Connect with us

Economy

Agro firm invests in palm nut cracker, milling plants

Published

on

Agro firm invests in palm nut cracker, milling plants


An Agro firm, Golden Seed Fats and Oils on Friday said it had invested in a 155,000-tonne capacity palm nut cracker plant in the South-South region.

Mr Lanre Sam-Akinkunmi, Co-Founder and Chief Executive of the firm, told newsmen during a media briefing in Lagos that the company had also opened a 100,000-tonne palm kernel shell milling plant.

Sam-Akinkunmi noted that there had been a gap in the Crude Palm Oil (CPO) production chain majorly as a result of non- availability of cracker equipment in the country.

According to him, the stand-alone factory is a Foreign Direct Investment (FDI) in equity fund between him and his Co-Founder and Executive Director, Mr Ilkin Shahverdiyev from Turkey.

“The company is currently focused on edible oils and primarily focused on the palm kernel oil value chain.

“Our 155,000 tonnes per annum capacity of palm nut cracker is largest in West Africa; 100,000 tonnes palm kernel shell plant; 15,000 tonnes of palm kernel oil and 20,000 tonnes of palm kernel cake.

“We are currently working with 2,000 smallholder oil palm farmers under the aegies of Nigerian Palm Producers Association and the Oil Palm Growers Association of Nigeria (OPGAN).

“Golden Seeds is helping these farmers with social investments such as pre-financing for operations, harvesting, milling operations and after production. We offtake at an agreed rate beneficial to the farmers

“We had to bring in significant FDI when we realised the huge gap in the palm nut cracker segment of the sub-sector.

“Because of the capacity, we have begun the process of generating our energy to ease the burden on the community,” Sam-Akinkunmi said.

He said the firm had done these in Ondo, Edo and some parts of Delta States where producers were majorly located to aggregate from them who produced in small quantities, saying that they were grouped to increase volume during offtake.

The Co-founder also noted that the firm was working at integrating its carbonisation stove to be launched in September to process palm kernel shells to charcoal to service the cement industry.

“All our value chain development have a target. For the palm kernel oil, we are targeting the soap production industry.

“For the palm kernel shells, we are looking at the cement industry while the palm kernel cake is targeted at the pig meal industry in Turkey, Dubai and Oke-Aro pig farm in Ogun.

“Sixty per cent of pig meal is palm kernel cake which is cheaper than soya bean meal.

“We will also grow our palm oil production because of the growing demand for soap, vegetable oil, margarine and others. Whereas, all these products have over 60 per cent palm oil content.

“We have a lot in out kitty; like the refinery we intend to build. So, our venture into this sector will be a win-win situation for both the Federal, state, processors, farmers and everyone across the value chain,” he said.

Sam-Akinkunmi highlighted some of the challenges in the sector as unavailable key moratorium, low interest rate finance and others.

He applauded Federal Government’s land border closure policy which had channelled a lot of investments to the palm oil sector.

Edited By: Adeleye Ajayi (NAN)

Itohan Abaralaserian: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Sri Lanka’s former PM quits party leadership after election defeat NUPENG scribe wants LASG’s intervention in Petroleum Tanker Drivers’ strike Hausa language tops articles content on Wikipedia writing contest Few students turn up as schools resume in Edo WAEC: Kano Govt to deploy more teachers for revision in schools FRSC impounds 3 articulated vehicles as ” Operation Scorpion II” begins in Oyo New daily virus cases fall below 30 as church-linked infections again loom larger Coy pump oil from stranded freighter in Mauritius Netanyahu’s Likud party gives unity government ‘last chance’ Iran warns foreign powers against interference after Lebanon blast French, Nigerien soldiers hunt for gunmen who killed aid workers Coronavirus: Namibia’s dairy industry fighting for survival Environmentalist calls for adoption of eco-friendly products to curb plastic pollution Oyo State CAN mourns death of cleric China sanctions 11 United States officials over Hong Kong affairs Lebanon’s justice minister resigns in wake of blast, protests Face mask now mandatory on Paris river banks, streets United States health secretary meets Taiwan’s leader, praises pandemic response Kwara Govt. lauds ophthalmologists for assisting blue-eyed family Malaysia’s chief diplomat fined for vaping in parliament Israel strikes Hamas post in response to incendiary balloons Sri Lanka re-opens schools amid COVID-19 caution NMA condemns disruption of election in Enugu Skills acquisition : Dangote refinery group, NDE train 200 Ibeju-Lekki youths Indonesia’s Mount Sinabung erupts for third time in a week Petroleum tankers drivers begin strike 4 drown in dangerous currents on Dutch coast  NDLEA seizes 3,546kg hard drugs, arrests 205 suspects in FCT Iran says GCC call for Tehran arms embargo extension is ‘unrealistic’ Poland’s PM wants special EU summit on Belarus Port Harcourt DisCo revokes electric bill distribution by contractors Six killed in south-western Pakistan blast, multiple wounded New CAMA will boost foreign direct investment — Capital market operators Driver bags 14 imprisonment for stealing tricycle windshield, stereo Kyrgyzstan cancels virus tests for arrivals, COVID-19 cases reach 40,177 Centre calls for renewed commitment to anti-corruption fight Oil rises 1% on Saudi Aramco’s upbeat demand view, Iraq supply cut New Zealand to start charging people in managed isolation Arms embargo: Germany, France, Italy to push ahead with sanctions for Libya COVID-19: Pakistan lifts restrictions in spite of concerns from medics School closure: Nasarawa govt to revoke operational licences of erring private schools Schools reopening: JAMB to give new commencement date for admission PDP BoT Chairman commends INEC over peaceful conduct of Nasarawa bye election Tanker drivers start strike Monday as talks with LASG end in deadlock NCDC confirms 437 new COVID-19 case, total of infection hits 46,577 Apapa will open to traffic in October — LASG Halep to decide on United States Open after Prague event Gov. Fayemi mourns ex-Ekiti lawmaker, Fakiyesi Vettel says Ferrari messed up with nonsensical strategy Ekiti Govt paying lip service to healthcare delivery, say striking doctors