Connect with us

Business

Firm To Invest $13m In Oil Palm Company

Published

8 years ago

on

A multinational oil company, Victory Crystal Investment says it will  invest 13 million dollars to resuscitate the moribund Okitipupa Oil Palm in Okitipupa, Ondo State.
The Director of Communications and Corporate Affairs of the company, Miss Kemi Olatunji disclosed this to newsmen in Akure.
Victory Crystal Investment is a subsidiary of Victory Group which is into agriculture, energy, construction, finance and property.
Olatunji said that the 13 million dollars would be used to rejuvenate the plantations, revive the three palm oil processing mills in Okitipupa, Irele and Iyansan and recapitalise the moribund company to reclaim its old glory in palm oil export.
“Okitipupa Oil Palm Plc is overgrown with weeds and currently running at loses and we have put in place plans to recapitalise it with 13 million dollars to make the company run at full capacity.
“When it is recapitalised, it will generate employments boost the state’s internally generated revenue and grow the economy of host communities.
“With the recapitalisation, we are looking at cutting ageing palm trees, replacing them with modern seedlings that are thriving all over the world like in Malaysia so that we can start harvesting from four to five years.
“We will equally ensure that OOPC starts exporting its products as it used to be in the 80s,’’ she said.
Olatunji said that the court case between the state government and a major shareholder of the company would be resolve amicably in the interest of all parties.
She said the Victory Crystal Investment had commenced discussions with its partners in Europe on the resuscitation of the moribund company.
“We need to revive the dead companies in Ondo State to reduce unemployment, engage youths in productive ways and reduce crimes.
“This is the time to re-engineer our economy in the state.
“We believe the resuscitation of OOPC, the economy of the host communities will move from zero to high level because people will be empowered.
“It is a shame that no single company was brought to Ondo State in the last eight years,’’ Olatunji said.
The Tide source reports that Okitipupa Oil Palm Company was established in 1968 and was served by oil palm estates scattered across the three local governments of Okitipupa, Irele and Ese-Odo.
OOPC was a successful company in the past where former President Olusegun Obasanjo and Unilevers had substantial shares before it failed due to alleged government’s interference.
The firm’s current major shareholder, EasterPot, has 35 per cent share, while the state government has 29 per cent share.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

3 days ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

3 days ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

3 days ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending