As the company prepares to double the capacity of its 120,000-ton rice mill in Argungu, Kebbi State, First Bank of Nigeria has affirmed its support for WACOT Ltd, a subsidiary of TGI Group.
The bank stated this during a weekend visit to the mill by its board members, led by Managing Director Dr Adesola Adeduntan.
Vice President Yemi Osinbajo commissioned WACOT’s first mill in 2017 and this expansion comes just four years later.
WACOT’s premium household brands, such as Big Bull and Patriot, were praised by Adeduntan as “world-class.”
He stated that the new WACOT mill would continue to develop Nigeria’s rice value chain, thereby improving the lives of many small-holder farmers, in addition to ensuring Nigeria’s food security.
“This is in line with First Bank’s goal of economic development through long-term job creation. We’ve seen the socio-economic impact of locating this factory in this state, so we’re committing to remain a very close financial partner of WACOT Rice Limited,” Adeduntan said.
Farouk Gumel, chairman of WACOT Rice Ltd, said the mill’s expansion would help Nigeria achieve its food security goals.
“We are ecstatic to be hosting the FirstBank Board of Directors in Argungu. Our collaboration has progressed significantly. Our mill’s proposed expansion clearly demonstrates that the future is bright,” Gumel added.
TGI Group’s Group Managing Director, Rahul Savara, stated that the company would not give up on its efforts to develop Nigeria’s agricultural sector and economy.
“Through an efficient value chain, we want to have successful farmers and happy consumers. “We are grateful to First Bank for walking with us on this journey,” Savara said, adding that this investment is another important step in the right direction.