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General News

WACOT Rice to Create 60,000 Jobs through Argungu Project

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WACOT Rice Limited, a subsidiary of TGI Group which is based in Argungu, Kebbi State, will create 60,000 jobs across Nigeria and West Africa through its partnership with the USAID on the rice outgrower expansion project.

Deputy Chief of Party for USAID’s West Africa Trade and Investment Hub (WATIH) project, Mr Karl LittleJohn stated this during the co-investment partnership launch with USAID in Argungu.

He said: “The core objective of establishing WACOT in Argungu and the launching of this partnership today is to create catalyst for investment and provide grants to more farmers”.

LittleJohn explained that the jobs created would be available across Nigeria and West Africa. “We want to show that we can create jobs. And we want to also increase trade investment with our partners across West African countries”.

In his remarks, Chairman of WACOT Rice Limited, Farouk Gumel said that over 2,000 jobs have been created by the company due to the USAID partnership. He stated that the expansion of the company has given opportunities for more farmers to cultivate more land for rice production.

According to Gumel, “when the company was established in 2017, we hardly sold our product for the first three months because customers were demanding for foreign rice but today, we steadily sell Nigerian rice and people continue to ask for it. Many people have shown interest in becoming our agents and marketers”.

Earlier, the United States Ambassador to Nigeria, Mary Bert Leonard had said that the US government’s partnership with WACOT was to sustain   food security and creation of more jobs in Nigeria.

Leonard said that more than $8 million (about N3.1 billion) would be injected into the economy through the partnership.

In his remarks, Kebbi state Governor, Senator Abubakar Atiku Bagudu said the presence of WACOT Rice in the state has positively impacted its economy, adding that the development attracted the USAID investment.

He commended the company for always being active since it commenced its operations in the state, stressing that many women have benefited from their farmers’ empowerment.

Through the partnership with USAID, WACOT Rice is registering an additional 5,143 farmers to complement its already existing outgrower network in the state. And they will cultivate over 5,000 additional hectares of land thereby producing over 20,000 tons of paddy which will be utilised at WACOT Rice’s 120,000-ton rice mill in Argungu.

The mill was commissioned by the Vice President, Prof. Yemi Osinbajo in 2017. It produces premium household brands of parboiled rice Big Bull and Patriot.

Tropical General Investments (TGI) Group is a global conglomerate with a majority of its investments based in emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities and a highly skilled workforce to produce world class products that are consumed both locally and exported to global markets.


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General News

Wema Bank Plans N2M Grant to Empower Women

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Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.

The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.

The event is expected to host over 7,000 women under the theme “SheCan Do More.”

Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.

This grant is to support small and medium businesses within the SARA Community to scale up their business.

Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.

“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”

“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.

“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.

“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”

 


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Unlicensed Investment Firms Fall Hard in Lagos Court

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Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.

The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.

The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.

Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.

The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.

The court convicted both companies on all counts and imposed fines of N5 million per count.

In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.


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Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

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Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy

In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.

His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).

“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”

The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.


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