Business
Okin Biscuits Set For Comeback After 17 Years, Targets Revival Of Jobs, Local Manufacturing
Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.
By Ochefa
After 17 years off the shelves, Okin Biscuits, one of Nigeria’s once-popular indigenous biscuit brands, is set to return to production as efforts intensify to revive the Ijagbo, Kwara State-based factory.
The planned comeback marks a significant attempt to restore one of the country’s old manufacturing brands while potentially reopening a major source of employment and economic activity in the community.
Founded in the 1980s by the late Chief Emmanuel Olatunji Adesoye, an illustrious son of Offa, Okin Biscuits grew into a household name with products including Okin Coasters, Shortcake and Okin Cabin Biscuits.
At its peak, the company provided direct and indirect employment to more than 2,000 people before production was eventually halted in 2009.
The shutdown reflected some of the structural problems that have continued to undermine Nigeria’s manufacturing sector, including harsh operating conditions, intense competition, inadequate infrastructure, vandalism and the theft of critical production equipment.
With the factory no longer producing, its products gradually disappeared from retail outlets and homes in Kwara, Lagos and other parts of the country.
Factory Undergoing Major Rehabilitation
However, the industrial facility is now showing signs of renewed activity.
A visit to the factory in Ijagbo showed that extensive rehabilitation work is underway across the complex.
The main factory building, which houses the production machinery, as well as the administrative block and other facilities, are undergoing comprehensive renovation.
The premises have already assumed a significantly different appearance, suggesting that the revival project has moved beyond plans and into physical reconstruction.
The management recently announced through its official Facebook page that production machinery was being test-run.
It said biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.
The development is significant not merely as the return of a nostalgic consumer brand, but as an example of how the rehabilitation of abandoned industrial assets could contribute to renewed domestic production and employment.
For Nigeria, where manufacturers continue to contend with high energy and logistics costs, infrastructure constraints, foreign exchange pressures and strong competition from imported products, the reopening of an existing manufacturing facility could offer a potentially faster route to industrial capacity expansion than building an entirely new factory.
Community Backs Revival
…biscuits rolled off one of the rehabilitated production lines on August 25, 2026, marking the first production from the factory in 17 years.
The planned resuscitation has also attracted strong support from the Offa community.
The Aare Bobaselu of Offa, Chief Abdulatif Adekunle Ajeigbe, described the development as “heartwarming,” linking it to the broader Offa Mega City project championed by the Olora of Offa, Oba Muftau Mohammed Gbadamisi, Esuwoye II.
According to him, members of the community had made several efforts to revive the moribund factory, including exploring the possibility of group financing.
“We did our best to see that the factory came back to life, but it was the children of the late Asiwaju of Offa and the founder of the factory, Chief Emmanuel Olatunji Adesoye, who insisted on carrying on their father’s legacy through the factory,” he said.
Ajeigbe commended the founder’s children for their determination to preserve the family’s industrial legacy and bring the factory back into operation.
More Than A Brand Revival
The return of Okin Biscuits also highlights the wider economic value embedded in Nigeria’s abandoned industrial assets.
The company’s earlier success created employment not only within the factory but across its supply and distribution networks, including raw-material suppliers, transporters, distributors, retailers and other service providers.
A successful reopening could therefore have an economic impact extending beyond the factory gates, particularly if production eventually returns to significant capacity.
The bigger test, however, will be whether the revived company can operate sustainably in an increasingly competitive Nigerian consumer market.
The new investors will have to contend with production costs, energy supply, distribution challenges, consumer purchasing power and competition from both established domestic manufacturers and imported brands.
For Okin, the challenge is therefore not simply to restart the machines, but to build a commercially viable manufacturing operation capable of sustaining production, protecting jobs and reclaiming market share.
If successful, the return of Okin Biscuits could become more than a nostalgic homecoming for Nigerian consumers.
It could provide a practical demonstration that some of the country’s dormant industrial assets can be rehabilitated, modernised and returned to productive use.
After 17 years of silence, the sound of Okin’s production lines running again may therefore signal the beginning of a new chapter for one of Nigeria’s forgotten manufacturing brands.
Business
China Woos Nigeria To Join WAICO Memberships For Technology Advantages
African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.
The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasised the need for Nigeria to join the World Artificial Intelligence Cooperation Organisation (WAICO) to share in global tech development.
The World Artificial Intelligence Cooperation Organization (WAICO) is an international organization focused on artificial intelligence (AI) established in July 2026. Proposed by China before its 2026 World Artificial Intelligence Conference, it is headquartered in Shanghai and oriented toward the Global South.
Twenty-nine countries signed the founding agreement on 16 July 2026 in Shanghai, followed by eight additional signatories later that month, bringing the total membership to 37 countries.
African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.
WAICO is believed to have been set up to rival the US-led Pax Silica initiative, aiming to counterbalance Western influence across global supply chains for rare-earth elements, semiconductors, and AI governance.
Ambassador Yu made the call on Wednesday in Abuja during an event celebrating the 77th anniversary of the founding of the People’s Republic of China, which shares its October 1st National Day with Nigeria.
Speaking at the evening reception, Ambassador Yu said, ” Those who walk the same path go far. Let us empower development through innovation, openness, and sincere cooperation to continuously enrich China-Nigeria friendship and write a new chapter in China-Africa relations.”
Regarding 55 years of diplomatic ties with Nigeria, Yu noted that both nations have grown closer through mutual respect and shared success.
“Under the strategic leadership of President Xi Jinping and President Bola Ahmed Tinubu, our relationship has entered the fast lane,” he said.
Business
Otedola bypasses seven African billionaires as fortune hits $2 billion
The rise also ends his old tag as Africa’s poorest billionaire.
Femi Otedola’s fortune has risen to $2 billion, lifting the First HoldCo chairman above eight other African billionaires on Forbes’ real-time wealth index.
The new valuation is a $700 million jump from the $1.3 billion attributed to him at the start of 2026.
Forbes’ real-time billionaires index now ranks Otedola 2,115th globally, up from $1.8 billion in August.
The rise also ends his old tag as Africa’s poorest billionaire.
Based on the wealth estimates supplied for September 2026, Otedola’s $2 billion places him ahead of eight African billionaires.
They are South Africa’s Christoffel Wiese at $1.9 billion and Egypt’s Youssef Mansour at $1.8 billion.
Morocco’s Othman Benjelloun and family are valued at $1.7 billion, the same as South Africa’s Paul van Zuydam. Morocco’s Aziz Akhannouch and family sit at $1.6 billion.
Egypt’s Samih Sawiris and Yasseen Mansour, alongside Morocco’s Anas Sefrioui and family, complete the eight, each estimated at $1.4 billion.
The comparisons rest on the supplied valuations and can shift with share prices and other assets.
Business
Naira To Dollar , Pound, Euro Rate, Thursday September 24
Black Market Rates
₦1382 DOLLAR (USD)
₦1865 POUND (GBP
₦1560 EURO (EUR)
₦1000 DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦370 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANA CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
CBN Exchange Rates
DOLLAR (USD)₦1328.50
POUND (GBP)₦1762.9
EURO (EUR)₦1514.89
SWISS FRANC (CHF)₦1612.65
JAPANESE YEN (JPN)₦8.41
CFA FRANC (XOF)₦2.32
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.19
CHINESE YUAN (CNY)₦198.05
SAUDI RIYAL (SAR)₦353.78
SOUTH AFRICAN RAND (ZAR)₦81.16
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