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How to tackle challenges of Sugar Sufficiency in Nigeria – Kabiru Rabiu

@BUAGroup’s Group ED, Kabiru Rabiu has given insights on how to tackle the challenges mitigating against the growth of the Sugar industry in Nigeria.

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Kabiru Rabiu, BUA Group

The Group Executive Director, BUA Group, Kabiru Rabiu has given insights on how to tackle the challenges mitigating against the growth of the Sugar industry in Nigeria.

Speaking on the “Challenges of Emerging Sugar Companies in Meeting the Sugar Demand of Nigeria” at the maiden conference of the Sugarcane Technologies Society of Nigeria (STSN) in Abuja, Rabiu stated that huge capital cost, conflicts in land acquisition insecurity, infrastructure deficit, water and environmental issues, lack of synergy among regulatory agencies and skill deficit as factors which have contributed to the slow implementation of the Backward Integration Plan.

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Kabiru then urged the Federal Government to double its efforts in addressing these deficiencies in the sugar industry and commended the National Sugar Development Council (NSDC) for stimulating investment in local sugar production for self-sufficiency. According to Kabiru, the FG through the NSDC can help by the creation of Sugar Hubs, Sugar sector Intervention Fund, Infrastructure Gap Bridging, direct Land Acquisition, synergy among various Stakeholders and building capacity among the industry regulators”.

Nigeria is Africa’s largest sugar importer with our consumption ranging between 1.5m – 1.7m tonnes per annum. That is around 8kg per head which is low compared to the Africa average of 17kg. This is due to challenges such as the high cost of sugar production, heavy capital investment; that is plantation development, irrigation facilities and mills construction, direct land acquisition by investors, unending conflicts with landowners/ communities, security challenges and Lack of infrastructure – roads, electricity, Development infrastructure increases the project cost”.

Kabiru went ahead to list BUA’s performance in its integrated sugar plantation in Lafiagi which when completed will be able to produce 20 million liters of ethanol per annum from the ethanol plant, generate 35megawatt of electricity both for factory and national grid consumption and 200,000 metric tonnes of refined sugar annually. He said the company has made significant progress and that BUA’s LASUCO Company will be the biggest integrated Sugar plantation in Nigeria upon completion in 2020.

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On his part, Dr. Latif Busari, the Executive Secretary of the National Sugar Development Council (NSDC), lauded the progress that BUA Group has made in its integrated sugar mill which includes ethanol plant and a power generation plant saying that such effort should be emulated by other players.

Dr. Busari also said the government is fully committed to ensuring self-sufficiency in Sugar production in Nigeria in the not-too-distant future.

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Coronation Merchant Bank partners Union Systems to commence full automation of its Trade Finance Operations

Coronation Merchant Bank has continued to make giant strides in Trade financing.

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Leading financial institution in Nigeria, Coronation Merchant Bank, has partnered with Union Systems Limited  to fully automate its Trade Finance Operations.  The trade finance software, Trade-XTM comes with a front-end portal, OptimusTM that empowers corporate clients to initiate and manage their trade transactions from both web and mobile platforms from anywhere in the world.

Earlier this year, the Bank announced its partnership with IFC (a member of the World Bank Group) to provide a $40 million Trade Finance Guarantee facility. In addition to this, the Bank has continued to make other strides in Trade financing such as its recent appointment as a designated bank for the collection and remittance of all Revenue Payments (i.e. Import, Excise and other duties) by the Nigeria Customs Service.

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Commenting on the partnership with Union Systems, Banjo Adegbohungbe, Managing Director/CEO of Coronation Merchant Bank stated that, “We are delighted to partner with Union Systems in providing an automated platform to help our trade clients achieve their business objectives. Leveraging this platform, we hope to further improve our clients’ end-to-end experience in their trade-related transactions”.  He further stated that, “the launch of the automated trade platform is in line with the Bank’s strategy of becoming a foremost financial institution in trade financing in Nigeria and across Africa”.

READ ALSO: Coronation Merchant Bank appoints Banjo Adegbohungbe as Acting Managing Director

Also commenting on the partnership, Chuks Onyebuchi, CEO Union Systems said, “We are very pleased to be the preferred partner to automate the bank’s trade operations using our products, Trade-XTM and OptimusTM. We will be bringing to bear our over 20 years’ experience of successful implementation of trade finance solutions across Africa. Our software will provide a seamless experience to the bank’s clients on all their trade finance activities from the comfort of their home and office.”

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About Coronation Merchant Bank

Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The Bank offers Investment and Corporate Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its clientele.

This year, the Bank has received numerous awards from international organizations for product innovation, sound corporate governance structures and commendable financial performance. Some of the international awards received by the Bank include Best Investment Bank in Nigeria by Global Finance Magazine, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review and Best Investment Bank by Global Business Outlook,

 

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About Union Systems Limited

Union Systems Limited (USL) is an Information Technology Company that provides financial software solutions and professional services to major banks in Africa. The company provides software solutions to financial institutions to enhance their software capabilities, effectively scale processes, improve compliance and drive operational efficiencies.

READ ALSO: Coronation Merchant Bank records 14% growth in earnings for 2019 FY

With headquarters in Lagos, Nigeria, the company has a deep understanding of the African market and has a team of highly qualified consultants that have real-world experience in the delivery of complex software solutions.  Top banks in Africa rely on Union Systems to deliver growth, profitability and regulatory compliance in financial software applications.

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Multichoice Nigeria: How investing $2.1 billion in Nigeria’s media and entertainment value chain impacts national economy

Multichoice’s commitment to enriching lives, as their mantra says, has never been in doubt.

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Through MultiChoice Nigeria’s socio-economic investment, for 27 years, the company has made significant contributions to the growth of the Nigerian economy. At the heart of this investment is entrepreneurship and employment opportunities through multiple channel distribution platforms and a commitment to the continuous growth of the sports, technology, film and video sectors through infrastructural development.

In 2015, when a set of big goals called the Millennium Development Goals that were set two decades ago reached their ‘expiry date’, with some of the key objectives still unmet, a new 15-year timeline was set for yet another group of goals, this time called the Sustainable Development Goals. From eight goals to seventeen new goals, five years in, the world can say that a major shift seems to be happening.

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One clear indication of this is in the way business operations for many organizations around the world have evolved. With many companies becoming more conscious of how their affairs affect the environment, how consumers interact with their products, and how much value they really add to society, corporate social responsibility or value, has moved from being an item on the checklist to become a business core.

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Now, while many businesses seem to be playing catch-up, there are others even in Africa, who unknowingly, but with great startup vision, had laid the foundation and built a template for what a socially responsible company should look like.

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Established in 1993, Multichoice Nigeria had a 7-year lead time, before the MDGs became a guide and used those years to build a solid business that combines profit and purpose. Today, that business represents what shared prosperity is, having created the right mix of opportunities for its people to grow, while helping to build an industry that ranks as the second-largest in the world and the most loved in Africa.

As people say, if content is king, distribution is definitely queen, and this thinking remains why Nollywood owes a lot of the accolades it gets today to Multichoice Nigeria. Between 2015 and 2019, Accenture in its new report for Multichoice, estimates that about $428million has gone into the local content production business of Multichoice, mostly in developing local creativity and building the production infrastructure to support it. To put this investment in more perspective, it directly translates to 117,459 hours of local content. That’s huge, on both an African and global scale, even huger given that it’s only from 5 years of enriching lives; definitely more if the organization’s 27 years is brought into view.

READ MORE: MultiChoice plans reduction in DSTV subscription fees across some African countries

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These sorts of investments rarely occur without a ripple effect on human capital development, but leaving things to chance isn’t the Multichoice way. The Multichoice Talent Factory further drives the local content goal for Multichoice, as they welcome a cohort of 20 students who after one year graduate, are better equipped to keep the African film industry innovative and constantly growing. It is an intentional play at giving equal opportunities to anyone with film and broadcast dreams to pick the skills they require to make a mark in the industry.

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On one hand, as Multichoice continues to build more credibility for the entertainment and media industry in Africa, through its investment in local content, future talents, even award shows, it is also ensuring the market for the content they produce grows on the other hand. This process has required a strong supply chain and Multichoice Nigeria has proven equal to the task investing over $1 billion in their distributor, supplier, even installer network in just the last 5 years. With further investment in their 961 employees, in the areas of training and other benefits, it is safe to say they have gone beyond building a business, to building an ecosystem.

READ ALSO: Andela to expand presence to all African countries

Whether this ecosystem model works is a question their recently released socio-economic value report put together by Accenture and covering the last five years of operations answers perfectly. The contribution of an estimated US$2.1bn to the Nigerian economy between that 5-year period, shows that they understand the role they play in achieving a prosperous Africa based on inclusive growth and sustainable development.

In Multichoice’s 27 years of operating in Nigeria, their commitment to actually enriching lives as their mantra says, has never been in doubt. Beyond the strides their video content business has made in employing people directly, creating jobs for even more people in adjacent industries, training talents and building infrastructure; the company has always still found a way to give back to the different communities where they operate.

With a portfolio of grassroots sporting programs, various awards that recognize great work from inspiring Africans, essential care for people with sickle cell disorder and investments in education and educational content, Multichoice Nigeria shows it is more than just business.

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Cowrie Integrated Systems and COINQVEST announce payment processor partnership

Allowing Nigerian online merchants to accept BTC, ETH, XLM, or other cryptocurrencies and settle directly in naira.

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COINQVEST

July 9th, 2020, COINQVEST and Cowrie Integrated Systems today announced a partnership to allow Nigerian merchants to add major cryptocurrencies such as Bitcoin and Ethereum to online payment options in online shops and e-commerce businesses. The cooperation between Cowrie and COINQVEST enables these funds to be settled to Nigerian Naira (NGN) bank accounts, in minutes.

Nigerian online merchants can now process payments using any of the major cryptocurrencies their customers use. This financial flexibility and speed can be a game-changer for large and small merchants alike.

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The Cowrie and COINQVEST partnership promises a range of positive impacts for enterprises wanting to update their payment processing infrastructure. The COINQVEST platform provides all of the user experience merchants seek and require.

COINQVEST’s software development kits make integration easy for developers. Merchants unfamiliar with coding can opt for COINQVEST’s turnkey checkout solutions for WordPress, Shopify and Magento. Once set up, merchants have a valuable financial toolbox.

They’re able to accept cryptocurrencies (or any supported currency), convert it to their national currency, and withdraw funds to their bank accounts. Merchants have access to customer transaction analytics to tailor their businesses as needed. Also included are compliant and accountant-friendly tax records, useful during tax season.

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“Bitcoin is exchanged, and NGN immediately transferred to a bank account, offering a modern and internet-based payment option for customers”, says COINQVEST co-founder Marcin Olszowy. He continues, “We eliminate credit card processor fees, payment delays, chargebacks. Immediate transaction settlement also improves financial monitoring and business turnover.”

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Cowrie co-founder Gbubemi Agbeyegbe explains, “Bitcoin is extremely popular in Nigeria, with the highest adoption rate in Africa. This solution lets online merchants embrace digital payments and gives customers an option to use their Bitcoin in everyday lives.”

COINQVEST co-founder Stefan Schneider adds, “COINQVEST offers the most efficient way to accept Bitcoin compliantly. This is why Nigerian businesses, such as leading online fashion store PayPorte and others, already embrace digital currency payment processing via COINQVEST.”

About COINQVEST

COINQVEST is a safe and seamless enterprise payment gateway and API between fiat and digital currencies. Processing is secure and automatic, with beautifully designed back-end analytics like invoicing and transaction history to serve enterprise business needs. COINQVEST’s developer-centric API can assist merchants or B2B candidates to accept a variety of digital payment options alongside their current methods. Website: www.coinqvest.com

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About Cowrie Integrated Systems

Incorporated in the UK and Nigeria, Cowrie Integrated Systems is a fin-tech company that provides value-added services over electronic payment networks. Cowrie Integrated Systems is a well-established Nigerian payment processor and fiat to crypto payment platform and exchange. Website: www.cowrie.exchange

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