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CBN rallies banks for N25b agric investments in Sunti

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Central Bank of Nigeria’s (CBN) governor Godwin Emefiele. / AFP PHOTO / PHILIP OJISUA

The Central Bank of Nigeria (CBN) has invested no less than N25 billion under its agriculture intervention efforts in Sunti Golden Sugar, as it restates commitment to the development of the sector and its allied products.

The CBN Governor, Godwin Emefiele, who made the disclosure at the inauguration of the Sunti Golden Sugar Estates, in Mokwa Local Government Area of Niger State, reiterated that the sector’s potential in supporting growth of the country on a sustainable basis.

According to him, the N25 billion was facilitated through a consortium of banks at a single digit interest rate repayable in a period of 10 years.
He said any individual or company that wants to go into agricultural and agro-allied productions should count on the support of the bank.
Emefiele expressed satisfaction on the level of work done by the company, saying it is in tune with the present administration’s notion that Nigerians should produce what they eat and eat what you produce.

Earlier, President Muhammadu Buhari, at the inauguration, said the sugar factory project is timely as the country makes giant strides out of recession and the economy continues to show considerable progress.

He said that one of the cardinal objectives of his administration is to look inward and focus on the country’s natural endowments, particularly the non-oil sector, for inclusive growth and developments.

Buhari noted that the level of work and magnitude of investment that is been witnessed is a clear demonstration that his administration’s policies on economic diversification are attracting the right kind of support and engagement.

The Chairman of the Flour Mills of Nigeria, owners of the Sunti Golden Sugar Estates, John Coumantaros, said the sugar factory is a strategic investment designed to accelerate the production of sugar in Nigeria.

He added that the factory, which saved the country about $100 million in foreign exchange yearly, is aimed at achieving self-sufficiency in the production of sugar for the nation.

Coumantaros, who commended the CBN and its Governor for the support in making the sugar estate a reality, said the era of Nigeria solely depending on crude oil for foreign exchange is over with the inauguration of the largest sugar factory, which is poised to overhaul the entire agriculture sector in the country.

Sunti Golden Sugar Estates comprises 17,000 hectares of arable farmland and a sugar mill that processes 45,000 tonnes of sugar per day.

At its peak, it will provide direct employment for about 10,000 people yearly and impact up to 50,000 others indirectly, including 3,000 small scale out-growers, who will be cultivating sugarcane to feed the mill.

The Estate, at full capacity, is expected to produce one million-tonne sugar, which translates into 100,000 metric tonnes of sugar yearly.
Guardian

MOVIES

Biodun Stephen’s “Muri and Ko” Leads Nollywood Films At The Box Office

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"Muri and Ko" Leads Nollywood Films At The Box Office | Fab.ng

The Nigerian box office witnessed a power shift this week, with Nollywood’s “Muri and Ko” making a surprising climb to the top. Let’s take a closer look at how these films are performing.

Debuting at number six, “Muri and Ko” defied expectations by surging to the coveted second-place position.

This heartwarming story follows the unexpected turn of events for a thief named Muri. After stealing a car, Muri discovers a child inside. Forced to go on the run from the police with a bounty on his head, an unlikely bond begins to form between Muri and the child.

This unique premise and strong performances seem to resonate with Nigerian audiences, propelling the film to financial success.

Hollywood’s action-comedy juggernaut, “Bad Boys: Ride or Die,” continues its reign at the top of the box office chart for the third week. This highly anticipated sequel to the popular “Bad Boys” franchise continues to rake in the big bucks. It grossed an impressive ₦100.8 million this week. With a total haul of ₦216.5 million so far, “Bad Boys: Ride or Die” shows no signs of slowing down anytime soon.

After holding the top spot for three consecutive weeks, “Funmilayo Ransome-Kuti,” a biographical drama chronicling the life of the famed Nigerian activist, has been dethroned by “Muri and Ko.”

This week, “Funmilayo Ransome-Kuti” only managed to secure ₦15 million. The movie dropped down to fourth place with a total gross of ₦156.5 million. While it seems to have lost its initial momentum, “Funmilayo Ransome-Kuti” still holds a respectable position at the box office.

The action thriller film, “Criminal,” took a hit this week. It experienced a significant drop in its position on the charts. Falling from fourth place to sixth place, “Criminal” brought in only ₦8.2 million this week. This brings its total gross to ₦45.7 million. The reason behind the film’s decline in popularity could be due to a combination of factors. These factors can be competition from new releases or negative word-of-mouth.

The Nigerian box office is a dynamic landscape, and these rankings can fluctuate from week to week. However, the success of “Muri and Ko” demonstrates the potential for Nollywood films to capture the hearts and wallets of Nigerian audiences. This can happen with captivating stories and strong performances.

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MUSIC

Victony Drops Debut Album “Stubborn”

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Stubborn: Victony Drops Debut Album | Fab.ng

Nigerian artist Victony, known for his global hit “Soweto,” has finally dropped his debut album, “Stubborn.” This highly anticipated release marks a turning point in Victony’s musical journey.

Victony collaborates with a star-studded lineup. This includes Afrobeats giant Asake, Shallipopi, American rapper Teezo Touchdown, and Guyanese-American star Saint Jhn. This impressive roster blends musical styles. Also, it showcases the rich tapestry of African music for the world.

Released on June 21st, 2024, “Stubborn” is more than just music.

The album is a testament to Victony’s resilience. Three years ago, he was in a near-fatal accident that tragically took his best friend’s life. Victony required extensive surgery and rehab to walk again. The title “Stubborn” reflects his unwavering determination to return to music stronger than ever.

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MOVIES

Kanayo O. Kanayo Vows To Disrupt Any Film Set That Engages The Service Of Actress Angel Unigwe

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Kanayo to disrupt any film set that engages Angel Unigwe | Fab.ng

Veteran Nollywood actor Kanayo O. Kanayo is raising a red flag about working with young actress Angel Unigwe. In a recent Instagram video, Kanayo expressed his frustration with Unigwe’s mother, who he believes is managing her daughter’s career unprofessionally.

Kanayo admitted hearing rumours about unprofessional behaviour but didn’t take them seriously until he had a personal experience. He had apparently cast Unigwe in a film and reached an agreement with her mother, the details of which weren’t mentioned. However, the agreement wasn’t honoured, prompting Kanayo’s public warning.

Furthermore, Kanayo urged other movie producers to avoid working with Angel Unigwe.

He went as far as saying he would disrupt filming sets if he saw her working on a production. This is a serious move in the Nollywood industry. Also, it highlights the level of Kanayo’s frustration and his desire to protect other producers from similar experiences.

He stated,

“I am making this video to protect the entertainment industry in Nigeria. A particular woman has been holding producers to ransoms and it is unfortunate it has happened to me. Unfortunately, she is Angel Unigwe’s mother. A contract is breached by every producer, orally or written and it’s all respected but I found out that immediately this woman takes money from you, everything changes. She took her daughter at 9 pm when the particular date that we agreed hadn’t expired. She came at 9 pm and took her daughter.

“I have gotten reports from people before it happened to me. This is a Clarion call to producers, I beg you in the name of professionalism, from this moment to the first day of July 2024 any set that employs the services of Angel Unigwe, I will come to that set and make sure filming doesn’t hold. Her mother has been threatening many producers.”

 

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A post shared by Kanayo O Kanayo (@kanayo.o.kanayo)

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