Agriculture
Releaf Secures $4.2M Seed Funding To Drive Food Industrialisation In Africa
Releaf, an agtech start-up that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable, has raised $2.7 million seed funding in a round led by Samurai Incubate Africa, Future Africa and Consonance Investment Managers with participation from Stephen Pagliuca, Chairman of Bain Capital and Justin Kan (Twitch).
Releaf also secured $1.5 million in grants from The Challenge Fund for Youth Employment (CFYE) and USAID.
The seed funding will enable the development of industrial food processing technology in Nigeria’s smallholder-driven Oil Palm sector while the grant will enable Releaf to provide working capital and other value-added services for smallholders and small-scale processors.
Grant funding will support the training, recruitment and retention of more women and youth in Nigeria Oil Palm sector through the creation of both digital and technical jobs.
Nigeria’s oil palm industry is dominated by smallholder farmers, with 80 percent of local market share. However, production rates are low because many still rely on ineffective processes for de-shelling, including the use of rocks and inappropriate hardware.
These ineffective processes also lead to low quality palm kernels which are largely unfit as input for high quality vegetable oil manufacturing. As a result, food factories are unable to purchase these raw materials and operate significantly under capacity.
On average, food factories have 3X more installed capacity than utilization, which impacts the cost of food and hampers further investment into processing capacity.
Releaf acts as a bridge between smallholder farmers and food manufacturing companies with its proprietary patent-pending machinery, Kraken.
Kraken can process any quality of palm nut into premium quality (95 percent purity) inputs for food factories. Releaf’s software connects the start-up to more than 2,000 smallholder farmers, ensuring consistent, large-scale supply. While palm kernel oil production is not foreign to Nigeria, Releaf’s technology and scale means it can process 500 tonnes of palm nuts per week.
The software offerings also allow the start-up to receive inbound supply requests from farmers via USSD, provide working capital financing as well as collect proprietary data on supply availability.
Speaking about the new funding, Ikenna Nzewi, CEO and co-founder of Releaf, said, “our mandate is to industrialize Africa’s food processing industry. This round of funding enables us to develop and prove our technology with smallholder farmers in the oil palm sector. Given Nigerians spend ~60 percent of their income on food and Africa’s population is set to increase by 100,000 people per day over the next three decades, we’re presented with an incredible opportunity to feed more people, reduce consumer costs, and supply the fastest-growing food market in the world.
Releaf is committed to harnessing technology to accelerate the economic wealth of rural, agrarian societies throughout the Continent. We firmly believe that a robust real economy is the foundation for long-lasting and shared prosperity for Africans and are excited to deepen partnerships with like-minded organizations, governments, and firms.”
This new funding will enable better productivity and accelerate the eradication of the menial and archaic processes that are prevalent across Nigeria’s oil palm sector and the agriculture sector as a whole. It will also enable Releaf to drive more value and profitability across the oil palm value chain, as well as support direct and ancillary job creation in the farming communities of South and Eastern Nigeria.
Rena Yoneyama, Managing Partner at Samurai Incubate Africa who led the round commented, “Releaf’s novel approach to operating within the value chain with proprietary technology set it aside from many agtech startups we have spoken to. We believe the firm’s thesis on decentralizing food processing would have a strong match with Africa’s economic development landscape for the next few decades.
Ikenna and Uzo are the perfect founders to disrupt this market in Nigeria and beyond. We are thrilled to back them as they innovate in providing both agro-processing and financial services to rural communities and farmers.”
Iyin Aboyeji, General Partner at Future.Africa noted, “more than 50% of the goods in supermarkets globally contain glycerine – an extract made from palm oil – a cash crop that is passed down from generation to generation.
The team at Releaf is building the agro-allied industry of the future from the ground up starting with palm oil which they have developed novel technology to aggregate, deshell and process into critical ingredients like vegetable oil and glycerine. Future Africa is delighted to back Releaf to build the future of modern agriculture”
Dr. Nneka Enwonwu, Country Relationship Manager, from The Challenge Fund for Youth Employment (CFYE) said, “We are thrilled to partner with Releaf on their mission to improve efficiency and profitability for farmers and food factories in Africa.
The founders’ vision and the team’s enthusiasm gave us confidence that Releaf will deliver real value for rural communities and create digital/technical jobs for women and youth. We are looking forward to their results and success over the coming years and continuing to support their work.”
Agriculture
We engage in beneficial, community-oriented land acquisition for agricultural purposes – Enugu Govt
By Our Correspondent
The Enugu State Government says it only engages in a win-win land acquisition system for ongoing agricultural initiatives and programmes.
The state’s Commissioner for Agriculture and Agro-industrialisation, Mr Patrick Nwabueze Ubru, made this known to newsmen in Enugu, weekend, stating that “we engage in beneficial and community-oriented land acquisition for agricultural purposes only.”
Ubru observed that the state government,, by an executive order issued by the state governor, Dr Peter Mbah, in 2024, committed to international best practices in agricultural land acquisition.
“By the Executive Order No. 001 of 2024 on the Framework for Responsible and Inclusive Land Intensive Agriculture (FRILIA) signed by the state governor, Dr Peter Mbah, the state government
had committed itself to international best practices in land acquisition for agricultural purposes,” he stressed.
It would be recalled that an online medium had published a report falsely accusing Governor Peter Mbah of moves to buy off some ancestral lands in Eha-Amufu community in Isi-Uzo LGA and hand it over to non-indigenous herders for settlement.
The group also alleged that Governor Mbah had paid the sum of N30 billion to some leaders of Eha-Amufu community to secure the release their communal lands to the said herders for settlement.
Ubru however urged the people of the state to discountenance the report, describing it as “completely fake and mischievous ,” adding that “being a responsible and people-focused government, this administration would not undermine or short-change its people under any guise.”
The commissioner stated that the Executive Order had ensured transparency in land acquisition with the consent of the people and to the benefit of all within the same community.
He noted that the Executive Order is a public document that anyone may read in electronic or hard copy to understand how open and transparent Governor Peter Mbah’s visions and objectives are regarding land acquisition for agricultural purposes..
“The Executive Order ensures that land acquisition and resettlement for large-scale agribusiness investments are undertaken in line with international best practices and guaranteed shared benefits between private investors and host communities.
“The Government of Enugu State is desirous of deepening the state’s agribusiness reforms including delivering a win-win approach to all the relevant stakeholders on agricultural land matters and investment opportunities.
“The FRILIA Executive Order will enhance access to large-scale investments, gainful employment on large-scale farms, sufficient income, and protection from the volatility of agricultural labour and product markets.
“The Framework will ensure adherence to guiding principles covering overarching investment, recognition and protection of land rights, state land acquisition and resettlement, environmental and social responsibility,” he said.
The commissioner noted that in order to achieve the government’s objective of creating an enabling, responsible and inclusive business operating environment for large-scale agribusiness investments in Enugu State through FRILIA, the state government set up other mechanisms to back it up.
“The state government established the FRILIA Steering and Technical Committees with clearly defined functions and powers.
“Others are the establishment of a grievance redress mechanism; and development and adoption of FRILIA Toolkits/Guidelines/Policies or Equivalent,” he added.
Ubru said that Governor Mbah, being a leader with vision, had clear intentions and programmes to grow the GDP of the state from $4 billion to $30 billion.
He noted that the governor had taken time and opportunities to explain his vision of uplifting the people of the state out of poverty.
The Enugu State Government has warned members of the public, particularly individuals and companies involved in equipment leasing to exercise due diligence before leasing their equipments for illegal activities.
In a statement issued on Sunday in Enugu by the Secretary to the State Government (SSG), Prof Chidiebere Onyia, the government said it would not hesitate to impound and auction any equipment leased to individuals or companies engaging in illegal activities that may impact government assets or interests such as construction, mining, agriculture, and others.
The statement further advised leasing companies to exercise due diligence in their search about companies and individuals and the purpose of leasing before releasing their equipments and other tools to them.
“Entities or persons that are engaging in leasing of equipments are obligated, as imposed duties, to approach appropriate government agencies and carry out background checks on the authenticity and authority of any person or company to engage in construction activities, agriculture, mining or any other activity that may impact government property or interest.
“Failure to carry out due diligence before leasing out equipments which turn out to be deployed for fraudulent activities will attract severe consequences as impounded vehicles, equipments and other materials will be auctioned,” the statement read.
Recall that the state government had previously lamented the illegal activities of some unscrupulous elements operating in the state without authorization, stressing the environmental and climate impact of the activities.
Foods
Twisco, Cowbell Choco & Miksi Choco World Chocolate Day Campaign Create Delightful Memories for Families
REPORTER: Sandra Ani
World Chocolate Day 2024 took on a delicious new meaning as the Promasidor brands – Miksi Chocolate, Cowbell Chocolate, and Twisco – brought lots of excitement for many chocolate lovers in Nigeria.
The World Chocolate Day 2024 celebration was Twisco, Cowbell Choco and Miksi Choco’s way of celebrating Chocolate in Nigeria, through recreational activities, fun games, painting and relaxation.
This year’s edition took place on Sunday May 7, 2024, in several locations across Nigeria, Ikeja City Mall, Circle Mall Lekki, Asaba Mall, Jabi Mall Abuja and PHC Mall.
Speaking, Lillian Omorenuwa, the brand manager for Beverage Category at Promasidor said “We’re excited to celebrate World Chocolate Day with kids and moms. Our powdered Choco beverages are the perfect way to indulge in the rich, velvety goodness of chocolate. We want everyone to “Get Your Choco On” while making the day a chocolate-filled celebration to remember”.
The incredible event demonstrated the brands’ dedication to injecting joy and excitement into Nigerian homes, even amidst challenging economic times.
It also underscored the versatility and health advantages of chocolate, especially Choco beverages, while offering a plethora of enjoyable activities such as a bouncy castle, face painting, puzzles, and more.
Commenting on the event, Olutayo Olukayode, one of the parents who graced the event commended the company for bringing such a relief and fun packed activities for the children. “I am impressed by what is going on here, although I came around for something else, and I saw this event going on because I came with my children. We should give credit to the organisers, particularly we enjoyed Twisco, Cowbell Choco and Miksi Choco delicacies.
Also speaking, Femi Oludele, another parent at the event noted that “Cowbell is celebrating World’s Chocolate Day, and creating awareness that there is a day specially marked out for people to celebrate chocolate day. It is good gesture from the brands to the children and everyone. This will allow the children to cool off stress and may also avail the parents and guardian also the opportunity to relax their nerves. So, it is a good and welcome development, and we thank Promasidor for Organizing it”.
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