Flour Mills of Nigeria begins raising US$194m in rights issue

NIGERIA – Flour Mills of Nigeria has announced it would commence the process of raising additional capital through the rights issue and medium term notes (MTN). The company, following high bank charges, had been paying on borrowings, which drove costs of finance upwards for many years, It has authorised directors to raise up to US$110…

Group says 12m farmers set for rice growing scheme

NIGERIA - The National President, Rice Farmers Association (RIFAN), Aminu Goronyo, says more than 12 million rice farmers will participate in this year’s Anchor Borrowers Programme of the Central Bank of Nigeria (CBN). Mr. Goronyo disclosed this to the News Agency of Nigeria (NAN) in Kaduna on Thursday, while sensitising rice farmers to the requirements…

Star Lager Beer signs partnership with Chelsea Football Club

NIGERIA – Star Lager Beer, Nigeria’s leading premium beer, has officially signed a partnership agreement with the top English Premiership club, Chelsea Football Club. “The partnership with Chelsea provides us with a remarkable platform to broaden the brand’s profile and its values, while giving us another opening to create distinctive and shining experiences for football…

Nestle Nigeria rolls-out Milo RTD as competition heats up

NIGERIA - Nestle Nigeria Plc on Tuesday at its Lagos Headquarters unveiled a ready-to-drink version of MILO, the company’s flagship brand. The company which launched the new RTD at a Retailers’ Conference said that the product is made from natural products like cocoa, malt and milk, adding that it contains no preservatives and provides essential…

Dufil Prima Foods raises US$28m in rights issue

NIGERIA - Dufil Prima Foods Plc has successfully raised N10 billion (US$27.7m) under its N40 billion (US$110.8m) issuance programme. The Series 1 issuance achieved a 100 per cent subscription level with participation from a wide array of domestic (pension fund administrator, fund managers and commercial banks) and foreign investors. The Series 1 bond was issued at…

Nigeria loses US$600m annually to sugar importation

NIGERIA - Nigeria is said to be losing at least $600million foreign exchange annually to the importation of sugar for domestic consumption. Director Policy, Planning, Research and Statistics, National Sugar Development Council (NSDC), Mr. Hezekiah kolawole, disclosed this in his address at a Sugar Sensitisation Workshop on the implementation of the national Sugar Master Plan,…

Oil agency mulls partnership with Danish firm on animal feeds

NIGERIA - The Nigerian National Petroleum Corporation (NNPC) has said it would partner a Danish firm, Unibio A/S Limited in a joint venture operation to produce animal feeds with the government of Denmark financially guaranteeing the project with 10 per cent equity finance. The corporation in a recent statement from its Group General Manager, Public…

Coca-Cola Nigeria to spend US$600m on new products by 2020

NIGERIA - Coca-Cola Nigeria Limited said it plans to invest $600 million by 2020 to boost sales, as part of the parent company’s global strategy to offer more consumer likeable products that goes beyond its carbonated soft drinks. The Nigerian subsidiary of the Atlanta-based soft drinks maker said it wants to expand its product offerings…

Nigeria becomes World’s second leading sorghum producer

NIGERIA - Nigeria’s agricultural production of sorghum has leaped to the second place, now trailing only the United States in annual production. Data obtained from the United States Department of Agriculture (USDA) forecasts world sorghum production at 59.34 million metric tonnes for 2017/2018. Of this number, USA’s output is projected to reach 8.4m metric tonnes…