News
C/River, Isreali coy sign $15m cocoa city project agreement
The Cross River Government and Israeli Bean & Co. Global Ltd. has signed a full Venture/Public Private Partnership agreement of 15 million dollars.
The agreement was for the establishment of a special cocoa city project in the state, the News Agency of Nigeria (NAN) reports.
The online virtual signing was carried out on Wednesday in Calabar, while the Memorandum of Understanding had earlier been signed on Feb. 14.
The Cross River Commissioner for Agriculture, Mr Okon Owuna and the Director General of Cocoa Regeneration Agency, Mr Collins Ogar, signed on behalf of the state government.
The state Commissioner for Justice, Mr Tanko Ashang, witnessed the agreement signing.
On the side of the Isreali, the Managing Partner, LR Group and Bean & Co, Mr Doron Rette, signed on behalf of the company.
Owuna explained that the agreement has two components, the Agro Industrial Centre with a processing plant, seedlings nursery and training facility as well as pulp powder and dry cocoa beans for export.
He said that the second component was the Farmers Outgrowers Scheme, which will cover 5,000 to 10,000 hectares of land.
According to him, thousands of farmers will be involved and will operate under the technical protocol of Bean & Co who will buy all their produce consisting of the pods and wet cocoa beans.
The Commissioner said that 65 per cent of the project sum would be covered by Bean & Co and its partners, while the state government would cover the remaining.
“As stated above, this project will increase cocoa farmers’ earnings three times over and increase productivity six times over.
“The project will engage thousands of farmers and employ Crossriverians in the cocoa city plus technology transfer.
“The outgrowing scheme will cover Etung, Ikom, Boki, Obubra, Obudu and Akamkpa which are the cocoa producing local government areas in the state.
“Under the funding proposal, the farmers will receive about N2.4million loan for four years to cover seedlings, pesticides, fertilizers, training, growing protocols and other necessary inputs,” he said.
He added that due to the long gestation and harvest time for cocoa which takes an average of four years, repayment of the loan would commence in the fifth year.
In his remarks, the DG of Cocoa Regeneration Agency, Ogar, assured that the Ministry and the Agency would work tirelessly to ensure the success of the project.
Speaking through the virtual video conferencing, President of LR Group, Mr Roy Yami, said the contract would be a good investment opportunity for cocoa farmers in the state.
News
TCN Acknowledges 7th Grid Collapse in 2024
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
News
Jigawa Tanker Tragedy: Shettima, First Lady Mourn Victims, Pledge Federal Support
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
News
Nigeria Customs Intercepts Arms, Ammunition Worth N9.5bn Over Six Years
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
-
Business14 hours ago
Okpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
Banking10 hours ago
Free Food Saga: Akpabio quoted out of context-CSO
-
Foreign15 hours ago
Sci-tech innovation fuels China’s high-quality development
-
Entertainment7 hours ago
Davido Declares ‘Timeless’ His Best Album
-
Entertainment7 hours ago
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business7 hours ago
Wike Urges Nigerians to Pay Taxes for Improved Social Services
-
Foreign9 hours ago
Qinling Mountains better safeguarded with comprehensive digital platform
-
Foreign9 hours ago
Expressway service station in Shandong achieves carbon neutrality