Connect with us

Business

C’River To Rake In $100m From Cocoa Factory

Published

on

One hundred million dollar is to be generated on annual basis into the coffers of the Cross River State Government from proceeds which will acrue from the state cocoa processing factory set up by the administration of Prof. Ben Ayade in Ikom Local Government Area of the State.
The State Commissioner for Agriculture, Prof Anthony Eneji, stated this during an assessment visit to the cocoa processing factory and the ultra modern rice processing factory sited in  both in Ikom and Ogoja local government areas of the State yesterday.
The commissioner expressed satisfaction with the progress of work currently on-going at project sites and also said that to ensure steady availability of cocoa for processing at the factory, the state government has begun the planting of seedlings/nursery to boost production which will feed the plant when the plant becomes fully operational.
“It is a N100 billion project. Already, we have raised five million cocoa seedlings to ensure the plant does not run short of produce,” he said.
Earlier in his remarks, the Managing Director of A. A. Universal Agro Industries Limited, handlers of the project, Chris Agara, who also spoke at te event said, “the installed capacity of this processing plant is between 40,000 to 60,000 tons. What we have here is a three-phase facility. The first phase is to clean and dry the cocoa for export, thus giving a lot of value to the beans that will be exported.
“The second phase is processing the beans after which it is processed into powder in the third phase for chocolate, for beverage and other cocoa related product. The project is about 90 percent completed. The entire equipment needed for installation to complete the first phase are here.
“The economic benefits of the plant are enormous. I have been privileged to attend a number of world cocoa conferences with emphasis on the end users of cocoa products. The point is that by the time we create an identity for Ikom as a place that produces organic and pure cocoa, the entire world’s focus will be on this place.’’
“The plan is to have about four to five of this plant around here.
So, if we are generating between $500 million to $1 billion annually, you know what that means to the economy of the state,” Agara said.
The Permanent Secretary, Ministry of Agriculture, Rev Joseph Ugbe, who also accompanied the commisioner to visit the plant, stressed that the project was well conceived and by first quarter next year it should be completed.
Ugbe said, “You know Ikom has been well known for cocoa production and for this factory to be located here, it is going to benefit the people, the farmers and the State. It will also boost the Nigerian economy. We are also happy to be part of it. That is why we are here to ensure that whatever is done here is in order. The factory will provide employment for the teeming youths.”
In his welcome remarks, the Project Manager, A.A. Universal Agro Industries Limited, Dapo Obayemi, averred that the factory when fully operational would be interested in the processing of cocoa beans that is organic so as to get a flavor the can rank among flavors that are of international standard.
“it is the first of its kind south of the Niger. It is something that will yield the desired result. This is a 10-ton per hour processing factory. In terms of volume, you know what that is. Apart from that, it is something that has come to add value to cocoa processing in Nigeria. You can call this a cocoa refinery. Obayemei said.
Speaking shortly in a visit  to the place of  paramount Ruler of Yala LGA Ogamode Ipuole shortly after assessing the  ultra modern rice processing factory, the monarch charge the state government to ensure that employment opportunities are given to youths of the host communities to work in the factory so to reduce the high rate of unemployment in the area.
The monarch said that his qiuteness concerning the land given to the state government by the  community for the factory dosent nean that there were no agitations. “There are a lot and lots of agitations is just that i have been on top of the game telling my people particularly youths in the are to calm down. All we want as a community is for our youths to get opportunity to work whenever the factory kicks off.” Ogamode said.

By: Friday Nwagbara, Calabar.

Continue Reading

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

Published

on

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
Continue Reading

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

on

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Continue Reading

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

Published

on

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
Continue Reading

Trending