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Business News

Crenov8 Consulting to connect farmers with the UAE market

There is a growing food demand in the UAE; a need which the company is now working to take advantage of.

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The future looks bright for the Nigerian Agric sector, as Crenov8 Consulting discovers a new market for Nigerian produce in the United Arab Emirates (UAE).

This was the talking point at a press briefing held yesterday in Lagos, ahead of a ‘Meet the Farmers Conference’ for Agric stakeholders which is slated to take place in Lagos on October 10th.

Speaking at the event, the Business Strategy Consultant at Crenov8 Consulting, Gbemisola Ajide stated that there is a growing food demand in the UAE; a need which the company is now working to take advantage of by linking Nigerian (and African farmers) with the opportunities that exist.

She listed examples of farm produce the UAE imports, examples of which include cocoa, wheat, ginger, and sugarcane, etc. At least 20% of UAE’s Agric imports are produced in Nigeria. Unfortunately, the country has yet to fully explore the opportunities that abound in the Gulf nation.

“MTFC is targeted at both large and small small-scale farmers to tap into the $100 billion market in Dubai, that’s why we are partnering with relevant stakeholders across both government with Bank of Agriculture, Federal Ministry of Industry, Trade and Investment, Federal Ministry of Agriculture as well as the private sector with the likes of Farmcrowdy and AFEX to help us aggregate farmers to export Agric produce to the UAE.” – Crenov8

Ms Gbemisola aAjide speaking during the press briefing

Gathered at the press briefing were numerous stakeholders in the Agric sector, all of whom applauded the initiative while also emphasising the need for standardised packaging of Nigerian farm produce as a way of ensuring success in Agric exportation.

On his part, the Executive Director, Finance and Risk Management at Bank of Agriculture, Prince Niyi Akenzua praised the initiative while stressing the need to ensure its sustenance until it achieves the main objective of linking Nigerian Agribusiness owners with the UAE market.

He called on Nigerians to invest more in the agriculture in order to avoid a situation whereby foreigners would come in and take up all the opportunities just like they once did in the oil and gas sector.

Cross section of participants at the media briefing at Intercontinental Hotel, Lagos

Also speaking at the event was Mr Babatunde Ruwase, the President of the Lagos Chamber of Commerce. According to him, the conference will further encourage more stakeholders to invest in Agriculture and help build trade ties with the UAE especially Dubai.

Other stakeholders represented at the press briefing include NEXIM Bank, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and AFEX Commodities Exchange. They all agreed that it is essential for the initiative to succeed as it would be good for Nigeria’s image and economy, especially at a time when Nigeria is trying to diversify.

The ‘Meet the Farmers Conference’ is supported by several organisations and institutions, including the Federal Ministry of Industry Trade and Investment, Federal Ministry of Agriculture and Rural Development, Lagos State’s Ministry of Agriculture, Farmcrowdy, etc.

In his address, the company’s CEO, Onyeka Akumah, stated that the conference will go a long way in bringing Agric stakeholders in Africa together to link every step of the agricultural value chain under one umbrella where all sectors can discuss the crucial issues in Agriculture, find innovative solutions to them and most importantly benefit from each other.

Stanbic 728 x 90

The Meet the Farmers conference is a one-day event titled “Bridging the Gap between the Middle East and Africa: The Future of Agribusiness”. It will enable Nigerian Agric stakeholders to discuss ways to connect large-scale agro commodity producers to buyers in the Middle East.

It is an initiative of Crenov8, a consulting and digital technology firm originally from the UAE and now operating in Nigeria and elsewhere.

This is the second year the conference is taking place in Africa. The first conference took place in Ghana back in July.

Press Briefing for Crenov8 Consulting’s Meet the Farmers’ Conference 2018

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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].com. You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.

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Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

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Business News

NAICOM revokes operational licence of UNIC Insurance, appoints Receiver/Liquidator

NAICOM stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

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Recapitalisation: 26 firms get NAICOM's approval

The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational licence issued to UNIC Insurance Plc.

Although no official reason has been provided for the revocation of the insurance firm’s operating license, NAICOM, however, stated that the decision of the regulator was in the exercise of the powers conferred on it by the enabling laws.

According to a report from the News Agency of Nigeria (NAN), this disclosure is contained in a notice which was issued by the commission in Lagos to the general public and policyholders, where it noted that the revocation of the operational license, RIC 043, is with effect from March 25.

NAICOM, thereafter stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

NAICOM in its statement said, “The general public/policyholders are by this notice required to direct all inquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003.’’

What you should know

  • It can be recalled that NAICOM, for the third time in June 2020, gave insurance firms in the country a one-year extension to meet the recapitalisation obligation that was recently set for them apparently due to the coronavirus pandemic which had disrupted the activities of most insurance companies.
  • Some insurance companies had been going through some bad patches with a good number of them struggling to meet up with their obligations and the recapitalization requirements.
  • The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
  • The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

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