Business

Bank of Industry and Sugar Council Unveil N10bn Fund for Greenfield Sugar Projects

The greenfield projects beneficiary are Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.

Published

4 months ago

March 9, 2026

OCHEFA

255 Views

Photo: Inside a sugar factory

The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have provided a N10 billion Sugar Project Acceleration Fund (SPAF) to support the development of greenfield sugar projects across the country and strengthen Nigeria’s sugar industry.

The greenfield projects beneficiary are Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.

In a statement the Executive Secretary and Chief Executive Officer of NSDC, Kamar Bakrin, said that the fund is designed to provide financing and project development support to viable greenfield projects in a bid to accelerate the emergence of a sustainable and competitive sugar industry.

Bakrin point out that access to capital alone does not guarantee sugar production, noting that many development finance institutions and investors already have significant funds available for agro-industrial projects.

““SPAF is NSDC’s structured pre-investment facility established to provide qualifying project promoters with the technical, financial and advisory support required to develop their projects to bankable standard.

It is not a grant programme but a facility designed to build a credible pipeline of investor-ready Nigerian sugar projects,” he added.

The Executive Director of Public Sector and Intervention Programmes at BOI, Hadiza Shuaib, said that the bank will serve as the fund manager for SPAF while NSDC will provide sector leadership and technical guidance.

“As Fund Manager, BOI will ensure that projects are properly structured, risks are effectively managed, and funds are deployed responsibly. We are also strong advocates for skills development, because financing alone is not sufficient to deliver sustainable outcomes,” she said.

Related Topics:Bank of Industry Featured Greenfield Sugar Projects

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

2 hours ago

June 30, 2026

Charles Flames

13 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

6 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”