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The project is estimated to cost at least $300 million.
In a regulatory filing posted on the Nigerian Exchange Limited (NGX) on Friday, Umolu Joseph, company secretary, said the move is part of the company’s commitment to the backward integration programme of the Nigeria Sugar Master Plan and the overall growth strategy of the industry in Nigeria.
“The 20,450 hectares is situated at Umaisha Development Area of Toto Local Government of Nasarawa State on the north bank of the Benue River, about 70 Kilometres upstream from Lokoja,” the company said.
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“It is expected that land preparation, including surveys and the initials designs, will start immediately in anticipation of the commencement of operations during the course of this year.
Stock Exchange
The stock market extended losses to three consecutive sessions yesterday, causing market capitalisation to depreciate further by N12 billion.
At the close of transaction yesterday at the Nigerian Exchange Limited (NGX), the market capitalisation of listed equities declined by 0.06 per cent to N19.928 trillion from N19.940 trillion reported the previous day.
The All-Share Index (ASI) also depreciated by 23.13 basis points to 38233.68 points from 38256.76 points recorded on Tuesday.
Analysts at Afrinvest Limited said: “We expect the market to remain bearish in the next trading session due to the absence of a positive catalyst.” x
However, market sentiment, as measured by market breadth, was positive as 20 stocks appreciated in price while 14 others constituted the losers chart.
By Goddy Egene
FBNQuest Trustees, a subsidiary of FBN Holdings Plc has offered expert guidance on inheritance planning as an important requirement for successful wealth transfer.
This is in line with its commitment to equip individuals with effective tools for generational wealth transfer.
According to the company, through its Legacy Series, it aims to help individuals understand how to plan for the protection and seamless transfer of their assets during their lifetime and after.
The Legacy Series is delivered in line with the organisation’s commitment to educate individuals and improve the understanding of the concepts of estate planning, so individuals are empowered to identify opportunities, protect their investments, and efficiently transfer their assets to their loved ones.