First Bank of Nigeria has committed its support for the expansion plans of WACOT Ltd, a subsidiary of TGI Group, as the company prepares to double the capacity of its 120,000-ton rice mill in Argungu, Kebbi State.
The bank pledged its support when its board members, led by Managing Director Dr Adesola Adeduntan, visited the mill at the weekend.
This expansion comes barely four years after Vice President Yemi Osinbajo commissioned WACOT’s first mill in 2017.
Adeduntan commended WACOT’s premium household brands such as Big Bull and Patriot which he referred to as ‘world-class’.
“This aligns with First Bank’s goal of developing the economy through sustainable employment generation. 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”, Adeduntan said.
Chairman of WACOT Rice Ltd, Farouk Gumel, said the mill’s expansion would positively impact Nigeria’s food security ambitions.
“We are delighted to be hosting the Board of FirstBank here in Argungu. Our partnership has come a long way. The proposed expansion of our mill clearly shows the future is bright”, Gumel added.
