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Why News Of Tomato Import Ban No Longer Interests Farmers

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In the last seven years, news of banning tomato paste and concentrate importation has always been in the media, most times, dying down after two weeks.

Several summits have been held around the country trying to seek answers to the numerous problems that characterize the tomato industry.

Last week, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, during the first Kano Tomato Summit said that by the end of 2019, the Federal Government will ban the importation of tomato paste and concentrate into the country.

Chief Ogbeh who was also at the Kadawa Irrigation Valley in Kura Local Government of Kano State, which has thousands of tomato farmers as well as the Dangote Tomato factory on Monday, said effort is been intensified to revolutionize tomato production.

Also at the inspection and commissioning of Gino Tomato Paste factory and farm in Faka, Kaduna State, Central Bank of Nigeria (CBN) Governor Godwin Emefiele and Chief Ogbeh repeated the commitment to ban the importation of the product.

Mr. Emefiele said Dangote and Gino farms have foreseen self-sufficiency in two years if the CBN and FG sustain the current drive to revamp the industry.

However, the news is no more new to the farmers as they have heard that before from different top government officials, as well as Ogbeh himself during the approval of the National Policy on Tomato by the Federal Executive Council in February 2017.

What might interest the farmers is perhaps the full implementation of the National Policy on Tomato approved in 2017 by the federal government, which failed to see the light of day in addition to some of the measures government is taking to spur domestic production and create a vibrant industry that will generate huge jobs in the country.

Currently, the nation’s domestic demand stands at 2.3 million tonnes every twelve months but the country produces about 1.7 million tonnes, leaving a gap of about 600,000 which is filled with the import of tomato paste, powder and concentrate mainly from China and Italy.

The import of tomato concentrate, powder and paste per annum gulps a whopping $170 million according to the National Investment Promotion Council.

However, Chief Ogbeh puts the current figure at over $22 billion on the importation of tomato paste from China annually, something that worries stakeholders in the country.

Although Nigeria is the second largest producer in sub-Saharan Africa behind Egypt which produces about 8.3 million metric tonnes, 40-45 percent of what is produced wastes away due to lack of processing facilities and poor infrastructure for value addition.

What will however bring succor to farmers is Ogbeh’s assurance that the Central Bank of Nigeria (CBN) through the Bank of Agriculture has penned down the sum of N250 billion for farmers under the CBN Anchor-borrower system.

But of more interest to farmers is the full implementation of the National Policy on Tomato which will address all the concerns of farmers and investors who have sunk in billions of naira into setting up facilities but cannot compete favorably with what is coming from China and Italy.

The National Secretary and Kano State Chairman of the Tomato Growers Association of Nigeria (TOGAN), Alhaji Sani Danladi Yadakwari, while speaking to Daily Trust in Kano, revealed that tomato growers in the country are facing many difficulties due to poor implementation of the February 2017 tomato policy approved by the Federal Executive Council.

Alhaji Sani said the farmers were in total support of the policy because it promotes employment, ensures self-sufficiency in production and promotes local processing of fresh tomato into concentrate and paste.

“Our excitement is, however, short-lived as two years after the FEC’s approval, there appear to be some notable forces against the full implementation of the policy. Specifically, and in spite of the Federal Ministry of Finance’s circular No, F17465/42, it is with dismay that the association has noticed that the Nigerian Custom is yet to fully implement the policy on restriction of importation of tomato paste/concentrate through the seaport and they are also reluctant to implement the $1,500 levy per metric tonne under code 2002.90.10.00 and 2002.19.100 of the policy,” he revealed.

He lamented that the poor implementation of the policy has robbed the government of over $400m in levy and import duty, adding “It is apparent that the local tomato sector will not develop as envisaged by the policy, a consequence of continuous dumping of imported and often adulterated tomato paste.”

Alhaji Yadakwari, however, stated that tomato farmers in Kano State in 2018 enjoyed a sizeable percentage of the state government’s intervention. He further revealed that tomato farmers have faced terrible moments with adulterated inputs, especially fertilizer, in addition to increase in the price of inputs and poor market.

Yadakwari said the farmers’ expectation in 2019 is to see effective implementation of the national tomato policy for robust tomato production in 2019.

Meanwhile, some stakeholders along the tomato value chain have commended the Federal Government’s support to the tomato value chain in the North and requested for similar support in the South-West.

In a communiqué issued at the end of a tomato value chain workshop held at the National Horticultural Research Institute (NIHORT) Ibadan on Wednesday, and signed by the project’s Principal Investigator, Dr. Dorcas Ibitoye, the stakeholders decried the high cost and unavailability of improved tomato seeds and agricultural inputs in the country.

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Business

Okobi, Esomeju, Otaigbe Join Global Leaders to Discuss Sustainable Finance, Economic Transition at UNEP FI’s Regional Roundtable

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of its continued commitment to sustainability, Access Holdings PLC will be amongst the leading participants in the United Nations Environment Programme Finance Initiative (UNEP FI) Regional Roundtable on Sustainable Finance for Africa and Middle East.

taking place from May 6-7, 2025, in Marrakech, Morocco, the event will bring together regulators, policymakers, and key stakeholders from the financial sector to discuss and shape critical sustainability issues, including climate mitigation and adaptation, nature-positive finance, just transition and financial inclusion, carbon finance, among others.

Amaechi Okobi, Chief Brand and Communications Officer of Access Holdings; Edmund Otaigbe, Group Head of Credit Administration, Governance & Project Monitoring, and Njideka Esomeju, Group Head of Products and Segments, will be contributing insights from their extensive experience in driving sustainability within the financial sector.

Among the discussions will be sessions dedicated to accelerating the transition of real economy sectors towards sustainability, addressing climate risks, and ensuring financial inclusion. One of the focal points will be how financial institutions can support climate adaptation and resilience, particularly in vulnerable sectors across Africa and the Middle East. The event will further tackle the challenge of unlocking private finance for the Sustainable Development Goals (SDGs), exploring innovative ways to align capital flows with regional sustainability needs.

Other high-level dialogues will explore regional collaboration to support sustainability goals, advancing action on climate adaptation, and the regulatory developments promoting sustainable finance across the region. Panels will focus on topics such as financing and insuring MSMEs for climate resilience and fostering an inclusive transition by ensuring that vulnerable communities and underserved populations are not left behind in the push for green growth.

Prominent speakers at the event include Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda; Louise Gardiner, Senior Operations Officer at the International Finance Corporation (IFC); Lily Burge, Policy Manager, Climate Bonds Initiative; Samuel Tiriongo, Director of Research and Policy, Kenya Bankers Association; Walid Ali, General Manager, Sustainability Department, Central Bank of Egypt; Yasser Mounsif, Director of Issuers, Moroccan Capital Market Authority, alongside other leaders in sustainable finance.

The UNEP FI Regional Roundtable promises to be a critical platform for deepening collaboration among stakeholders across Africa and the Middle East, with the shared goal of creating a resilient, sustainable future for the region.

#Access Holdings Plc
Access Holdings Plc is a leading multinational financial services group that offers banking, lending, payment, insurance, and pensions services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 24 countries, and 60+ million customers.

Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access ARM Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.

Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

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Access Holdings Records 88% Growth in Gross Earnings to N4.878 Trillion

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024.


The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.


Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.

In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.
The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.
In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.
The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction

standards.
In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.
The Group is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.
Access Bank posted significant gains across all performance metrics, with interest income growing by 110% and fees and commissions rising by 81%. International subsidiaries contributed 48.5% to the banking segment’s PBT, demonstrating strong execution across key markets.
In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising ₦351 billion through a rights issue. The proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.
Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering value not just to shareholders, but to society and the environment at large.

#

About Access Holdings

Access Holdings Plc (‘the Company’) operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries and over 60 million customers. The Company serves its various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies, viz: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.

Access Bank Plc serves its various markets through four business segments – Retail Business, Commercial and Corporate, and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty years. Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and the Nigeria’s largest bank by total assets.

Hydrogen Payment Services Company Limited, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrogen being a company of African heritage has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, Card and Switch processing are gaining traction in the marketplace and addressing the unique needs of customers.

Access ARM Pensions Limited, formerly Access Pensions Limited, is one of Nigeria’s largest Pension Funds Administrator (‘PFA’) by customer base and Assets Under Management, with nearly ₦3 trillion in assets under management and serving over two million Retirement Savings Account holders.

Access ARM Pensions Limited is the product of separate entities. The erstwhile Access Pensions Limited first became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their subsequent merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers Limited to then form Access ARM Pensions Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited will leverage key relationships and Access’ growing ecosystem across Africa to unlock greater opportunities for customers.

Access Insurance Brokers Limited is a company licensed by the National Insurance Commission that provides intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.

Access Holdings Plc strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.

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Business

GTCO Plc Releases 2024 Full Year Audited Results

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…Pays Shareholders Record Dividend of N8.03k for 2024 Financial Year

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8% over ₦609.3billion recorded in the corresponding year ended December 2023.

This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management. 

The Group recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet.

The Group’s loan book (net) increased by 12.3% from ₦2.48trillion in December 2023 to ₦2.79trillion in December 2024, while deposit liabilities grew by 37.8% from ₦7.55trillion to ₦10.40trillion during the same period. Total assets and shareholders’ funds closed at ₦14.8trillion and ₦2.7trillion, respectively.

Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023. 

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.

Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution.

We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

He further added; “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year.

Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.

We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3% and Cost to Income ratio of 24.1%.

Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom.

Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services, including payments, funds management, and pension fund administration.

The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

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