Business

FG Commissions N10bn Prism Foods Onion Storage Facility in Kano

This initiative aligns with President Tinubu’s agenda to curb post-harvest losses, potentially increasing farmers’ income and creating more job opportunities for youths,” the minister said.

Published

1 year ago

April 15, 2025

OCHEFA

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The Federal Government has launched Prism Foods Limited N10 billion state-of-the-art onion storage facility in Kano State.

The Minister of State for Industry and Investment, Sen. John Owan Enoh, commissioned the 10,000-tonne storage capacity, on Monday at Gadar Tamburawa in Dawakin Kudu Local Government Area of the state.

He said that the federal government would provide all the needed support for initiating modern innovation to address post-harvest losses among farmers across the country, especially in the northern part.

“By providing a reliable storage solution for onions and other perishable commodities, the facility will play a vital role in effective service delivery, supporting the nation’s agricultural development.

“This initiative aligns with President Tinubu’s agenda to curb post-harvest losses, potentially increasing farmers’ income and creating more job opportunities for youths,” the minister said.

He commended Prism Foods Limited for investing heavily in a solution to post-harvest losses, saying it would enhance food security and encourage entrepreneurship, ultimately boosting the nation’s economy.

The Kano State Governor, Abba Yusuf, represented by the State Commissioner for Commerce, Alhaji Shehu Wada Sagagi, commended Prism Foods Limited for establishing such a huge investment in Kano.

Yusuf noted that the state government is committed to providing all the needed support to ensure that agricultural produce is enhanced.

The Chief Executive Officer (CEO) of Prism Foods Ltd., Mr. Aman Gupta, said the massive post-harvest losses faced by onion farmers prompted the establishment of the facility.Alhaji Aliyu Maitasamu, Chairman of the National Onion Producers, Processors, and Marketers Association of Nigeria, said the facility would significantly reduce post-harvest losses of onions and other perishable commodities.

Related Topics:Featured Onion storage Prism Foods Onion Storage facility

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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

4 hours ago

July 21, 2026

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

13 hours ago

July 21, 2026

OCHEFA

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File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.