The Nation Newspaper

Category: Equities

  • Echostone delivers World Bank certified homes in Lagos

    Echostone delivers World Bank certified homes in Lagos

    By Collins Nweze

     

    AS part of ongoing efforts in bridging over 22 million housing deficit in the country, Echostone Development Nigeria has delivered a 252 WorldBank Edge Certified affordable homes in Idale Badagry.

    Lagos State, which has over three million housing deficit had partnered Echostone in a Public-Private Partnership (PPP) aimed at providing 100,000 affordable homes in 10 years with modern-day technology.

    The project starts with the construction of 2,000 housing units in three local govern ment areas of the state, Idale in Badagry; Ayobo in Alimosho Local Government Area and Imota in Ikorodu Local Government Area.

    Speaking at the official commissioning of the WorldBank Edge Certified affordable homes,  Managing Director of EchoStone Development Nigeria, Sammy Adigun, explained that the Affordable Housing Scheme named, ‘Peridot Parkland Estate’, is the first-ever green-certified affordable housing community in Nigeria, and the first to be certified by the internationally recognised sustainability standard from the International Finance Corporation (WorldBank) Edge.

    Read Also: World Bank: Global economy to grow 4%

    According to him, the project is not only the first-ever in Nigeria to be World Bank Edge certified, but it is one of only three in all of Africa to meet the advanced certification level for its significant carbon, energy and water savings.

    He pointed out that the estate is confirmed to a 53 per cent Energy Savings home, 42 per cent Water Savings and 35 per cent Carbon Savings.

    On the importance of the aforementioned figures for Lagos State and the Badagry community, he said that “The Edge recognition puts Nigeria among leading nations in the world committed to meeting the highest standards of sustainability that supports the United Nations Sustainable Development Goals, particularly SDG11, Sustainable Cities.”

     

  • Fed Govt to partner OPS on sugar production

    Fed Govt to partner OPS on sugar production

    Adekunle Jimoh, Ilorin

     

    MINISTER of Industry, Trade and Investment, Otunba Niyi Adebayo on Thursday expressed Federal Government’s readiness to partner with private investors in sugar production in the country.

    He said this was aimed at accelerating the nation’s economic growth.

    Adebayo said this at the official commissioning of multi-billion naira Nigeria Sugar Institute located in Jimba-Oja town in Ifelodun Local Government Area of Kwara State.

    He said that investment already made by the Federal Government and the private sector in sugar industry is capable of creating over thousands of jobs in agriculture and manufacturing sectors.

    Read Also: Fed Govt urged to stop brain drain

    “The government, therefore, recognises the need to deepen the partnership with the private sector to drive access to skills development, research and development in a manner that promotes competition, productivity, profitability and sustainability in the sugar industry,” Adebayo said.

    The minister, who commended the Kwara State Government and other stakeholders in the partnership for the support given to the ministry in actualising the project, pledged to meet expectations of the country in sugar development through sugar master plan.

    Also speaking, Governor Abdulrahman Abdulrazaq of Kwara State pledged continued provision of conducive environment for industrial growth, in partnership with both Federal Government and private sectors in the country, for benefit of residents of the state.

    The governor said the state has  the potential of providing enough sugarcane for sugar industries in he country.

  • Promasidor appoints new CEO

    Promasidor appoints new CEO

    By Taofik Salako

     

    Promasidor Nigeria Limited has appointed Bruno Gruwez as its Chief Executive Officer (CEO).

    Its Coordinator, Corporate Communications, Isiaka Lawal stated that Gruwez succeeded Anders Einarsson, who will assume regional responsibilities within the Promasidor Group.

    Gruwez’s appointment took effect from January 1 2021.

    Gruwez joined Promasidor from PepsiCo, where he was Senior Director, Food Categories Sub-Saharan Africa.

    Prior to that, he was Senior Commercial Director for PepsiCo South Africa.

    Before moving to Africa, Gruwez was Marketing Director for PepsiCo UK

    Beverages and GM for PLI Western Europe (Pepsi Lipton International is a PepsiCo Unilever Joint Venture.

    Lawal described Gruwez as a strategic business leader with deep operating expertise in driving revenue and profit growth, noting that Gruwez has the record of proven success in consumer andcustomer focused businesses across developed (Europe) and developing African markets. He also has passion to grow people and inspire them towards excellence.

    Gruwez, a Belgian, has a Masters in Business Engineering from the Universite Libre de Bruxelles.

    He is married with children.

     

  • Equities rally N259b as CBN holds rates

    Equities rally N259b as CBN holds rates

    By Taofik Salako

     

    Nigerian equities surged forward yesterday as investors reacted positively to the decision of the Central Bank of Nigeria (CBN) to hold benchmark interest unchanged at 11.5 per cent.

    The All Share Index (ASI)- the value-based common index that tracks share prices at the Nigerian Stock Exchange (NSE) rose by 1.21 per cent, equivalent to net capital gain of N259 billion.

    At the end of its two-day meeting, the Monetary Policy Committee (MPC) of the CBN yesterday unanimously voted to retain the Monetary Policy Rate (MPR) and other key parameters at their current rates. Consequently, the committee retained MPR at 11.5 per cent, the asymmetric corridor around the MPR at +100/-700bps, Cash Reserves Ratio at 27.5 per cent and liquidity ratio at 30.0 per cent.

    Market analysts and investors, who had mostly anticipated that there wouldn’t be change in the apex bank’s policy, opened up market orders to attract deals. Investors are moving funds to quoted equities in response to low yields in the fixed-income markets.

    Aggregate market capitalisation of all quoted equities at the NSE rose from its opening value of N21.494 trillion to close at N21.753 trillion. The ASI also trended upward from its opening index of 41,088.96 points to close at 41,584.94 points.

    The positive market situation was driven by widespread gains, especially within the large and medium-cap stocks such as Airtel Africa, Flour Mills of NIgeria, Lafarge Africa and MTN Nigeria Communications.

    There were 32 advancers against 19 decliners. RT Briscoe led the gainers’ chart, in percentage terms, with 10 per cent to close at 22 kobo per share. Champion Breweries followed with 9.81 per cent to close at N2.35. Universal Insurance rose by 9.52 per cent to close at 23 kobo per share. African Alliance Insurance appreciated by 9.09 per cent to close at 24 kobo while Fidson Healthcare rose by 8.60 per cent  to close at N5.05 per share.

    On the negative side, John Holt led the decliners with a drop of 10 per cent to close at 45 kobo per share.  Japaul Gold and Ventures followed with 9.30 per cent to close at 78 kobo. Seplat Petroleum Development Company lost 9.26 per cent to close at N490 per share.  Academy Press dipped 9.09 per cent to close at 40 kobo while Niger Insurance shed 7.41 per cent to close at 25 kobo per share.

    Total turnover stood at 467.886 million shares valued at N5.57 billion in 5,990 deals. Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 45.931 million shares valued at N50.597 million. AXA Mansard Insurance followed with 34.73 million shares worth N48.64 million. Japaul Gold and Ventures  traded 29.44 million shares valued at N23.04 million. Sovereign Trust Insurance traded 26.44 million shares valued at N7.30 million while Lasaco Assurance transacted 25.78 million shares worth N10.70 million.

  • Stockbrokers set up committee to strengthen ethics

    Stockbrokers set up committee to strengthen ethics

    Our Reporter

     

    THE Chattered Institute of Stockbrokers (CIS) has commenced moves to review its Code of Ethics and Standard of Professional Conduct to strengthen members’ professional practice, enhance their relationship with investors and restore confidence in the market.

    The institute has set up a committee to review the existing code of ethics which has been operational for 10 years . The committee members will also update the code of ethics in line with the  present realities in the global financial market.

    The committee is chaired by former president of CIS and leading investment banker, Mr. Ariyo Olushekun.  Mr. Jude Chiemeka is the vice chairman while Mr. Adedeji Ajadi, Chief Executive Officer and Registrar of CIS, is the secretary. Other members included Alhaji Isayku Tilde, Prof. Helen Andow,  Dr. Tayo Bello,  Mr. Mai Moustapha Muhammed  and Mr. Olasunkanmi Iranloye.

    President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe, urged members of the committee to leverage  their education, experience and professional  approach to produce better and current ethical codes for the institute.

    Read Also: Stockbrokers to begin trading on FMDQ

    According to him, the institute has  rules that guide the conduct of our members and their relationship with the clients.

    He explained that the committee would review the code of conducts and ethics in line with the Institute’s business which is solely guided by integrity.

    He said the committee has been asked to play a major role in the development of the capital market, noting that the outcome of the activities of the committee in particular will go a long way in restoring investors’ confidence in the market.

    He said stockbrokers need to be guided, especially in the aspects of the code of ethics and standard of operations because they will be judged by the ethical standard of their operations.

    “ We realise  that things are changing and new events are arising. This requires that some of these programmes are looked for necessary changes.  The present code of ethics was instituted about ten years ago. Our hope is that the committee will be able to bring those Codes to the 21st Century for us and our members to keep on with.

     

  • Dangote Cement reaffirms commitment to shareholders’ value

    Dangote Cement reaffirms commitment to shareholders’ value

    Our Reporter

     

    AFRICA’s largest cement producer, Dangote Cement Plc , has restated its commitment to maximizing shareholders’ value as it continues to maintain financial discipline and liquidity.

    Reacting to the award of AA+(NG) and A1+(NG) ratings from Global Credit Ratings(GCR), Dangote Cement stated that the rating was a confirmation of the strength of the company.

    In its report, GCR affirmed the long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively, assigned to Dangote Cement, as well as with the outlook accorded as Stable. In addition, the cement firm’s N100 billion Series 1 Fixed Rate Bond has been assigned AA+.

    Chief Executive Officer, Dangote Cement Plc, Michel Puchercos said the rating signified that Dangote Cement’s credit profile and liquidity is very strong, with low risk of default.

    According to him, the rating accorded to Dangote Cement is an investment grade rating, signifying that it is an attractive investment vehicle.

    “Dangote Cement has shown great resilience in 2020 despite the COVID-19 pandemic and a challenging environment. The Group continues to report strong cash generation while maintaining strong financial discipline. As Africa’s leading cement producer, we are committed to maximising shareholder value creation,” Puchercos said.

    Dangote Cement  had in 2020  announced the successful issuance of N100 billion Series 1 Fixed Rate Senior Unsecured Bonds due April 2025 under the Company’s B300 billion bond programme. The transaction was 1.5 times oversubscribed and represents Dangote Cement’s debut bond issuance in the debt capital markets.

    Book building with respect to the issuance commenced on 3 April 2020 following approval from the Securities and Exchange Commission and closed on 15 April 2020 at a coupon rate of 12.50 percent.

    Despite market headwinds due to the COVID-19 pandemic, the transaction was extremely well received and attracted significant demand from a wide range of high-quality investors including domestic pension funds, asset managers, insurance companies, banks and international fund managers. The total order book amounted to 155 billion.

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    The transaction represented the largest corporate bond issuance in Nigeria’s debt capital markets as at time of issue, reflecting Dangote Cement’s strong credit quality as well as the resilience of the Nigerian debt capital market despite current global challenges.

    The transaction enabled the company to lower its average cost of debt and extend the average maturity of its debt. Dangote Cement intends to use the net proceeds of the offering to refinance existing short-term debt previously applied towards cement expansion projects, working capital and general corporate purposes.

    Dangote Cement is Africa’s leading cement producer with nearly 48.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 32.25Mta in its home market, Nigeria. Its Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.

    In addition,  Dangote Cement has operations in Cameroon, 1.5Mta clinker grinding; Congo, 1.5Mta;  Ghana, 1.5Mta import; Ethiopia, 2.5Mta; Senegal, 1.5Mta; Sierra Leone, 0.5Mta import; South Africa, 2.8Mta; Tanzania, 3.0Mta and Zambia, with 1.5Mta

  • ‘Why Access Bank opted for holding company structure’

    ‘Why Access Bank opted for holding company structure’

    Collins Nweze

     

    ACCESS Bank Plc adopted holding company structure because of the opportunity to diversify and grow earnings for improved returns to shareholders and better services to customers.

    Group Chief Executive Officer, Access Bank Plc, Herbert Wigwe, who spoke during a virtual 2021 Investor Engagement Forum entitled: Realigning for growth in Lagos, said the bank has started the process that would enable it to transit to a holding company (HoldCo) structure.

    He said the new structure would enable the bank diversify its earnings, build stronger payment platforms and significant Return on Investment (RoI) for shareholders.

    He said the bank will equally do more on the consumer banking segment and also pursue bankassurance model.

    He said the bank approves over one million loans monthly, and will continue to take steps to sustain its leadership position in Nigeria, and Africa’s banking space.

    The Access Bank boss said the lender will continue to work with Development Finance Institutions (DFIs) co-investing with it to expand its African operations.

    He said the bank has identified eight African countries for a potential expansion as it seeks to benefit from the opportunities presented by the African Continental Free Trade Area (AfCFTA).

    The bank operates in 12 countries following acquisitions spanning Kenya to its home market.

    The markets of interest are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia, according to an online presentation emailed by the Lagos-based lender.

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    It will also use its London-based unit as an “anchor for growth” to expand representative offices in countries such as India, Lebanon and China, the CEO said

    The African trade pact aims to bolster intra-regional commerce by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for the establishment of a continental-wide customs union.

    Access Bank plans to eventually expand into 22 African countries to cushion challenges in some markets, diversify earnings and take advantage of growth opportunities in the region.

     

  • NSE pays compensation to 49 investors

    NSE pays compensation to 49 investors

    Taofik Salako, Deputy Group Business Editor

     

    THE Nigerian Stock Exchange (NSE) has paid compensation to 49 investors that suffered pecuniary losses, in furtherance of the market’s commitment to investors’ protection.

    Its Chief Executive Officer, Mr. Oscar Onyema, who briefed stakeholders on the activities of the market in 2020 at a virtual session yesterday in Lagos, said the money was paid to investors who filed in claims for pecuniary losses.

    According to him, a total of N17.02 million was paid to 49 investors who suffered pecuniary losses in 2020 while the Exchange also facilitated restitutions and recoveries of shares worth N305.11 million for investors in the year under review.

    The NSE had in 2012 inaugurated its Investors’ Protection Fund (IPF), in line with the provisions of the Investment and Securities Act (ISA). Part XIV of the ISA requires the Exchange to establish and maintain an investors’protection fund to compensate investors with genuine claims of pecuniary loss against dealing member firms resulting from insolvency, bankruptcy or negligence of a dealing member firm of a securities exchange or capital trade points; and defalcation committed by a dealing member firm or any of its directors, officers, employees or representatives in relation to securities, money or any property entrusted to, or received by the dealing member firm during its  business as a capital market operator.

    In 2019, the NSE recovered about N1.44 billion worth of shares for investors under its investor protection mandate, including restitutions of investors who were unjustly dispossessed of their shares.

    Onyema had said the recoveries and restitutions were in line with the strategic focus of the NSE on investor protection adding that the Exchange would continue to empower and protect investors through education, adequate surveillance and stringent enforcement of rules and regulations.

    The NSE operates many channels for dispute adjudication and resolution, including its complaint management framework, disciplinary committee, subsisting working relationship with law enforcement agencies, especially the Economic and Financial Crimes Commission (EFCC) and a stand-alone IPF.

    In December 2018, the NSE strengthened the governance of its IPF with a new framework that outlines a broad-based board and competencies. It had in 2012 inaugurated its IPF, in line with the provisions of the Investment and Securities Act (ISA).

    A new governance and management framework approved by the Securities and Exchange Commission (SEC) on December 5, 2018 for the NSE IPF indicated that the fund would now be managed by a nine-member board, drawn from major stakeholders in the capital market.

    According to the framework, the board shall consist of a maximum of nine members including a representative each from dealing member firms, NSE, Central Securities Clearing System Plc, SEC, Institute of Capital Market Registrars, one person representing institutional investors, one person with proven integrity and knowledgeable in the capital market matters, one person representing registered shareholders association and one person who shall be a legal practitioner knowledgeable in capital market matters.

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    Under the new rules, members of the board shall be appointed by the Exchange, subject to the approval of SEC, for an initial term of four years, renewable for a further term of four years only.

    The board is the most important organ of the IPF. It is responsible for the management of the IPF and shall hold, manage and apply the fund in accordance with the provisions of the IPF rules and the ISA.

    For the purpose of managing the fund, the board is empowered to engage such number of staff as it may deem necessary for the efficient performance of its functions, set up sub-committees to assist in the discharge of its functions, in particular for the purpose of determining the eligibility of an investor to receive compensation and the amount payable; and appoint a management sub-committee.

    The board may also by resolution delegate to any sub-committee appointed by it all or any of its powers. Any power, authority or discretion so delegated by the board shall be exercised by members forming a majority of the sub-committee as if that power, authority or discretion had been conferred on a majority of the members of the sub- committee.

    The board may at any time remove any member of a sub-committee appointed by it and may fill any vacancy in the sub-committee howsoever arising while a decision of the sub-committee of the board shall be of no effect until it is confirmed or ratified by the board.

  • Stock Exchange to list shares for trading

    Stock Exchange to list shares for trading

    By Taofik Salako, Deputy Group Business Editor

    Plans are underway for the listing of ordinary shares of the holding group for the Nigerian Stock Exchange (NSE) and its emergent subsidiaries for public trading at the stock market.

    The listing of the shares is expected to be the climax of the ongoing demutualisation (conversion ), which is expected to close in the third quarter.

    Sources said the shares of the six decade-old Exchange will be made available for public trading this year, noting that the timeline of activities will run smoothly with the receipt of all major regulatory approvals.

    According to the sources, the listing may be done by way of introduction, a process that allows the scheme shares from the demutualisation of the Exchange to be listed for public trading without initial public offering (IPO).

    Under demutualisation, NSE, as a non-profit, member-owned mutual company, limited by guarantee is converting to a public limited liability company with issued share capital and shareholders.

    A non-operating holding company, the Nigerian Exchange Group (NGX Group) Plc has been created as the parent company for the NSE and its operating structures. NGX Group has three operating subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and NGX Real Estate Limited (NGX RELCO), the real estate company – forming the group. All the four entities have been duly registered at the Corporate Affairs Commission (CAC).

    According to the plan, the emergent holding group, Nigerian Exchange Group Plc, will list its entire issued share capital of 2.0 billion ordinary shares of 50 kobo each by way of introduction on the Nigerian Exchange Limited, which will take over the trading function of the NSE.

    Read Also: Nigerian stocks buck global downtrend with N552b gain

    Under the rules at the Exchange, immediate post-demutualisation shareholders of the emergent holding group may need to make initial shares available to create liquidity in the stock. Listing by introduction is a listing method for companies that desire to list its primary share capital on the Exchange, without prior public issuance.

    As part of the process, the council of the NSE recently announced the chief executives of the emerging companies after the conversion of the NSE.

    The incumbent Chief Executive Officer of NSE, Mr Oscar Onyema, will lead the Nigerian Exchange Group Plc as Group Chief Executive Officer. Temi Popoola, a Chartered Financial Analyst (CFA) and Chief Executive Officer, West Africa, Renaissance Capital, will lead Nigerian Exchange Limited as Chief Executive Officer. Incumbent Executive Director at NSE, Tinuade Awe, will be the Chief Executive Officer of NGX Regulation Limited.

    According to the scheme of arrangement for the conversion, the post-demutualisation shareholders’ base will consist of 255 institutional shareholders and 177 individual shareholders.

    The post-demutualisation shareholding arrangement was arrived at by converting the existing dealing members of the Exchange to institutional shareholders and ordinary members to individual shareholders.

    Shareholdings will be on equal basis in the immediate conversion period with each institutional shareholder holding 6.01 million ordinary shares of 50 kobo each while each individual shareholder will hold 2.44 million ordinary shares of 50 kobo each.

    Thus, each institutional shareholder will hold 0.3 per cent equity stake while each individual shareholder will hold 0.1 per cent equity stake, in line with the current membership-share conversion ratio of 78 per cent for dealing members and 22 per cent for ordinary members.

    The NSE will transit into a non-operating holding company with an authorised share capital of 2.5 billion ordinary shares. About 2.0 billion ordinary shares of 50 kobo each are expected to be issued in the immediate period of the conversion.

    The NSE will transfer its securities  exchange  licence and other assets necessarily required to carry out the securities exchange function; which will   include human   resources,   securities   exchange   function related contracts, the  trading facilities  comprising of the  trading floors, work stations, telephones and other office equipment such as cabinets and others, quotation board,  stock  price  electronic  display  device,  stock  printers,  inquiry display equipment and other assets to Nigerian Exchange Limited pursuant to the scheme.

    According to the scheme, the demutualised NEG will take off with authorised share capital of N1.25 billion comprising of 2.50 billion ordinary shares of 50 kobo each, which will be registered with the Corporate Affairs Commission. The NEG will subsequently set aside 2.0 billion ordinary shares of 50 kobo each as issued share capital, which will be registered with the SEC.

    A total of 40.08 million ordinary shares, representing 2.0 per cent of the proposed issued shares of NEG will be set aside for allotment to parties that may lay claims to entitlement to shares in the demutualised Exchange.

    This was pursuant to the provisions of the Demutualisation Act 2018. The apportionment of 2.0 per cent as the claims review shares is based on an analysis of the probable quantum of shares that would be required to settle each claim. However, each claimant will be expected to provide irrefutable evidence of membership or circumstance that confers such claim of ownership.

    However, in the event the claims review shares are insufficient to satisfy successful claims, additional shares will be allotted from the demutualised Exchange’s authorised share capital.

    A total of 1.96 billion ordinary shares, representing 98 per cent of the issued shares, the balance of the issued shares following the reservation of the claims review shares, will be apportioned between dealing and ordinary members on the basis of a ratio of 78:22, respectively.

    With the approval of the scheme, all assets, liabilities and undertakings including real property and intellectual property rights of the NSE- with the exception of the securities exchange licence and all assets and appurtenances in relation to the securities trading business of the NSE – shall be retained by NEG.

  • FMDQ lists three new commercial papers

    FMDQ lists three new commercial papers

    FMDQ Securities Exchange has approved the quotation of the N15 billion commercial paper issuance by Total Nigeria Plc and N2 billion by Mixta Real Estate Plc.

    The Exchange also approved the registration of a N20 billion commercial paper programme by Valency Agro Nigeria Limited.

    The N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) were issued by Total Nigeria under its N30 billion CP issuance programme.

    Mixta Real Estate issued its N2 billion Series 32 Commercial Paper under its N20 billion CP issuance programme.

    The new admission renewed hopes for the continued development of the financial markets as corporates have already commenced with planning towards the achievement of their strategic goals and objectives.

    The CP market, even during the ‘high-points’ of the COVID-19 pandemic last year, has continued to provide succour to both private and public institutions as we begin the new year.

    FMDQ stated that it has, through innovative evolution, continued to avail its credible and efficient platform as well as tailor its listings and quotations services to suit the needs of issuers and its registration members.

    According to FMDQ, the debut issuance of Total Nigeria’s CP, following a volatile period for the oil and gas industry as disrupted by the pandemic, demonstrated confidence in the  debt capital market to support the vibrance of this sector and, in turn, reactivate  the economy.

    FMDQ noted that the issuance by Total Nigeria attracted significant demand from many investors.

    Managing Director, Total Nigeria Plc, Mr. Imrane Barry, explained that the CP programme was set up to enable the company further broaden its sources of capital by accessing funding from the debt capital markets.

    while also reducing its overall funding costs.

    He thanked investors for supporting the company’s debut issue and commended the financial advisers for ensuring the success of the Issue despite the challenging environment.

    Head, Debt Capital Markets, Stanbic IBTC Capital, Tokunbo Aturamu, expressed delight that Total Nigeria has joined the growing list of blue-chip corporates who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.

    Managing Director, Valency International Pte Ltd, Mr. Sunil Dhanuka, said the successful registration of Valency Agro’s N20 billion CP issuance programme was in line with the vision to grow within the agricultural value chain in Nigeria.

    He said Valency Agro is committed to ensure the growth of the agriculture sector through deep involvement in Cashew, Sesame, Cocoa and other produce.

    He outlined that net proceeds from the CP programme would be used towards meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export.

    With double-digit inflation rates and soaring food prices compounded by the growing Nigerian population, it has become more imperative to catalyse the country’s agricultural value chain transformation in a bid to drive increased and sustainable production of agricultural products as well as foreign earnings through exports.

    Valency Agro Nigeria Limited (Valency Agro), is incorporated in Nigeria as a private limited liability company under Valency International Pte Limited (Valency International) – an International commodity trading house with its presence in over 15 countries – deals in the sourcing, production, and trading of Agro and consumer food products.