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Korean Investors To Lift Agric In Ekiti With U.s.$400 Million - Business (3) - Nairaland

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Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 12:18pm On Jun 11, 2011
2muchlogic:

Exactly! They should go and read up on CAP, the Europeans produce so much food they have to burn it! Since WW2 they have made food security a top priority.  North Koreans are starving and they think South Koreans can boost their Agriculture? If it was electronics or microchips maybe but Agriculture?  What comparative advantage do Africans have apart form mineral resources and land?

It is just amazes me how some of these people think. I work for an investment banking firm and I have come across hedge funds that involved in these land grabs throughout Africa. From Malawi to Mali, Asian countries such as China and Japan and many Middle Eastern countries are buying up land throughout Africa. They are not only doing that, but they are evicting local farmers from their ancestral land with the help of their governments who are getting pennies for their land.

Look at what the Koreans are doing in Madagascar! Local agricultural economy is suffering, because of these reckless governments. I swear Africans can be very stu-pid.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:20pm On Jun 11, 2011
but nigerians we are the smartest naa? grin
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 12:20pm On Jun 11, 2011
US universities in Africa 'land grab'

Harvard and other major American universities are working through British hedge funds and European financial speculators to buy or lease vast areas of African farmland in deals, some of which may force many thousands of people off their land, according to a new study.

Researchers say foreign investors are profiting from "land grabs" that often fail to deliver the promised benefits of jobs and economic development, and can lead to environmental and social problems in the poorest countries in the world.

The new report on land acquisitions in seven African countries suggests that Harvard, Vanderbilt and many other US colleges with large endowment funds have invested heavily in African land in the past few years. Much of the money is said to be channelled through London-based Emergent asset management, which runs one of Africa's largest land acquisition funds, run by former JP Morgan and Goldman Sachs currency dealers.

Researchers at the California-based Oakland Institute think that Emergent's clients in the US may have invested up to $500m in some of the most fertile land in the expectation of making 25% returns.

Emergent said the deals were handled responsibly. "Yes, university endowment funds and pension funds are long-term investors," a spokesman said. "We are investing in African agriculture and setting up businesses and employing people. We are doing it in a responsible way … The amounts are large. They can be hundreds of millions of dollars. This is not landgrabbing. We want to make the land more valuable. Being big makes an impact, economies of scale can be more productive."

Chinese and Middle Eastern firms have previously been identified as "grabbing" large tracts of land in developing countries to grow cheap food for home populations, but western funds are behind many of the biggest deals, says the Oakland institute, an advocacy research group.

http://www.guardian.co.uk/world/2011/jun/08/us-universities-africa-land-grab

1 Like

Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 12:21pm On Jun 11, 2011
If Dr. Nnamdi Azikiwe or Dr. Kwame Nkrumah were still living, they would not allow this to happen on the continent. Too bad that the level of African leadership has decreased over the years. undecided
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:23pm On Jun 11, 2011
nigerians are smarter than koreans don't worry
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 12:24pm On Jun 11, 2011
Thunder strike any Igbo politicians who agrees to this throughout any Igbo state.  angry
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:27pm On Jun 11, 2011
gully erosion might not make that area very attractive
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:29pm On Jun 11, 2011
i think the north and middle belt are best.
maybe orchards and palm oil will be better in the east
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 12:36pm On Jun 11, 2011
aribisala0:

gully erosion might not make that area very attractive

Ebonyi State produces all the rice that the East needs with other crops. Not all of Igboland is full of erosion. However, the erosion of Igboland dates back to the colonial era, in which our forest were destroyed to plant palm trees, which loosened the soil.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by emmatok(m): 12:38pm On Jun 11, 2011
2muchlogic:

I think you meant "seize to amaze", if so can you please tell me what they will be handing over?


Great can you tell me where and how much tax they will pay?


Corrected Mr Teacher.

Have you ever heard of BOT b4?

You are talking as if they will ship the land and the equipment away to their country when they are leaving. grin grin

Weather they like it or not they are going to pay TAX on that investment, it is left to government to determine how much they pay.

I will like you to tell me which in Nigerian bank as at today will borrow any state govt $400milla.

And at what interest rate% if they(Nigerian banks ) will.

Any way you look at it, it is a WIN WIN for EKITI people.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:46pm On Jun 11, 2011
so there.

but i don't think we should blanket ban all such deals now.
we really need to modernize our farming.
here in the uk i have gone to visit a few farms and these guys are usually well eduated middle/upper class. not peasants.
it is good business if done properlyy i.e. large scale /scientific. we need people who have these competencies. we should look for deals that guarantee technology transfer and fund tehnical apprenticeships/training to countries who have what we want.
ultimately if you are negotiating a deal if is your responsibility to fght your corner
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 12:48pm On Jun 11, 2011
oil ompanies/julius berger and others have been in nigeria for years .if they left tomorrow who can do what they do
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by emmatok(m): 1:30pm On Jun 11, 2011
aribisala0:

oil ompanies/julius berger and others have been in nigeria for years .if they left tomorrow who can do what they do

We have better replacement for them, If they leave tomorrow.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 1:36pm On Jun 11, 2011
can you name one nigerian constrution company citing biggest completed project and one oil company that has established/proven the existence of crude oil anywhere
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by 2muchlogic(m): 1:47pm On Jun 11, 2011
emmatok:

Corrected Mr Teacher.

Have you ever heard of BOT b4?

You are talking as if they will ship the land and the equipment away to their country when they are leaving. grin grin

Weather they like it or not they are going to pay TAX on that investment, it is left to government to determine how much they pay.

I will like you to tell me which in Nigerian bank as at today will borrow any state govt $400milla.

And at what interest rate% if they(Nigerian banks ) will.

Any way you look at it, it is a WIN WIN for EKITI people.


Naw! I did not say that lol! BOT? Yes that stands for Bank Of Tanzania lol! grin grin grin grin and why can't a Nigerian bank lend a state $400 million for development? Every time i switch on CNN I see adverts for Nigerian banks and they don't come cheap wink
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by nattyspice: 1:50pm On Jun 11, 2011
It is so sad when  some shallow minded nairalanders dismiss such a laudable initiative,this lands will be put into productive use which will create employment for thousands of nigerians ,generate revenue for government and transfer technology.we have the shonga farms in kwara state which is an example which when replicated in all states will decrease the rate of poverty.This lands have been lying idle for donkey years and MUST be leased out to any genuine investors.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by emmatok(m): 1:57pm On Jun 11, 2011
2muchlogic:

Naw! I did not say that lol! BOT? Yes that stands for Bank Of Tanzania lol! grin grin grin grin and why can't a Nigerian bank lend a state $400 million for development? Every time i switch on CNN I see adverts for Nigerian banks and they don't come cheap wink

No Nigerian Bank can do that, in these Sanusi era.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by 2muchlogic(m): 2:07pm On Jun 11, 2011
emmatok:

No Nigerian Bank can do that, in these Sanusi era.


Can you expand on that please? do you think food production is suitable for BOT? Can farmers from Nigeria not study bio-technology?
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by fyneguy: 2:15pm On Jun 11, 2011
He added that the investors would hand over the project to the Ekiti State Government after three years of managing it, explaining further that the scheme is also expected to provide free construction materials as well as tools for rural farmers.

Is it me or some people did not read this in the article?

For your information, not all agri-biz investors are interested in land ownership. From what I could infer from the article, the investor is more interested in the farm produce. They have offered the government what we call guaranteed purchase- I buy anything you produce- this may be 100% or less over a definite period of time, which may be extended with right of first refusal.

The company is bringing money, managerial and technical expertise which will be transferred to the employees within 3 years of operation.

I don't see anything sinister in this offer. If anything, the company could have cleverly structured their offer to Ekiti government, with little or nothing
going to Ekiti.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by Nobody: 2:22pm On Jun 11, 2011
fyneguy:

He added that the investors would hand over the project to the Ekiti State Government after three years of managing it, explaining further that the scheme is also expected to provide free construction materials as well as tools for rural farmers.

Is it me or some people did not read this in the article?

For your information, not all agri-biz investors are interested in land ownership. From what I could infer from the article, the investor is more interested in the farm produce. They have offered the government what we call guaranteed purchase- I buy anything you produce- this may be 100% or less over a definite period of time, which may be extended with right of first refusal.

The company is bringing money, managerial and technical expertise which will be transferred to the employees within 3 years of operation.

I don't see anything sinister in this offer. If anything, the company could have cleverly structured their offer to Ekiti government, with little or nothing
going to Ekiti.


Are you minding these ppl.

Been ROTFLMAO all last night. Muhehehe!!

Thank you jare
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by Nobody: 2:24pm On Jun 11, 2011
Nigerians are educated f.oo.ls.

I'm so tired of sharing passports with some people, I'm getting even too disgusted to open NL again.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 2:25pm On Jun 11, 2011
shonga farms defaulted on the money they borrowed guaranteed by kwara state which is still paying.

what exactly is the status of shonga farms today.

cash turnover
output in tonnage/hectare.

ultimately government does not create wealth. companies do.
since the time of the gunboat/Slavetrade till now british ,french,japanese american companies hae created wealth for their own people NEVER for africans. they are not charities.

WHERE ARE THE NIGERIAN COMPANIES??

until we learn that companies create wealth we shall continue to squabble about who is SGF and speaker and other foolishness.
this sort of venture is not rocket science why are nigerians not interested ;too long-term/too much hardwork
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by jmaine: 2:41pm On Jun 11, 2011
Investment in the buried but highly profitable agricultural minefield is being considered for resuscitation in an inland state and people are being overtly and in-considerably pessimistic . . . The same lands that has remained idle for years and intelligent minds keep asking us why are we crying about food scarcity when our lands are so fertile . . . It's like saying the likes of SHELL, and the other major players in oil and gas downstream sectors should have been prevented from coming to develop that sector simply because they would recolonize all of us . . .

It's a pity that we allowed our glaring tribal and ethnic lines dating pre independence(which provided an immense breeding ground for corruption and nepotism) to divert our attention from what we would have gained from the likes of Shell and co . . Wish there will also be an interest in mining potential of Ekiti state cos they are some useful minerals underground that could spring out good industries nearby . .  Foreign investment with good governing oversight will yield good results any day . . .
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by 2muchlogic(m): 2:50pm On Jun 11, 2011
jmaine:

Investment in the buried but highly profitable agricultural minefield is being considered for resuscitation in an inland state and people are being overtly and in-considerably pessimistic . . . The same lands that has remained idle for years

Why has it remained idle for so long? maybe those who love the place so much on NL can tell us why grin grin grin grin

jmaine:

It's like saying the likes of SHELL, and the other major players in oil and gas downstream sectors should have been prevented from coming to the develop that sector simply because they would recolonize all of us . . .

They have re-colonized Nigeria, are you unaware of their exploits? The pollution? Now large areas of land are USELESS.

jmaine:


Hope we will also have interest in mining potential of Ekiti state cos they are some useful minerals underground that could spring out good industries nearby . , .


Typical, 'let foreigners do it for us' - whats all of the education in Nigeria for? Where are the companies?

jmaine:

Foreign investment with good governing oversight will yield good results any day . . .

How often dose that happen in Nigeria? Do you think it will start in Ekiti lol! grin
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by jmaine: 3:09pm On Jun 11, 2011
2muchlogic:

Why has it remained idle for so long? maybe those who love the place so much on NL can tell us why  grin grin grin grin

They have re-colonized Nigeria, are you unaware of their exploits? The pollution? Now large areas of land are USELESS.

Typical, 'let foreigners do it for us' - whats all of the education in Nigeria for? Where are the companies?

How often dose that happen in Nigeria? Do you think it will start in Ekiti lol!  grin




The answer to most of your questions is in my previous post below . . . . The revenue accrued from their activity ( Shell and co) and adequate policing of their operation could have transformed Nigeria to unimaginable heights . . . and would have also reduced most of our problems below economic damage . .

jmaine:

It's like saying the likes of SHELL, and the other major players in oil and gas downstream sectors should have been prevented from coming to develop that sector simply because they would recolonize all of us . . .

It's a pity that we allowed our glaring tribal and ethnic lines dating pre independence(which provided an immense breeding ground for corruption and nepotism) to divert our attention from what we would have gained from the likes of Shell and co . .


And the moment the emboldened part below is handled efficiently [/b]due to our evolving democratic experiment . .then i see no reason why we should chose to remain stubbornly stagnant than accept little assistance wherever possible while we learn and become [b]challenged . . . GLO is making a statement to that effect . . . We still have some good people in Government . . and hope you believe that ?

jmaine:

Foreign investment with good governing responsibility will yield good results any day . . .
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 3:09pm On Jun 11, 2011
as fela  say  people wey no know dey happy people wey know dey look. we have seen and heard all this before

zimbabwe farm

south african cow

tinapa

ati be be lo.


let us wait for ekiti maize.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by Bishopking: 3:18pm On Jun 11, 2011
The push towards grabbing of arable lands for agriculture tells me something. That is the world need food. The world is hungry. As reasonable person, if I should be in charge of the land, I would be involved directly in agriculture (upstream and downstream) I would not sell what I have as leverage.

I am surprised that some of our posters have been saying some ludicrous things as this is the development that they were hoping for. They reasoned along  the line of job creation. This, for me is lame. If we develop our agriculture, would we not employ our graduates? Will we not be able to process the crops, hence creating more employments and at the same time earn revenues by exportation of processed foods, drinks and beverages? why are we always 'short-circuit' thinkers?

My African brothers and sisters, please remember how we sold our people to slavery. Please remember how oil companies took over Niger-Delta and turned the place to environmental disaster. Please remember that we also can compete with these Asians. Think about the future. Remember Esau in the bible. God bless us. Amen
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by EzeUche1(m): 3:26pm On Jun 11, 2011
I already provided the information. Sorry but I will not allow my land to be used by foreigners. And we Igbos prefer it that way. That is why our oil, coal and arable land is not even touched by the Nigerian gov't. There are reasons, because we know we can do it better.

I am working for a investment banking firm and I am thinking about starting my own hedge fund. Do you want to know why? Because of the knowledge I am gaining while working for the firm. This is what Africans should be doing. angry As you learn from these Westerners, then you take control.
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by fyneguy: 3:29pm On Jun 11, 2011
Bishopking:

The push towards grabbing of arable lands for agriculture tells me something. That is the world need food. The world is hungry. As reasonable person, if I should be in charge of the land, I would be involved directly in agriculture (upstream and downstream) I would not sell what I have as leverage.

I am surprised that some of our posters have been saying some ludicrous things as this is the development that they were hoping for. They reasoned along the line of job creation. This, for me is lame. If we develop our agriculture, would we not employ our graduates? Will we not be able to process the crops, hence creating more employments and at the same time earn revenues by exportation of processed foods, drinks and beverages? why are we always 'short-circuit' thinkers?

My African brothers and sisters, please remember how we sold our people to slavery. Please remember how oil companies took over Niger-Delta and turned the place to environmental disaster. Please remember that we also can compete with these Asians. Think about the future. Remember Esau in the bible. God bless us. Amen

Can you please quote from the article, what suggests that the company wants to grab Ekiti land? Grab Ekiti land for 3 years?
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by 2muchlogic(m): 3:31pm On Jun 11, 2011
jmaine:

Investment in the buried but highly profitable agricultural minefield is being considered for resuscitation in an inland state and [size=18pt]people are being overtly and in-considerably pessimistic[/size] . . . The same lands that has remained idle for years and intelligent minds keep asking us why are we crying about food scarcity when our lands are so fertile . . . It's like saying the likes of SHELL, and the other major players in oil and gas downstream sectors should have been prevented from coming to develop that sector simply because they would recolonize all of us . . .

It's a pity that we allowed our glaring tribal and ethnic lines dating pre independence(which provided an immense breeding ground for corruption and nepotism) to divert our attention from what we would have gained from the likes of Shell and co . . Wish there will also be an interest in mining potential of Ekiti state cos they are some useful minerals underground that could spring out good industries nearby . .  [size=18pt]Foreign investment with good governing oversight will yield good results any day[/size] . . .

Well I think you are contradicting yourself, on the one hand you accuse people of being pessimistic then you claim:

jmaine:


And the moment the emboldened part below is handled efficiently [/b]due to our evolving democratic experiment . .then i see no reason why we should chose to remain stubbornly stagnant than accept little assistance wherever possible while we learn and become [b]challenged . . . GLO is making a statement to that effect . . . We still have some good people in Government . . and hope you believe that ?


When will that moment be? There has never been good over-sight due to the absence of strong institutions therefore the skepticism is justified. GLO Babangidas stolen loot invested is a good NIGERIAN company, a good example of buying and implementing technology rather than inventing it.  However, contrary to its name it has NOT gone global I wonder why? maybe its due to the presence of stringent telecommunication regulations.  wink
Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by jmaine: 4:04pm On Jun 11, 2011
2muchlogic:

Well I think you are contradicting yourself, on the one hand you accuse people of being pessimistic then you claim:

Moving in circles is not my thing, am not configured to endure endless and futile arguments . . . follow up my flow line and you will appreciate the fact that in weighing a problem you not only look at the pros and cons but you also look at where can be improved upon to make it better cos there are always room for improvement and change , a part you highlighted in my post . .But people over played the negative aspects and all i did was to appreciate all side of the divide and possibly give a reason as to why they seemed so  . . And please in my posts watch out for the answers you require, cos they are always embedded in my replies .   . .You need to be open minded to see them clearly . . .

2muchlogic:


When will that moment be? There has never been good over-sight due to the absence of strong institutions therefore the skepticism is justified. GLO Babangidas stolen loot invested is a good NIGERIAN company, a good example of buying and implementing technology rather than inventing it.  However, contrary to its name it has NOT gone global I wonder why? maybe its due to the presence of stringent telecommunication regulations.  wink


I asked a question below and you dodged it , why?

jmaine:


We still have some good people in Government . . and hope you believe that ?


GLO is a solely Nigerian owned company doing well in one of the most competitive industry in Nigeria. . IBB or no IBB, GLO is doing well, and i believe  Mike Adenuga is the owner unless you substantially convince us that IBB owns Glo . .  which i doubt . .  Abacha, highly favoured Dangote, does that make Dangote a front for Abacha holdings ?

Glo plans to go global but that wont happen at an instant, it takes time gradually and already they are operating in Republic of Benin, Ghana and Ivory Coast . .  . .So is that not regional expansion before they go continental .  . . Remove that pessimism of yours bruv and be objective please

GLO signifies the Nigerian content absolutely in a field that was dominated by foreign companies and am content with the emboldened part since they contribute a lot to the GDP of my dear country Nigeria . . What more should i ask . .



Re: Korean Investors To Lift Agric In Ekiti With U.s.$400 Million by aribisala0(m): 4:13pm On Jun 11, 2011
there is no doubt glo is a very profitable company BUT there is nothing peculiarly nigerian about it. it is operating in an oligopoly environment using foreign technology and not even the latest .its services are nothing to shout about,expensive and you wonder why it does not try to enter more competitive markets outside africa.

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