First Bank of Nigeria has affirmed its support for the expansion plans of WACOT Limited, a subsidiary of TGI Group, as it prepares to double capacity of its 120,000-ton rice mill in Argungu, Kebbi State.
The bank affirmed this as Board members, led by Managing Director, Dr Adesola Adeduntan, paid a working visit to the rice mill in Kebbi recently.
This expansion comes barely four years after the Vice President, Prof. Yemi Osinbajo, commissioned WACOT’s first mill in 2017.
Speaking at the end of the site inspection by the FirstBank team, Adeduntan, expressed delight with WACOT’s strides and affirmed the bank’s support for the initiative. He specifically commended WACOT’s premium household brands such as Big Bull and Patriot which he dubbed ‘world class’.
The FBN boss noted that apart from ensuring Nigeria’s food security, the new WACOT mill would help develop Nigeria’s rice value-chain, thereby improving the lives of many small-holder farmers.
He said “this aligns with FirstBank’s goal of developing the economy through sustainable employment generation”.
He added: “Above supporting WACOT Rice, we’ve seen the socio-economic impact of locating this factory in this state. Therefore, we are committing that we will remain a very close financial partner of WACOT Rice Limited”.
Also commenting, Chairman of WACOT Rice Limited, Farouk Gumel said that the expansion of the existing mill would positively impact Nigeria’s food security ambitions.