Africa’s first cassava-based sorbitol factory, constructed by Psaltry International Limited (PIL) in partnership with First City Monument Bank (FCMB) and Unilever Nigeria, has been commissioned at an impressive ceremony by the Governor of Oyo State, His Excellency, Seyi Makinde, in Iseyin, Oyo State.
Speaking at the commissioning of the factory, Governor Makinde, said, “This is another value addition to cassava which Oyo State is known to produce in large quantity. We are glad that the strategies adopted to boost agribusiness in the state are yielding the desired results. We believe there cannot be urban transformation without rural development. Our government is in full support of Psaltry International Company Limited.”
Describing the socio-economic impact of the Sorbitol factory, the Founder/CEO, Psaltry International, Mrs Oluyemisi Iranloye, said, “This factory which is first of its kind in Africa, is projected to create 25,000 direct and indirect jobs while empowering 10,000 rural farmers and families living within an 80km radius covering more than 20 host communities around Oke-Ogun in Iseyin, Oyo State.
“The factory, which will produce 24 tons of Cassava-based Sorbitol daily, was financed by FCMB through the Central Bank of Nigeria’s Commercial Agriculture Credit Scheme and has Unilever as the largest off-taker as part of its localisation of raw materials for production. Also called sugar alcohol, Sorbitol is used to preserve moisture, add sweetness, provide texture to products, and potentially support digestive and oral health.”
She added that landing the factory is a journey of courage, resilience, and boldness to excel in the world’s cassava value chain beyond the norm. The aim is to reduce the challenges facing manufacturers who import Sorbitol into Nigeria, a product that is 90 per cent major ingredient in toothpaste and pharmaceutical syrup production.
In addition to employment opportunities for youths and farmers, the factory will directly impact a minimum of 100,000 people around the host community. It will also save Nigeria about 10m US dollars per annum in Forex.
On his part, the Managing Director, Unilever West Africa, Carl Cruz, said, “Unilever is pleased to be part of this initiative in line with its localisation agenda to source raw materials locally in Nigeria. With our sustained investment on localisation, we have enhanced the capacity of partners to increase their production output in sorbitol and cassava starch.
This has reduced our dependence on importation of raw materials for our local production and enabled us to generate employment for factory workers, agronomists, back-office support, harvesters, pruners, and suppliers.”
NDIC to pay N16.18bn liquidation dividends of 20 failed banks
Effective assets, liabilities management critical in promoting banking stability — NDIC
By Matthew Denis
The Chief Executive Officer and Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Hassan Bello has disclosed that Effective management of assets and liabilities is critical in promoting stability of the banking operation.
The MD of NDIC made this known at the two days SEC Nigeria-IFSB international Forum held in Abuja on Thursday.
He said, “For the Nigeria Deposit Insurance Corporation (NDIC), our mandate includes deposit guarantee, bank supervision, failure resolution and bank Liquidation.
“This mandate is principally geared at ensuring depositors’ confidence and financial system stability. However, financial system stability is a collective responsibility of the regulators, supervisors and operators.
“While the operators have the duty to play their game according to the rules, the supervisors and regulators on the other hand have the responsibility to provide the enabling framework and guiding principles within which the operators are expected to operate.”
Mr Hassan explained that the NDIC as a deposit insurer and banking supervisor is significantly affected by the activities of the banks particularly in the area of risk management practices.
“Risk management must be comprehensive and should cover all aspects of risks including but not limited to operational, market, credit and liquidity risks.”
According to him, their regular reviews of the banks’ risk management practices showed significant improvement since the adoption of Risk Based Supervision (RBS) Framework by the CBN/NDIC.
He stressed that effective management of assets and liabilities is critical in promoting stability of the banking operation as significant maturity mismatch can prevent banks from meeting obligations, including its ability to respond to depositors’ demand.
“This challenge largely arises as a result of the significant mismatch between the tenors of the available funding to the banks and the tenors required by the seekers of funds. Typically, while the primary source of funds for our banks is short term in nature, the demand side on the other hand is significantly medium to long term.
“This, therefore, results in maturity mismatch causing high vulnerability to risks and by extension safety and stability of the banking sector.
“As regulators and supervisors within the financial sector, our concern would surely be beyond managing the above risks. We must deeply think on how to create enabling policies and frameworks that will support the supply side for our banks.
“In this regard, deposit liabilities that are predominantly short term will not be adequate in providing the required portfolio of funding for the banks to support the real economy with its long term funding needs.
“The question we must therefore ask ourselves, is, how and where should the long term funding be sourced? Non-interest Capital market (NICM) plays a greater role in the provision of long-term financing for the real economy including developmental and infrastructure projects.
“Robust NICM provides products in equity markets, sukuk markets and pooled investment vehicles that provide practical solutions to challenges identified in the financing of real sector and infrastructure projects.”
The MD revealed the NDIC is therefore proud to be associated with the SEC on this giant initiative.
”It is our firm belief that, this Roundtable, would provide a platform for brilliant ideas and experience-sharing, that will open our financial system to foreign direct investments and foreign portfolio investments that will provide both the required long term financing need for our banks, the real economy as well as support foreign exchange liquidity thereby promoting the stability of the financial system not only in the short term but in the medium to long term, in line with the Renewed Hope Agenda of the President.”
He noted that the role of an effective, liquid and well-functioning capital market, cannot be overemphasised in promoting capital formation and economic growth.
Backing this up, he said, “Studies have indicated strong correlation between capital market and economic growth. Broad and deep capital market plays a significant role in supporting and promoting savings mobilisation, resource allocation and diverse sources of funding to the real-economy, thereby facilitating better diversification and management of risk.
“It is instructive to note that a robust capital market is a result of deliberate efforts by the relevant stakeholders. There must be a thoughtful determination by the policy makers to create the enabling environment that allows capital market development to thrive.
“I would like to appreciate the foresight of the SEC’s Management Team for organising this international roundtable targeted at further deepening and broadening our capital market. The global opportunities offered by the non-interest capital market are enormous and can only be fully harnessed if and only when we are able to address some of the challenges inhibiting its growth.
“The Commission as the national regulator of the capital market has commendably done so much in this regard as more still needs to be done in conjunction with relevant stakeholders at both national and regional levels particularly in the area of regional regulatory and policy coordination.”
DMO encourages residents to invest in FGN securities
The Debt Management Office (DMO) has urged the people of Niger State to consider investing in Federal Government of Nigeria (FGN) securities.
This call to action was made during a public awareness event held in Minna, which was a collaborative effort between the DMO and CSL Stockbrokers Group.
The Director-General of the DMO, Patience Oniha, whose message was conveyed by the Head of the Strategy Programme Department at DMO, Ms. Elizabeth Ekpeyong, emphasised the safety of investing in FGN securities.
Oniha assured potential investors that their capital would be secure, highlighting that such investments are protected by law and carry no risk of loss.
The DMO’s initiative aims to bolster the financial future of Niger State residents by presenting FGN securities as a reliable investment option that not only preserves wealth but has the potential to increase it. The event underscored the government’s commitment to fostering economic growth and financial literacy among its citizens.
Investors were reassured of the stability and legal backing of these securities, making them an attractive option for those looking to secure their financial future.
The DMO’s outreach is part of a broader strategy to deepen the domestic bond market and encourage local investment in government-backed securities.
“Investing in Federal Government securities and bonds will increase you financially, and it is the best way to invest your money.
“You are not going to lose anything as long as the federal government is concerned,” she said.
She said that such investment would also help the federal government raise more funds to attract more foreign investors into the country.
Oniha advised the public to invest in the government securities and bonds facilities, as they serve as lifetime financial security for the future.
Managing Director, CSL Stockbrokers Limited, Mr Abiodun Fagbulu explained that the federal government securities were financial instruments issued by the DMO on behalf of the government.
Fagbulu, who was represented by Lead Sales, Northern Region of CSL, Mrs Foluke Samuel assured that the facilities were safe because the federal government was serving as the insurance cover for any investor.
“FGN securities are backed by law, so when you invest, you get a steady flow of income,” he said.
He said that the facilities included the Nigeria treasury bills, FGN bonds, FGN savings bonds, the Sovereign Sukuk and FGN green bonds.
Reacting, Mr Anthony Akuh, a business man and participant, said that he had no knowledge of the securities and bonds but for the opportunity of the awareness programme.
Akuh commended the DMO and CSL for bringing the awareness programme to Minna.
“I will approach a stockbroker immediately for possible investment,” he said.
Recall the programme which was inaugurated in Lagos in March 2022, rounded up its 2023 outing in Minna.
It had also been held in Enugu, Ibadan, Kano, Yola, Umuahia, Gombe, Osogbo, Port Harcourt, Benin, Uyo, Asaba, Maiduguri, Abeokuta and Makurdi.
Tinubu will restore peaceful co-existence in Plateau – Shettima
NDIC to pay N16.18bn liquidation dividends of 20 failed banks
Nigeria losing best brains to “Japa syndrome” — AfDB president
Kano Govt blocks leakages, discourages public funds stealing – Gov. Yusuf
Sanwo-Olu to collaborate with LCCI on Lagos transformation agenda
NHRC ES urges Nigerian Army to include human rights in training, operations
TCN overhauls equipment for improved electricity supply to Nigerians
Transforming Nigeria’s oil and gas industry: Overcoming challenges by employing advanced technologies for improved production efficiency, security as a driver for economic growth
Nigeria to resume production of 275,000 bpd, as NNPC resolves PENGASSAN-TotalEnergies rift
Premium on display: LG showcases world first wheel TV, other products at Korea national day
Oil theft: FG lauds Navy for rising crude oil production
Digitising agriculture will boost farmers productivity, GDP – DG NITDA
Construction of Ibadan internal roads to begin in weeks – Makinde
News6 years ago
NLC, NUT shock El-Rufai with massive protest
Politics4 years ago
Implementation of N30,000 minimum wage depends on each State’s capacity -Governor’s Forum
Energy6 years ago
Cost reflective tariff, our challenge – Ikeja Electric
News8 years ago
Wema Bank awarded two ISO Certifications
News6 years ago
2019: OBJ lobbies Tinubu, Kwankwaso, Duke in new party
News8 years ago
10 dead, 4 rescued as shipping mall collapse in Ogun
News7 years ago
Relocation to Ghana: Nigeria to lose $12bn foreign airlines investments
News7 years ago
Ekweremadu visits Fani Kayode, Abati, others in EFCC cell