Business
Rite Foods Ltd Investing in Sugar Mills in Niger
Rite Foods Ltd, Uttham Sucrotech International, Legacy Sugar Company Ltd and Niger Foods are investing in sugar mills in Niger State.
The three companies have signed the Memorandum of Understanding (MoU) with the Niger State Governor, Mohammed Umar Bago, for the establishment of six sugar mills to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year.
In a statement, the Special Adviser to the Governor on Digital Media and Strategy, Abdullberqy Usman Ebbo, disclosed that of the six sugar mills, four will be sited in the Shiroro and Minna areas of the state.
“The agreement was signed between Uttham Sucrotech International, Rite Foods Ltd, Legacy Sugar Company Ltd and Niger Foods for a three-year, 148,000-hectare project that will see to the establishment of six sugar mills in Niger State, with four to be located between Shiroro and Minna,” he said.
Ebbo explained that each of the six sugar factories is estimated to have a capacity of 5000 to 15000 (TCD) tonnes of sugarcane crushed per day to produce sugar, ethanol and power (clean energy).
He stated that the sugar mills are expected to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year and, in turn, boost domestic food production and exports.
He explained that the agreement will further serve as an avenue for providing an enabling environment for investments, in addition to improving food security and the quality of life of the people while also aligning with the state government’s Green Economy Initiative.
Ebbo further stated that Uttham Sucrotech Company will bring multiple benefits to the state through sugarcane production, which includes 110,000 out-growers, refined ethanol, power generation, and cattle feeds, as well as empowering local farmers towards self-sufficiency.
The sugar mills are expected to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year and, in turn, boost domestic food production and exports.
He also said benefiting farmers will earn between N5 million and N6 million yearly from the 145 million-litre ethanol off-take programme and assist in promoting community growth, reducing dollar pressure, and supporting local agriculture.
” The out-grower and off-taker component of the agreement will encourage community participation in the programme.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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