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Business News

Presco Plc to develop high yielding oil palm seeds

Presco Plc, a palm-oil processing and agro-industrial firm has signed a partnership with the Edo state Government to develop high yielding oil palm seeds.

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Presco Plc Oil Production

Presco Plc, a palm-oil processing firm listed on the Nigerian Stock Exchange, has signed a partnership deal with the Edo State Government to develop high yielding oil palm seeds in the state. The project is part of the Edo State Oil Palm Programme (ESOPP).  

Details: Vandebeeck explained that the deal would enable his company to develop smallholder oil palm farms using technology. This, he said was why Presco was contracted as the company has a technology of multiplying seeds, called in-vitro culture. 

Presco boss disclosed that the company plans to create a special company in Nigeria for the propagation and distribution of high yielding planting materials. He said that Edo was regarded as a first choice location because of its ease of doing business as well as friendly government policies and hospitality in the state. 

READ MORE: Presco falls sharply in today’s trading session

Speaking on the partnership, Executive Governor, Edo State, Godwin Obaseki stated that the development of the high-yielding seeds was necessary to make the business more profitable for farmers as oil palm had a long gestation period. 

“We want to collaborate in the area of research to have one of the world’s best planting materials. This is so that we can go back to where we used to be in terms of oil palm production in the world. Presco has a laboratory in Europe and they are thinking of expanding the laboratory here to Nigeria so that they can reproduce high-quality planting materials,” he said. 

What you should know: The Governor, Central Bank of Nigeria, Godwin Emefiele, at the launch of the ESOPP, explained that the apex bank has committed N69 billion as part of efforts to revive the country’s oil palm industry. Obaseki stated that the partnership with Presco was in support of the CBN’s oil palm initiative amongst other reasons.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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    Hospitality & Travel

    NGX lauds Transcorp Hotels over operational efficiency

    Transcorp Hotels Plc achieved business continuity by enhancing the organization’s operational efficiency.

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    COVID-19: Transcorp Hotel loses about N1 billion every month- CEO

    The Nigerian Exchange (NGX) Limited has lauded the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency.

    NGX also congratulated the Group on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.

    This was disclosed by the Divisional Head, Listings Business, NGX, Mr Olumide Bolumole, when the management of the Hotel led by the Managing Director (MD)/Chief Executive Officer (CEO), Transcorp Hotels, Mrs Dupe Olusola, presented its Facts Behind the Figures to capital market stakeholders.

    Speaking at the event, Mr Bolumole said, “Recently, NGX hosted the CEO, Transcorp Hotels Plc, Mrs Dupe Olusola to a digital Closing Gong Ceremony to commemorate the formal listing of their ₦10Billion rights issue.

    We are pleased that Transcorp Hotels has again chosen to utilise our platform to engage the market about the financial performance as well as strategic and operational developments within the organization.

    The Exchange recognizes the efforts made by the Board and Management of Transcorp Hotels Plc towards achieving business continuity by enhancing the organization’s operational efficiency. We congratulate you on the successful unveiling of new product lines and efforts towards repositioning the organization, thereby reassuring investor confidence in the company.”

    What Transcorp is saying

    Olusola noted that “Despite the adverse effect of the COVID 19 pandemic on all our business segments, Transcorp Hotels Plc remained resilient and took a critical and fundamental decision to remain open and maintain operations at both the Transcorp Hilton Abuja and Transcorp Hotels Calabar.

    Our primary goal was to survive as individuals and as a business, to adapt and to thrive in a new, changing, and unprecedented environment. Post-COVID-19 starting from September, we recorded an improvement in all our KPIs as compared with the industry performance.

    Hotflex

    Today, leisure has become very important to us more than ever. As a hospitality business, we will constantly continue to challenge ourselves to ensure that we meet the diverse customer needs and provide excellent experience across all touchpoints.”

    What you should know

    Given that information asymmetry affects the decision-making of investors, NGX continues to encourage more issuers to take advantage of its platform to deliver timely, relevant, and accurate information to the market.

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    Business News

    Lagos State inaugurates 9-member committee to boost Entertainment & Tourism

    The Lagos State Government inaugurated a Committee Chaired by Veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.

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    Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each

    The Lagos State Government inaugurated a Committee Chaired by veteran actor, Richard Mofe-Damijo, to boost tourism and entertainment in the state.

    The Committee was inaugurated by Lagos State Governor, Babajide Sanwo-Olu on Wednesday at the Lagos House in Marina, citing that intervention and schemes by the state Committee will boost and fund the sector most affected by the pandemic.

    Veteran Nollywood actor, Richard Mofe-Damijo, is the Chairman of the nine-member committee. Other entertainment sector members of the Committee include Tunde Kelani, Mo Abudu, Kunle Afolayan, Peace Anyim-Osigwe; while government representatives in the Committee are Adebukola Agbaminoja, Ferdinand Tinubu, Taju Olajumoke and Mrs Funke Avoseh.

    What the State Government said

    “The scheme is to support creative ideas of movie and entertainment producers, who are constrained by funds to bring their concepts into reality. Applicants are to be supported with funding based on the financial plans of their projects, the grant may be as much as N40 million for each beneficiary.

    This is a signpost of all pockets of intervention we have created for the development of creativity and the tourism sector. This is with the belief that we can further raise the status of our creative output and commercialise the returns to a level where it can compete with Hollywood and Bollywood.

    We realised most of our film production experts and directors face a lot of funding impediments. We are intervening to close this gap and bring credible veterans who have the knowledge and have demonstrated capacity in the industry to drive this project,” Sanwo-Olu said.

    The Governor added that the State carefully selected five key practitioners in the industry to lead, to be supported by four government officials to limit bureaucracy for the committee to achieve its objectives.

    He said the state wants to create entertainment and tourism business leaders who will use their creativity to enhance the market share of the sector.

    “We want to support industry practitioners to raise capacity, support development of local content and discourage the action of taking proceeds from the industry out of the country, thereby denying local practitioners the benefits of their talents,” the Governor said.

    What you should know

    Recall Nairametrics reported last year that the Lagos State Governor, Babajide Sanwo-Olu, announced the approval of a N1 billion seed capital for investment in the tourism and hospitality sector in the state. The N1 billion seed capital is to help drive new growth in that sector.

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