By Aaior K. Comfort

1. Cocoa:
Cocoa is one of Nigeria’s leading export crops, providing substantial foreign exchange. It is essential for producing cocoa butter, chocolate, and cosmetics. Establishing a cocoa farm requires significant investment, typically ₦1,000,000 to ₦2,000,000, but the returns can be as high as ₦3,000,000 per hectare. Despite the abolition of the cocoa board, domestic and export demand for cocoa beans remains high, with prices surging in recent years.

2. Rice:
Rice farming is one of the most important agricultural activities in Nigeria. Upland and lowland rice varieties are cultivated, depending on soil and water conditions. While rice provides food security and income for many farmers, challenges such as weed control and irrigation persist. With the right planting techniques, rice farming can yield significant profits and meet the high demand for rice across the country.

3. Cassava:
Cassava is a staple root crop in Nigeria, used to make popular dishes like fufu, eba, and garri. It is a highly productive crop, capable of yielding up to 50 tonnes per hectare under good conditions. With an initial investment of ₦50,000 to ₦100,000, a cassava farm can generate up to ₦500,000 per hectare. Cassava is also vital for reducing reliance on wheat imports by being processed into flour, ethanol, and animal feed.

4. Tomato:
Tomato farming is a lucrative venture in Nigeria, with year-round demand. Tomato farms require an investment of ₦200,000 to ₦500,000, and can generate profits of ₦300,000 to ₦800,000 per hectare. Northern Nigeria, particularly Kano, Jigawa, and Benue states, dominates tomato cultivation, but it is expanding into other regions. Modernizing cultivation techniques can improve yields and profitability.

5. Maize:
Maize is Nigeria’s most widely grown cereal crop and is consumed across the country in various forms. White and yellow maize varieties are commonly cultivated, with yellow maize used for animal feed and white maize for human consumption. Maize farming is a key source of income for many Nigerian households, offering versatile usage in food production and agriculture.

These cash crops are vital to Nigeria’s economy, providing income, food security, and export opportunities.

By Aaior K. Comfort

The supply of crude oil in exchange for naira from the Nigerian National Petroleum Company Limited (NNPC) to the Dangote Petroleum Refinery has not commenced as scheduled, despite the initial deadline of October 1, 2024. As of Thursday, October 3, there are indications that the deal has yet to take off.

Officials from the Dangote refinery, the Nigerian Upstream Petroleum Regulatory Commission, the Federal Ministry of Finance, and the NNPC have remained silent when contacted for updates on the naira-for-crude arrangement between NNPC and Dangote.

Earlier reports indicated that the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency had confirmed the supply would begin on October 1. On September 13, the committee announced that the Federal Executive Council, led by President Bola Tinubu, approved the sale of crude oil to local refineries in naira, with corresponding purchases of petroleum products also in naira.

“From October 1, NNPC will commence the supply of about 385,000 barrels per day of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.

However, as of Thursday, sources within domestic refineries indicated they are unaware if the deal has commenced. NNPC officials declined to provide updates, directing inquiries to the Ministry of Finance, which did not offer any information.

A senior official at a domestic refinery stated that refiners, including Dangote, are still awaiting communication from the Federal Government regarding the supply of crude in naira. “They are supposed to arrive at a particular agreement and communicate it to us. But as of now, we haven’t received that communication yet,” the official said on condition of anonymity.

Another source familiar with the deal noted that the Crude Oil Refiners’ Association of Nigeria has not been formally informed about the commencement of the agreement. “We await the official communication because up till last week, we spoke with them (the government) and they assured us that the deal was still on course,” the source added.

The government explained in September that the naira-for-crude initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products across the country.

Zacch Adedeji, Chairman of the Technical Sub-Committee and Federal Inland Revenue Service (FIRS), had stated that the committee worked intensively with NNPC and Dangote Refinery to finalize the modalities for implementing the Federal Executive Council’s approval.

“In return, the Dangote refinery will supply PMS (petrol) and diesel of equivalent value to the domestic market to be paid in naira,” Adedeji explained. “Diesel will be sold in naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPC, which will then sell to various marketers.”

Adedeji also mentioned that the technical committee would transition to an implementation, execution, and monitoring committee operating out of Lagos for the next three to six months.

As the initial deadline passes without commencement, industry stakeholders are awaiting official communication to clarify the status of the naira-for-crude deal.

The Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company PLC, has been accused by a group of lawyers, under the umbrella of Global Integrity Crusade Network (GICN), of opening over 10,000 unsolicited bank accounts for customers; “in order to increase the customer base of the bank and shore up fictitious profits.”

During a world press conference, Thursday in Abuja, the President of GICN, Edward Omaga, Esq., presented a private investigation report (PIR) accusing GTB, under the leadership of the Group Chief Executive Officer (GCEO), Segun Julius Agbaje, of alleged acts of corruption, unsolicited accounts opening, declaration of fictitious profits, round-tripping, money laundering, terrorism financing and use of customers/investors’ funds to pay penalties in the United Kingdom

He said: “The PIR is compiled pursuant to Section 24 (d) and (e) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) read together with our Objective No. 2.

“As stakeholders in the task of nation building, our members have the duty to make positive and useful contribution to the advancement, progress and wellbeing of the community where they reside.

“Furthermore, we are duty-bound to render assistance to appropriate and lawful agencies in the maintenance of law and order. While we discharge the above duties, there is a corresponding obligation on the part of government based on Section 15 (5) of the 1999 Constitution (supra) to abolish all corrupt practices and abuse of power.

“Guaranty Trust Bank Limited was incorporated on 19 July, 1990 and licensed to engage in commercial banking and other allied services within Nigeria and elsewhere. The bank has ordinary shares of 25 billion with 8 active directors, but its only shareholder and person with significant control is Guaranty Trust Holding Company Plc, represented by Segun Julius Agbaje.

“In the United Kingdom, Segun Julius Agbaje started the Bank by registering same at the Companies House as Rainsouth Limited with Number 5969821 on 8th December, 2006. The said Rainsouth Limited went through various changes until it became Guaranty Trust Bank (UK) Limited on 17 March, 2008.

“One of the corrupt practices recently linked to Guaranty Trust Bank Limited in Nigeria has to do with unsolicited accounts opening. This is a situation where a customer did not approach the Bank or show any interest in maintaining an account with the bank.

“Yet, the bank goes ahead to source for the customer’s information such as telephone number, date of birth, Bank Verification Number (BVN) and other vital details to open account for the customer without his/her consent.

“The aim of this practice is to increase the customer base of the bank, thereby giving it high ranking in terms of size, capacity and profitability. We submit that unsolicited accounts opening tantamount to breach of data privacy, identity theft and can expose the innocent account holders to lots of financial crimes.

“As at today, there are over 10,000 customers in the database of Guaranty Trust Bank Limited who are already exposed to grave danger without their knowledge. Some of these customers have threatened to sue the Bank.

“We have equally uncovered that Guaranty Trust Bank Limited has been declaring profits that do not reflect its actual financial performance.

“For instance, GTCO PIc on 11th September, 2024 released its Audited Consolidated and Separate Financial Statements for the period ended 30 June, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) wherein the whooping sum of #1.004 Trillion was declared as Profit Before Tax.

“This caused the Group to be reported all over media as “the first Nigerian financial institution to cross the #1 Trillion mark in profit.” It is our finding that these figures as contained in the Audited Statements are mere conjectures hurriedly put together by Segun Julius Agbaje and his team to deceive the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN), Central Bank of Nigeria (CBN), customers/investors and the general public into believing that all is well with GTB.

“There is no gainsaying the fact that Guaranty Trust Bank Limited has become notorious over the years for engaging in deceptive accounting practices to artificially inflate profit figures. For instance, no substantial pieces of evidence presented by Segun Julius Agbaje to support the assertion that GTCO PIc made over #1 Trillion in profit as at 30 June, 2024. Even at that, it is very possible that the figures were generated through roundtripping.

“This is a process where funds are moved in and out of the Bank through different accounts or entities to create an illusion of legitimate transactions. The combination of this process and other unethical business practices within the Bank points towards the direction of systemic corruption, fraud and money laundering, which are opened for further investigation by the relevant agencies. It is feared that such ugly situation if not properly checked could have the tendency of not only undermining customers/investors’ confidence in the Bank but pose significant risks to the stability of Nigerian financial sector.

“Surprisingly, Segun Julius Agbaje did not tell Nigerians that the corporate image of Guaranty Trust Bank Limited has been terribly battered in many foreign countries where it is carrying on business. He lied by stating in the recent Audited Statements that GTCO PIc ensures compliance with disclosure requirements under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (FCA). The truth is that Guaranty Trust Bank (UK) Limited was sanctioned by the same FCA to pay a financial penalty of £525,000 for breaches of Principle 3 (Management and Control) of the Authority’s Principles for Businesses between 19 May, 2008 and 19 July 2010.”

He added: “Having spelt out the various infractions and unwholesome activities allegedly committed by Guaranty Trust Bank Limited, a Subsidiary of Guaranty Trust Holding Company Plc under the leadership of Segun Julius Agbaje both in Nigeria and abroad, we hereby make recommendations.

“The Governor, Central Bank of Nigeria (CBN) should forthwith dissolve the Board and Management of Guaranty Trust Bank Limited. This will pave way for thorough scrutiny of the accounting books of the Bank with a view to ascertaining its level of compliance with relevant banking Laws, Regulations and Guidelines.

“The Governor, Central Bank of Nigeria (CBN) should immediately suspend Segun Julius Agbaje as Group CEO of Guaranty Trust Holding Company Plc and retrieve from him all files or documents relating to Guaranty Trust Bank Limited to avoid interference with further inquiry into the issues raised in the PIR.

“If found wanting in any area of Corporate Governance, CBN acting jointly with the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and Department of State Services (DSS) should deal decisively with Segun Julius Agbaje and prosecute him like Mrs. Cecilia Ibru, who practically milked the defunct Oceanic Bank Plc dry before the Banks Consolidation era in Nigeria.

“The Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) should urgently step into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors’ funds and portfolios before the Bank fails completely.

“The Senate Committee on Banking, Insurance and Other Financial Institutions, House Committee on Banking as well as House Committee on Banking Regulations should jointly or individually convene a Public Hearing whereat Segun Julius Agbaje will be summoned to appear and defend the weighty allegations contained in our Private Investigation Report (PIR).

“All the properties acquired by Segun Julius Agbaje using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world be confiscated and forfeited permanently to the Federal Government of Nigeria.

“We wish to let you know that the struggle to sanitize the banking sector of Nigerian economy has begun and GICN shall remain at the forefront to ensure that customers/ investors are liberated from hardship, losses and pains.”