General News
GBfoods Completes N20 Billion Tomato Processing Factory in Kebbi
GBfoods, a global leader in culinary product manufacturing, in partnership with the Central Bank of Nigeria (CBN), Kebbi State Government and the Emirate of Yauri recently built a N20 billion tomato processing factory, in Kebbi State.
The factory is the second largest in Nigeria and the only fully backward integrated plant in ECOWAS – and has the largest single tomatoes farm in Nigeria. When all phases of the project are finished, the factory will be the largest fresh tomatoes processing factory in Sub-Saharan Africa.
The investment, in the world-class factory and adjoining farm, includes a drip irrigation and fertigation infrastructure, greenhouses, seed planting robots, an incubation chambers and a plethora of agricultural machinery. The farm will serve a dual purpose, it will produce industrial tomatoes in the dry season and soya beans in the raining season.
The tomato factory will convert fresh tomatoes into tomato concentrate used for producing Gino Tomatoes Paste and Gino Tomato Pepper Onion Paste while the soya bean will be used to process soya-bean oil which is a critical ingredient for GBfoods’ Bama and Jago Mayonnaise.
The project created over a 1,000 jobs including: 500 farming jobs, 150 factory jobs and 150 construction jobs. GBfoods also engaged many small holder farmers as out-growers.
Apart from training the out-growers on good agricultural practices, GBfoods provided them with tomatoes seedlings, agrochemicals and various equipment such as water pumps and hose pipes, enabling the farmers access to water in the dry season. GBfoods also supported the host communities by providing and maintaining 16 boreholes of drinking water, a first for some of the surrounding villages.
The factory is fully backwardly integrated to the company’s farm and dedicated out-growers. In the coming tomatoes season, the plant will also source most of its raw material from out-growers who will grow the tomatoes on their own farms and from GBfoods’ owned and operated farm. The factory is engaging over 5,000 small holder farmers as out-growers, in the coming tomatoes season, to grow fresh tomatoes.
Mr. Vicenç Bosch, CEO of GBfoods Africa, commended the Federal Government for encouraging and supporting GBfoods to engage with CBN, Ministries, Departments and Agencies to ensure the successful completion of the factory.
He also expressed his gratitude to the Federal Ministry of Industry Trade and Investments, Federal Ministry of Agriculture & Rural Development, Kebbi State Government and the Ngaski Local Government Authorities for their tremendous support towards the actualization of the project.
Mr. Bosch added our team of extension workers, consultants and agronomists are ensuring that the Nigerian farmers benefit from the technology transfer of our best practices and know-how built through over 40 years of successful tomato operations in Italy and Spain.
Speaking during opening of the factory, Mr Vincent Egbe, the Country Manager, GBfoods Nigeria said, “The commissioning of this processing factory is a great milestone for us.
It further demonstrates the company’s commitment towards helping Nigeria achieve its food security ambitions, in this case, of self-sufficiency in tomato concentrate production. We will continue to work with the Federal Government towards food security and local production and processing of fresh tomatoes.
“The company is dedicated to reducing pre and post-harvest losses, and also developing the value chain so as to improve revenue streams for tomato farmers.
Over the past three years, in the three states of Kaduna, Katsina and Kebbi, GBfoods has worked with smallholder out-growers to boost their incomes by providing seedlings, fertilizers, training, and irrigation pumps, further to reduce post-harvest losses GBfoods also provided free plastic crates to farmers.”
“GBfoods is working with the Federal Government of Nigeria and the CBN to make Nigeria not only a shining example in food security, but also to become the food basket of Africa.
He especially thanked the Buhari administration, the Kebbi Governor, His Excellency Governor Atiku Abubakar Bagudu, the CBN Governor, Mr Godwin Emefiele; and the Emir of Yauri, Dr Muhammad Zayyanu Abdullahi for working tirelessly to create an enabling investment environment for GBfoods backwards integration project in tomatoes,” comments Mr Vincent Egbe, the Country Manager, GBfoods Nigeria.
Additional land is expected in September 2020 to be cleared and prepared for the farming season of October 2021. This expansion will be similarly accompanied by an upgrade in the factory’s capacity. With the expansion, new jobs will also be created.
GBfoods has a wide range of quality well-established brands in Nigeria such as Gino, Bama and Jago, under which they manufacture a wide range of quality products that make the daily lives of many African families easier.
Products under their brands include Gino Tomatoes Mix; Gino Pepper Onion, Gino Thyme; Gino Curry; Gino Chicken and Beef Cubes; Bama Mayonnaise as well as Jago Mayonnaise. GBfoods investments aim to satisfy local culinary habits and preferences whilst offering the healthiest and best ingredients for the Nigerian cuisine.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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