BUSINESS
Diamond Stripes Limited Set To Revive Moribund Enugu Palm Oil Plantations
By Tony Obiechina, Abuja
Diamond Stripes Limited through its Special Purpose Vehicle (SPV)- Pragmatic Palm Limited is set to revive the moribund Enugu-based United Palm Produce Limited (UPPL).
To this effect, the firm has signed a deal with the Enugu State Government to acquire a controlling stake in UPPL.
Established in 2007, Diamond Stripes is a dynamic investment firm focusing on sustainable infrastructure and early-stage projects. With a track record of successful collaborations in various sectors including hydropower generation, ports, solar power, and agro-processing, the company provides a platform for international and domestic capital resources, delivering exceptional returns for investors.
Speaking at the signing ceremony in Enugu the Managing Director and Chief Executive Officer of Diamond Stripes Limited, Professor George Nwangwu, said palm products are in high demand.
He said that the United Palm Products Ltd was capable of kick-starting the economic transformation of Enugu State.
“We have to realise that agriculture is a business. We are going to bring in a lot of equipment and we are going to process the palm. Not just the palm, the palm kernel is an export commodity. If you go back and look at the biggest import over the years, palm is actually number five on the list. So, it is a significant product, and we tend to make sure we optimise its potential here,” he said.
The United Palm Products Limited’s three plantations in the state are located at Ugwuoba in Oji River Local Government Area, Akiyi, Umulokpa in Uzo-Uwani Local Government Area and Ibite Olo in Ezeagu Local Government Area.
Nwangwu noted that the plantations can provide job opportunities to thousands of unemployed people in the state.
“Also, just to give you an example, to get the one at Oji River running, you are talking about close to 500 people because we need people to weed, to operate the plants and process it.So, you are also creating direct employment. If you put all these together, you can see that it runs into thousands of jobs,” he said.
Further, the MD said the company aims to optimize palm oil production in the region and it is committed to revitalizing UPPL’s plantations, transforming them into a thriving oil palm production hub in the South East and indeed, Nigeria.
United Palm Products Ltd was set up by the state government to plant palm trees and engage in production of palm products such as palm oil and kernel, among others. The firm is an offshoot of the now defunct Agricultural Development Corporation established in 1970 by the then Eastern region government led by the then Premier Michael Okpara.
However, the United Palm Products Ltd has remained moribund as efforts by successive administrations in the state to revive it were unsuccessful but with the deal with Diamond Stripes Limited, an acclaimed agricultural processing firm, it is hoped that the moribund enterprise will come to life once again.
It would be recalled that the Diamond Stripes Limited helmsman, Prof. George Nwangwu is renowned for his expertise in project finance, law and infrastructure finance. He brings a wealth of experience to the venture. As a social entrepreneur, his influence transcends academia and consultancy, cementing his position as a key figure in Africa’s legal and business spheres.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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