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Agriculture

Spices company commends SEC on regulation to sanitise funding investments

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An “agropreneur’’, Mr Kenneth Obiajulu, on Friday in Lagos commended the Securities and Exchange Commission (SEC) for regulating fund investments in the agriculture sector.

He told the News Agency of Nigeria (NAN) that it was heart-warming that SEC and other regulatory agencies had developed a robust framework to regulate activities of companies masquerading as investment vehicles.

“We are happy that SEC and other regulatory authorities have developed a robust framework to regulate these companies.

“This will create a semblance of sanity in the sector,’’ he said.

Part of the framework was announced by SEC when it declared that rules governing “crowd funding’’ business in Nigeria came into effect on Jan. 21.

It directed all investment crowd funding portals and digital commodities investment platforms to note the requirements and eligibility criteria for raising funds or operating a crowd funding portal.

SEC also directed affected companies to comply with the registration requirements or cease operations by June 30, failing which they would be categorised as illegal and attract regulatory sanctions.

“Crowd funding’’ is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.

“Crowd funding’’ is a form of crowdsourcing and alternative finance.

Obiajulu expressed regrets that Nigeria was replete with different platforms about starting agriculture-technology companies. He said he already counted more than 150 of such companies masquerading as investment vehicles.

“A lot of these companies believe agriculture is 80 per cent technology and 20 per cent actual getting dirty and doing the actual agriculture. They have no technical understanding and or experience in running an agricultural company.

“They are fascinated about the notion of being called entrepreneurs, forgetting that it takes hard and consistent work.

Obiajulu, whose company produces, processes and exports spices, raised 17.5 million dollars in Series A funding on Sept. 2, to upscale its processing capacity to 7000 metric tons.

The funds were contributed by three companies. The lead contributor provided 11.5 million dollars in equity while the two other investors provided working capital financing.

NAN

Agriculture

Alia appoints head of agric company, others

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Alia appoints head of agric company, others

Alia appoints head of agric company, others

Gov. Hyacinth Alia has approved the appointment of Mr. Donald Aorkwagh Akule as the Managing Director/Chief Executive Officer of the Benue State Agricultural Development Company (ADC).

The governor also approved the appointment of Dr Aondoakaa Asambe as Principal Special Assistant (PSA) on Livestock Development and Animal Transboundary Disease Control.

The appointments were announced in a statement signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi on Friday.

According to the statement, the governor also appointed Mr Abraham Agogo as Senior Special Assistant (SSA) on Community Mobilisation.

The statement added that the appointments take immediate effect.

It said that Akule brings over 15 years of experience in agricultural systems, community development, research and development, and food processing.

He holds a B.Sc. in Food Science and Technology from Joseph Sarwuan Tarka University, Makurdi, and is a Certified Fellow in Agricultural Systems Development under USAID and Lagos Business School.

Meanwhile, Asambe, a member of the Nigeria Veterinary Medical Association and a registered veterinary surgeon with the Veterinary Council of Nigeria, has been a lecturer at Federal University, Dutsima, for the past 12 years.

He holds a Doctor of Veterinary Medicine at the University of Agriculture, Makurdi (now Joseph Sarwuan Tarka University, Makurdi).

He also holds a postgraduate degree in Food Animal Medicine at the Ahmadu Bello University, Zaria.

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Agriculture

VCDP distributes tricycles to rural farmers in Kogi

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VCDP distributes tricycles to rural farmers in Kogi

The FGN/IFAD Value Chain Development Programme (VCDP-AF) has distributed tricycles worth millions of naira to rural farmers in Kogi to enhance their livelihoods and ensure food sufficiency in the state.

The state Commissioner for Agriculture and Food Security, Mr Timothy Ojomah, at the flag-off on Wednesday in Lokoja, said the gesture was part of government’s efforts toward empowering its citizens, especially rural farmers.

Ojomah expressed confidence in the Gov. Ahmed Ododo-led administration to continue to assist the rural farmers through the VCDP activities for maximum agricultural production in the state.

Ojomah, represented by the ministry’s Permanent Secretary, Abdulsalam Segir, said that government would not rest on its oars to provide farmers with inputs to boost their production.

According to him, the farmers will consistently be provided with farm equipment, fertilisers, chemicals and other machines that will assist them in their farming activities.

The commissioner, who reaffirmed government’s commitment to enhancing the well-being of the people of the state, advised the beneficiaries to be meticulous in handling the tricycles to serve them better.

He commended the achievements of Kogi VCDP, under the leadership of Dr Stella Adejoh, assuring that government would continue to give necessary support to the programme.

Earlier, Adejoh, the State Programme Coordinator (SPC) of IFAD-VCDP, said that the initiative was to boost the general wellbeing of farmers as well as ensuring beneficiaries’ full commitment along the production, processing and marketing value chain.

Adejoh expressed optimism that Kogi government would continue to take proactive measures to support and create enabling environment for the programme to thrive in the state.

The state programme coordinator urged the beneficiaries to make proper use of the tricycles to improve their well-being, stating that the gesture was targeted toward their good and that of their families.

“No one should think of selling his/her tricycle because the programme has put in place monitoring mechanism to forestall such,” she said.

Speaking on behalf of the beneficiaries, the Chairman, Gaskiya Cluster, Mr Bala Musa, appreciated IFAD/ VCDP, Kogi government as well as Federal Government for always supporting farmers in the state.

Musa promised that the beneficiaries would use the tricycles for intended purposes, adding that they would not take the opportunity for granted.

“We assure you that all our efforts will be channelled into the proper maintenance of the machines for our own benefits,” he said.

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Agriculture

Minister pledges sustained investment in agricultural production in FCT

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Minister pledges sustained investment in agricultural production in FCT

Minister pledges sustained investment in agricultural production in FCT

Dr Mariya Mahmoud,  Minister of State for the Federal Capital Territory (FCT), has pledged the FCT administration’s commitment to sustaining investment in agricultural production in the territory.

Mahamoud said this at the inauguration of the disbursement of grants to beneficiaries of the 4th batch of the FCT Fadama Covid-19 Action Recovery and Economic Stimulus (CARES) Programme, on Thursday in Gwagwalada.

She said the initiative is aimed at reducing poverty and improving livelihoods for the poor and vulnerable agricultural households in the territory.

The minister said the FCT Fadama CARES Programme would increase food security and the safe functioning of the food supply chain in the FCT.

She said the programme was designed to support the recovery of livelihood activities of the poor and vulnerable persons engaged in the agricultural value chain, with consideration to women and youths.

According to her, it is gratifying to note that within the first year of the current administration in the FCT, the Fadama CARES programme has disbursed grants to 3,150 beneficiaries under the third batch.

Mahmoud said the programme would provide grants to an additional 6,020 new beneficiaries under the fourth batch.

She said that 9,170 beneficiaries would benefit from the programme during the first year of the current FCT administration.

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