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Kwara To Become North Central Livestock Processing Hub

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The Kwara State Government’s resolve to ensure that the state becomes a hub for livestock processing in the North Central zone has received a huge boost with the ongoing stakeholders engagement, consultation and assessment in Lata, Patigi Local Government Area.

The Fidelinfonews gathered that an advanced team of the African Development Bank (AfDB), consisting of Miss Florentine Tchoffo, Mr. Chigoziri Egeruoh, Mr. Innocent Onah, and led by Bakia Mbianyor, embarked on the mission to Kwara State for the Special Agro Processing Zone (SAPZ) project in Kwara State.

The Agro processing zone which is an integrated development initiative designed to concentrate on agro processing activities within areas of high agricultural potential to boost productivity, integrate production, processing and marketing of selected commodities will enable agricultural producers, processors, aggregators and distributors to operate in the same vicinity to reduce transaction costs and share business development services for increased productivity and competitiveness by bringing adequate infrastructure such as energy, water, roads, ICT to rural areas of high agricultural potential.

According to reports, the Zone is also expected to attract investments from private agro industrialists and entrepreneurs, who will in turn contribute to the economic and social development of rural areas to support the State Government effort towards addressing the issues of Agricultural value chain/addition in the State.

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CBN Freezes 197 Accounts Of BDC’s, Firms, Others

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The Central Bank of Nigeria (CBN) has disclosed that it had gotten a Federal High Court Abuja order to freeze 194 bank accounts belonging to firms and Bureau De Change.

The FidelinfoNews gathered that the move was to enable the apex bank conduct investigations into activities of the operators of the accounts, this was disclosed in separate documents obtained on the CBN website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited, domiciled in 13 different banks.

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third documents revealed that the apex bank had the court order to freeze 50 accounts domiciled in different banks.

The exparte motion which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of investigation.

It added that the order may be extended upon good reasons shown.

“Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse”, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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Dangote Demands Shutdown Of BUA Sugar Refinery

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The chairman of Dangote Group, Alh. Aliko Dangote has written the Ministry of Trade and Investment, demanding for the immediate shutdown of the operations of a Port Harcourt sugar refinery owned by BUA group.

The FidelinfoNews gathered that the petition signed by Dangote alleged that the refinery posed a threat to the attainment of the country’s National Sugar Master Plan(NSMP) and the sustainability of Nigeria’s local sugar industry, and he had been assured by the Federal Government that no new refinery would be allowed to operate in Nigeria.

Dangote also accused BUA of operating with impunity by contavening the laws as laid down in the National sugar policy by selling it’s products locally instead of producing for export alone.

In thier own defence, BUA group had also stated that the laws allowed them to sell their products locally, in a letter addressed to the Honorable minister of trade and Investment, the also warned that Dangote and other major players had not been involved in backward integration project, rather they depend on 80% raw sugar allocation which is detrimental to the Nigerian economy in long term analysis, on the other hand BUA has been involved in backward integration project with its Lafiagi Sugar BIP set to be completed in 2022.

Meanwhile, the BUA group had dragged the Minister of Trade and Investment to court, in order to ensure that the operations of its sugar refinery is not stopped, because of Dangote’s alleged attempt to monopolize sugar trade in he country.

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Nigeria Came Out Of Recession Faster Than Expected – World Bank

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The World Bank has said Nigeria moved out of last year’s recession faster than expected.

The FidelinfoNews reported that Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.

The bank, in its newly released Africa’s Pulse report, said real GDP in West and Central Africa was estimated to have contracted by 1.1 per cent in 2020, less than projected in the October 2020 Africa’s Pulse forecast, partly owing to a less severe contraction than expected in Nigeria in the second half of the year.

It said, “Following a 6.1 per cent year-on-year contraction in 2020Q2, Nigeria’s economy contracted by 3.6 per cent in 2020Q3, and expanded by 0.1 per cent in 2020Q4, moving out of recession faster than expected.

“For the year, Nigeria’s real GDP is estimated to have contracted by 1.8 per cent, a stronger outturn than projected in the October 2020 forecast.”

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