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Oil firm explores cashew production, processing

A player in the downstream oil sector, Fatgbems, said it is also shifting attention to the agricultural sector by specialising in cashew production and processing, catering to the domestic market and facilitating exports within the African region.

Its Chief Operating Officer, Ayodele Odulaja said the company is targeting to processing approximately 100,000 metric tons of cashew nuts annually, promoting local production and export across African countries such as Nigeria, Benin Republic, Cote d’Ivoire, and Tanzania

Speaking in Lagos, Odulaja said the initiative is a testament to the company’s commitment to sustainable development and its dedication to contributing to the growth of the Nigerian economy.

According to him, the company’s agro-allied is a company that is committed to fostering sustainable agricultural development in Africa and commences with cashew production and processing.

“To further strengthen local production, we have acquired approximately 250 acres of prime agricultural land in the state of Ogun, Nigeria. This land will be instrumental in realizing our vision of bolstering cashew farming in Nigeria and contributing to the nation's agricultural landscape”

In alignment with our vision, it is important to note that Nigeria is the second largest producer of raw cashew nuts (RCN) in Africa, after Cote D’Ivoire. As of February 2023, the annual production of cashew nuts in Nigeria stood at 300,000 metric tons. Fatgbems Agro-Allied is poised to play a significant role in enhancing this figure and boosting Nigeria's position as a key player in the global cashew industry,” Odulaja stated.

He also said the company’s properties will create exceptional living and working spaces. The company according to him is poised to spread across major industries and in Nigeria with growing need for affordable homes and large industrial layout.

According to him, the company’s properties will be launching into the properties and value industry with one of the most modern technology that will close the huge gap between technology and the property industry in Nigeria. We develop and manage properties that meet the highest standards of quality and comfort.

Meanwhile, he disclosed the intention to restructure the company to transform into a Holding company and a Conglomerate with diverse interests in Petroleum Marketing, Automotive Services & Tyre Trade & Marketing, Agro-Allied, and Real Estate.

He said the company’s journey began in 1986, with the establishment of Fatgbems Nigeria Limited, a visionary move to cater for the demand for Tyres, prompted by the remarkable growth of the global automobile industry, especially in Nigeria.

According to him, by 2009, the company had achieved a remarkable milestone by becoming the top distributor of Michelin & Dunlop tyres in Nigeria. This accomplishment, he said, earned the company recognition and honor at the UBA Annual General Meeting (AGM) of 2009, where it was celebrated as one of the bank's most valued customers.