Wednesday, October 27, 2021

    Bank backs 120,000-ton rice mill expansion

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    First Bank of Nigeria has affirmed its support for the expansion plans of WACOT Ltd, a subsidiary of TGI Group, as the company prepares to double the capacity of its 120,000-ton rice mill in Argungu, Kebbi State.

    The bank stated this when its board members, led by Managing Director Dr Adesola Adeduntan, visited the mill at the weekend.

    This expansion comes barely four years after Vice President Yemi Osinbajo commissioned WACOT’s first mill in 2017.

    Adeduntan commended WACOT’s premium household brands such as Big Bull and Patriot which he referred to as ‘world-class’.

    He noted that apart from ensuring Nigeria’s food security, the new WACOT mill would continue developing Nigeria’s rice value chain, thereby improving the lives of many small-holder farmers.

    This aligns with First Bank’s goal of developing the economy through sustainable employment generation. Above supporting WACOT Rice, we’ve seen the socio-economic impact of locating this factory in this state, therefore, we are committing that we will remain a very close financial partner of WACOT Rice Limited”, Adeduntan said.

    Chairman of WACOT Rice Ltd, Farouk Gumel, said the mill’s expansion would positively impact Nigeria’s food security ambitions.

    “We are delighted to be hosting the Board of FirstBank here in Argungu. Our partnership has come a long way. The proposed expansion of our mill clearly shows the future is bright”, Gumel added.

    Group Managing Director of TGI Group, Rahul Savara assured that it would not relent in its efforts to develop Nigeria’s agricultural sector and the economy.

    “Our goal is to have successful farmers and happy consumers, through an efficient value chain. This investment is another important step in our journey to achieving this, and we are grateful to First Bank for walking with us on the journey,” Savara added.

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