Kelloggs-Tolaram Nigeria Limited a joint venture between the Kelloggs group of the United Kingdom and the Tolagram group of Singapore has opened a N6 billion cereal factory in the Lekki Free Trade Zone (FTZ). The project was financed by Standard Bank and its local subsidiary Stanbic Ibtc holdings.
The two companies had established a joint venture in 2015 to develop snacks and breakfast foods for the West African region. As part of the agreement, Kelloggs acquired a 50% stake in Multipro, and has a right to acquire a stake in Tolaram Africa Foods (which holds a 49% stake in Dufil Prima foods).
The parties involved
The Tolaram Group was established in 1948 in Malang, Indonesia, but has its headquarters in Singapore. The Group has a diversified portfolio consisting of Consumer Goods, Infrastructure, Energy, Digital Services and other interests.
Tolaram has operated in Nigeria since 1977 and owns popular brands such as Hypo Bleach and Dufil ( makers of Indomie noodles, Power Oil and Minime chinchin).
The Tolaram Group is also constructing a port in the Lekki Free Trade Zone through a Special Purpose Vehicle Lekki Port LFTZ.
The Kellogg company ( also known as Kelloggs) is an American nutritional company with headquarters in Battle Creek, Michigan, United States. The company is home to popular brands such as Kelloggs cornflakes, Keeblers and Pringles. Kelloggs was founded on February 19, 1906 and is listed on the New York Stock Exchange.
Stanbic Ibtc Holdings is a subsidiary of the Standard Bank, a financial services group based in South Africa. Stanbic holdings came into being as a result of the 2007 merger between Stanbic bank Nigeria Limited and IBTC Chartered Bank Plc. Stanbic Ibtc holdings is listed on the Nigerian Stock Exchange (NSE). S