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Raedial Farms raises N1.1 Billion from Capital Market for project expansion

By Guardian Nigeria
12 December 2021   |   3:50 am
Raedial Farms Limited (RFL) has closed a deal to raise additional N1.1 billion (15% Series II Senior Secured Fixed Rate Medium-term Bond) from the Nigerian Capital Market in a quest to actualize its expansion programmes.

Vice President, Boston Advisory Limited, Adekunle Alade (left); officials of Raedial Farms Limited, Uwadiale Agenmonmen (Managing Director), Claris Agenmonem (Chief Operating Officer) and Maximus Okoye (Director of Finance) during the sign-off ceremony

Raedial Farms Limited (RFL) has closed a deal to raise additional N1.1 billion (15% Series II Senior Secured Fixed Rate Medium-term Bond) from the Nigerian Capital Market in a quest to actualize its expansion programmes.

The fund, according to the company would be used as working capital to optimize production at their 1500 hectares of oil palm farm dedicated to seedling, planting, and processing fresh fruit bunches of palms to produce sustainable Crude Palm Oil (CPO) and Palm Kernel Oil (PKO).
   
The current funding from the Nigerian capital market was facilitated by the team at Boston Advisory with a wealth of experience and a deep understanding of the Nigerian Debt Capital Market.

Speaking at the sign-off ceremony, the Managing Director/Chief Executive Officer of Raedial Farms Limited, Engr. Uwadiale Agenmonmen, said there is huge potential in the agricultural value chain of the country.

He added that, with the right decisions and backing of government, the firm can create economic value not only for players in the industry but for the host communities via employment opportunities, increased trading activities and create value for the state through tax payments.

He restated the company’s commitment towards placing Nigeria in its rightful place as the largest producer of crude palm oil and palm kernel oil in the world, thereby helping the country move towards its yearly earning capacity of $20 billion.

The Vice President of Boston Advisory Limited, Adekunle Alade said the firm is excited to always work with RFL because of their dedication to excellence and innovation with operational and financial transparency.

He also restated their commitment towards ensuring that businesses that will help grow the economy of Nigeria are assisted in accessing required funding to pursue growth and expansion.

Raedial Farms listed its plans for 2022 to include: farm expansion and increased production, as 1200 hectares of land are currently being planted with hybrid seedlings with a gestation period of 24 months.
Also, it planned to acquire two existing palm plantations; 5,000 hectares and 10,000 hectares respectively, located in southern Nigeria.

It also plans more investment in innovations and technology to expand the capacity of installed CPO and PKO mills among others.

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