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VDMA Unveils Technological Plans for Agric Development in Nigeria
Verband Deutscher Maschinen- und Anlagenbau, otherwise known as German Engineering Federation (VDMA), while unveiling its developmental plans for the Nigeria’s agricultural sector reiterated that without intelligent technology it will be impossible to supply the rapidly global population with food and water.
VDMA is the trade organization of the German Engineering industry with approximately 3,100 member companies, representing manufacturers of machinery, equipment and plant in Germany.
Speaking during a press conference in Lagos tagged: “Economic Sector Development: Challenges, Trends and Innovation”, Richard Clemens, managing director of the VDMA Food Processing and Packaging Machinery Association, said, eating and drinking are basic human needs that must be addressed every single day.
He described the tasks as the biggest challenges of the future, as the topic is discussed on many different levels.
Clemens, then said, the proper handling of food and beverages requires great technologies skills and experience.
He said: “Precisely, this is the strength of the German manufacturers of food processing and packaging machinery who not only are global market leaders, but also can look back on a long tradition in these disciplines. In 2013, they supplied machines and equipment worth around £580m to Africa. This is about 7.5% of their total global export volume.
“Nigeria in particular is one of the largest markets with a volume of around £114m. The figures reflect the growing demand for processed and packaged foods and beverages. Reasons for this is the increasing prosperity and growing consumption of the population, but also the effort to expand the added value in the processing of foods”.
Clemens who led the first business delegation of the VDMA visit to Nigeria, disclosed that the Organization, will in the next few days, present their expertise and experience in the sector.
He added that as the world community is facing huge challenges, supplying people with unspoiled, healthy food and clean water, is an area that VDMA has provided interventions to different markets.
“The question is how to accomplish this for the predicted world popluation of 9.5billion people in 2050. The public debate goes into many directions, but one aspect is rarely mentioned: the technology needed to ensure the supply.
“I am firmly convinced that the German Manufacturers of food processing and packaging machinery, as well as water and wastewater technology, can make a major contribution here,” he stressed.
On her part, Jennifer Anoyika, chief operating officer, Nigeria-German Business Association (NGBA), told Nigeria CommunicationsWeek that the Association was delight over the delegates visit and advised local farmers to rally around their Corporative Societies to leverage opportunities presented by the VDMA equipments.
“We are proud to support the VDMA during their stay in Nigeria,” she said, hinting that through the provisions agricultural produce wastages shall be tackled squarely.
Olaf Wehrstedt, director, Packaging Technology and Sales Coordinator for BOSCH, added that the investors are ready to bring expertise into the sector by training young Nigerians on how to man the technologies.
According to him, VDMA is interested in technology transfer that will alleviate the sufferings of local farmers.
Andre Ronne, AHK delegate in Nigeria, said that agriculture is the primary means of diversifying the country’s economy to remain steadfast on the Continent.
He said, although, the nation’s economy was recently debased, but the agriculture and manufacturing industries must be empowered for more development.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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