to supporting our communities in line with our core values and the spirit of the Holy Month of Ramadan,” he said.

The CEO of the ADF, Zouera Youssoufou, said the Foundation is partnering credible NGOs, civil societies, religious bodies among others to ensure the donations go to the most vulnerable in Lagos State.

She said the Foundation is guided by a vision of empowering Africans to achieve their self-actualization and full potential as it believes that every individual, regardless of their circumstances, deserves the opportunity to thrive and succeed.

“In times of hardship, it is imperative that we stand together as one nation, one community, extending a helping hand to our brothers and sisters in their time of need as we have done with our female empowerment programme in Lagos State which targeted 40,000 (Forty thousand) disadvantaged women,” she added.

Group Executive Director Commercial Operations at Dangote Industries Limited (DIL), Fatima Aliko-Dangote, noted that the flag off in Lagos is a follow-up to the 120,000 bags distributed in Kano on Saturday, said the intervention is targeted to reach the 774 local government areas in Nigeria.

“We have been doing this for a while but we didn’t publicize  it because  our chairman  believes  this is between him and God but this year we decided  to publicize  it so that we can encourage  and inspire others to do so.

“There are many other things the Dangote foundation is also doing. We are also serving 2,500 breads all over Lagos daily. We started this in 2020 during COVID-19. Also in our hometown in Kano, we have been doing breakfast, lunch and dinner for the past 35 years. The foundation has invested in many things. Years back, we gave women some money to be able to invest in their businesses,” she said.

Speaking further, Dangote noted that Lagos state holds a special place in the hearts of the Group, hosting two of its major investments – Dangote Petroleum Refinery and Dangote Fertiliser Plant.

He disclosed that the Dangote Group is also working on the nutrition agenda and has made significant strides in food fortification, investing in iodized salt and vitamin A fortified sugar. He stressed that the Group actively promotes food fortification within the Nigerian food industry and is exploring fortification methods for staples like rice and wheat and bouillon cubes to help ensure improved nutrition nationwide.

“At the heart of the Aliko Dangote Foundation lies a deep-seated belief in the importance of nutrition in human capital development. We understand that access to nutritious food is not only a basic human right but also a critical determinant of good health and well-being. By providing these modest bags of rice to those in need, we are not only looking to alleviate immediate hunger, but also investing in the long-term health and prosperity of our communities,” he added.

While commending Lagos state governor, Babajide Sanwo Olu as a Governor with a penchant for overcoming adversity and enormous capacity in handling emergencies, Dangote urged other well-meaning individuals and corporate organisations to emulate the efforts to support the less privileged in the communities, especially during Ramadan, which is a time of self-reflection, empathy, and charity.

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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NIFESAF ESUT Lagos Holds 4th Edition Of Business, Career Exposition

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The Lagos State Alumni Fellowship of Nigerian Fellowship of Evangelical Students (NIFESAF) has held the fourth edition of its Business and Career Exposition programme themed ‘Maximizing Technology and Strategic Customer Loyalty For Sustainable Business Growth In Today’s Economic Condition’ on Saturday, 23rd of March, 2024 in Lagos.

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The programme which was basically for Small and medium-sized enterprises since its inception has served as a major platform for the promotion of Nigerian-owned businesses and created several opportunities for SMEs to thrive and have access to the world through the global reach of NIFESAF ESUT.

Just like the previous editions, the fourth edition wasn’t any different; it featured an avalanche of exhibitions by several Nigerian businesses with guests who were ready to patronize them and a huge platform to publicize their businesses.

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Some of the businesses involved in the exhibition include Finet Mobile, Purch Gadgets, Congratulations Corporate Events, Exceptional Intensive Vocational Training, Farmskills Limited, Jigsimur health drink, De Luxe flour, Royal Almonds, Ifiefruit, Ihubest trading enterprise, K-shape fashion designer, Zara Caps and Hats, Chee Havillah Royal Services Ltd, Lowan Enterprises, Mace Ventures, Arif Bureau, Davis Exotic Homes, Whiztech Global Ltd, Earthblend flavours, to mention but a few.

Speaking at the event, the Chairman of the Global Body— Nigerian Fellowship of Evangelical Students (NIFES) ESUT Alumni Fellowship, Mr. Fred Nnadike, said the essence of the business exhibition was to support and build a community of excellent, Christians who would be role models in their respective careers.

Nnadike who urged believers under the umbrella to keep the faith alive equally charged them to uphold ethical standards, sound corporate governance, and avoid sharp practices in their respective professions and business endeavors as ardent followers of Christ.

“We want to encourage what we produce and link our entrepreneurs to the global space. SMEs are indispensable for economic growth and development. The government across board should do something urgently to revive the economy by making the environment conducive for businesses to thrive” he implored.

On his part, the Lagos State Chapter Chairman of the Fellowship, Mr Henry Nnadike, said the leadership of NIFESAF has often reminded the government that MSMEs are still the engine room of every strong economy.

“Government must address multiple taxation, epileptic power supply, dilapidated road network, and general scorching economic environment. Governments must be transparent in their reforms and interventions. Besides, we need informed ideas, programs, and policies that must be designed by the best brains. The government should learn to put the interest of the masses above their personal interest for posterity’s sake” he urged.

Similarly, the Vice Chairman of NIFESAF, Lagos Chapter, Mrs. Chika Idalah–Allison, called on the state and federal government to partner with NIFESAF and related organizations which are poised to promote skills and craftsmanship, particularly for youths.

“Government should partner with organizations promoting skills acquisition, innovation, human capital development, and creative industry. In NIFESAF we are under the mandate to support every entrepreneur under its umbrella even beyond.

Idalah – Allison told newsmen that she was able to travel to different countries for business purposes, not by her academic certifications but by the salability of her skills in artwork and design.

“Nigeria is our only country, we must build it because the world is waiting for us to step out, and that is what we must all do collaboratively, however, our education curriculum should be designed fit- for -purpose” she asserted.

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