Friday, April 24, 2015 7:00 AM / Press Release
Transnational Corporation of Nigeria Plc (Transcorp) announced today that agribusiness subsidiary Teragro Commodities Limited has signed a memorandum of understanding (MOU) with the Benue State government to lease land to establish citrus farms in Ushongo, Benue. The Hon. Commissioner for Agriculture and Natural Resources, Donald Gbugho signed on behalf of the State Government alongside Permanent Secretary to the Minister of Agriculture Dr. Neeyum Tsavnum.
The MOU represents an expansion of Teragro’s current operations in Benue State, which have previously been focused in Makurdi. Teragro has been functioning as an industrial operation processing oranges and mangoes into concentrates for local consumption. Over time, Teragro has grown and expanded its footprint and now produces concentrate that meets the most rigorous global standards for purchase by multinational corporations, including a leading international beverage manufacturer.
Commissioner Gbugho thanked Teragro for the move, noting, “Teragro has contributed immensely to growth in Benue State. They first addressed community and youth unemployment by creating jobs and now, the company is taking a step forward by beginning proper farming, through expert agricultural investors who are standing by with improved varieties of oranges, which the Ushongo people and Benue State at-large can benefit from. This is truly a significant step in the development of agriculture in Benue and in Nigeria,” he said.
Teragro Managing Director and CEO Dupe Olusola thanked the Commissioner for his support, which has enabled Teragro to contribute to the growth of a diversified economy, saying, “The untapped opportunities in agriculture are huge and we are committed to ensuring that Nigeria can once again generate high revenues from agriculture as it did before the discovery of oil. The new farming land will ensure we can do our part to bring those untapped opportunities to fruition.”
“We are grateful to His Excellency, Rt. Hon. Dr. Gabriel Suswam, CON, for his assistance in ensuring synergy between Teragro and the local community within which we operate and we hope this will continue, said Transcorp Group President and CEO Emmanuel N. Nnorom. “We are committed to the work we are doing in Benue and look forward to a continually harmonious working relationship.”
About Teragro Commodities Limited
Teragro Commodities Limited is the agribusiness subsidiary of Transnational Corporation of Nigeria Plc. We leverage on advanced technology in food processing to produce high quality agricultural products including orange and pineapple concentrates, mango purees and orange peel oil for industrial markets. Visit http://transcorpnigeria.com/agriculture
About Transcorp Plc
Transnational Corporation of Nigeria Plc (Transcorp) is a leading diversified conglomerate. We focus on acquiring and managing strategic businesses that create long-term shareholder returns and socio-economic impact. Our business interests are in four strategic sectors: Power, Oil & Gas, Hospitality and Agriculture. Transcorp has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited, an African proprietary investment company. Visit: http://transcorpnigeria.com @TranscorpPLC