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Flour Mills to work with Corteva Agriscience on a special maize hybrid

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Paul Gbededo

Flour Mills of Nigeria Plc today announced a strategic partnership with Corteva Agriscience, the Agriculture Division of DowDupont. The partnership will see both companies work together towards the development of a special kind of maize hybrid seed for the Nigerian market.

Both companies will work “together on key aspects of the maize value chain in Nigeria”, with focus on capacity building and knowledge transfer. They will also be focusing on the promotion of modern farming methods, and the need for improved and quality outputs; seeds and crop protection.

Flour Mills of Nigeria Plc, in a press release announcing this development, stated that the move is in line with the company’s commitment “to be a catalyst in the in the transformation of Nigeria’s agricultural sector”.

Meanwhile, commenting earlier on the development, FMN’s Chairman Mr John Coumantaros, said that the company is excited about the partnership with Corteva Agriscience and what they can achieve together.

We are excited about the prospects of this partnership and what we can achieve. Corteva Agriescience is a globally renowned company with a wealth of experience in crop protection and biotechnology solutions and will introduce new and exciting seed protection techniques that will help develop the maize hybrid seed market in Nigeria.

Over the years, FMN has invested heavily in the primary processing, aggregation, and distribution of locally grown grains such as maize, soybean, rice, sorghum, and wheat, and are passionate about strengthening the capabilities of small-scale farmers, even as we seek out new ways of deepening our supply chain. -Mr John Coumantaros

Also commenting was FMN’s Group Managing Director, Paul Gbadebo who noted that the partnership is still in its “sustainability testing phase for the most viable varieties suitable for this environment and envisage that the next step will be to establish in Nigeria, a world-class hybrid maize production plant.”

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Meanwhile, Corteva Agriscience’s Commercial Unit Director for Africa and the Middle East, Mr Prabdeep Bajwa, said that the partnership with FMN is in line with the company’s aim to collaborate across food chains with hopes of transforming agriculture and the role it plays in the society.

In the meantime, Flour Mills of Nigeria Plc and Corteva Agriscience have begun work on demonstration farms in Nigeria, with the aim of showcasing high-performing maize varieties.

Note that Nigeria currently produces about 1.5 metric hectares of maize, and it has projected that improved hybrids and the adoption of other improved farming mechanisms will exponentially increase production yield to as much as 100% in the next five years.

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Flour Mills of Nigeria Plc was incorporated in 1960. It is one of the foremost flour milling companies in the country. The company’s shares traded at ₦34.70 as at yesterday May 17th.

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DowDupont Inc. is an American company which was formed in 2017 following the merger of Dupont and Dow Chemical. The two companies, which were hitherto independent science-based entities, decided to come together to drive innovation in Agriculture, Material Science and Special Products Industries.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Companies

Multiverse forecasts N39.5 million profit in Q1 2021

The management of Multiverse Plc has projected a revenue of N76 million and a profit of N39.5 million in Q1 2021.

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Multiverse Mining and Exploration Plc has projected that in the first quarter of 2021, the mining and exploration company will generate N76 million in revenue, and post a profit of N39.5 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Corporate Secretaries of the company.

Key highlights of the earnings forecast for Q1 2021

  • Total revenue is projected at N76 million.
  • Turnover from agency sale is projected at N1 million.
  • Agency cost is s projected at N850 thousand.
  • Total expenses are projected at N7.8 million.
  • Operating Profit is projected at N67.3 million.
  • EBIT (Earnings Before Interest and Taxation) is projected at N67.3 million.
  • Interest Expense is projected at N27.8 million.
  • Profit after tax is projected at N39.5 million.

Key assumptions made to support the earnings forecast and projection of the company

The earnings forecast was made on the ground that there won’t be any significant change in the economic policies of the Federal Government, while the monetary policies of the CBN would not be altered significantly.

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The company also maintained that there would not be any industrial unrest that would affect its production and sales volume, while the profit of the company would not be pressured by rising costs of inputs, as prices of materials used in production shall be stable in the period under review.

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Companies

GCR affirms Dangote Cement issuer ratings of AA+(NG) and A1+(NG)

Global Credit Ratings has affirmed Dangote Cement issuer ratings of AA+(NG) and A1+(NG).

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Dangote Cement Plc has announced that Global Credit Ratings has affirmed the cement manufacturer a long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively.

According to the press release issued by the company, the rating which maintains a stable outlook on Dangote Cement would expire by November 2021.

In line with this, GCR reviewed existing bonds of the company and assigned the N100bn Series 1 Fixed Rate Bond of Dangote Cement a rating of AA+.

Why this matters

  • The ratings reflect Dangote Cement Plc’s status as Africa’s leading integrated cement manufacturer with a group-wide installed capacity of 45.6 million metric tonnes per annum across ten countries.
  • The stable outlook which was maintained by GCR reflects the extensive distribution network, significant scale economies and position as the largest corporations on the Nigerian Stock Exchange, with sound access to capital.
  • It is important to note that a rebound is expected within 18-24 months, on the back of strong base domestic demand.

What they are saying

Michel Puchercos, Chief Executive Officer, said:

  • 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 maximizing shareholder value creation.”

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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

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