Group unveils 50,000 agribusiness investment opportunities for 50, 000 FG workers
Investment
By Kabir Muhammad
Abuja, May 24, 2019 (NAN) The Oil Palm Estate Partnership Investment Development Initiative (OPESIDI) and Agribusiness Alternative Retirement Target Investment Savings Scheme (AARTISS) are set to unveil 50,000 agribusiness investment opportunities for 50,000 Federal Government workers.
President of Stocks Minas Agricultural Advocacy Network Africa (SMAANA), Mr Idoko Joseph, disclosed this while speaking with newsmen on Friday in Abuja.
According to him, the scheme will be officially launched in June; an investor must be on IPPIS platform for ease of deduction.
He said the programme is a retirement scheme, which is to be operated in the oil palm plantation value chain that has to do with the establishment of an oil palm estate.
“The scheme will be on a partnership basis of cluster and aggregated indirect farmers,’’ he said.
Idoko, who is also the Managing Director and Chief Executive Officer of the Stock and Minas Consults Ltd, said that an investor is expected to be a civil servant on IPPS.
“He or she must have a steady remuneration or income and have minimum of five years left in service to retire, at the point of subscription to the scheme,’’ he said.
Idoko said that the scheme is being planned to be financed by the Central Bank of Nigeria, leveraging on the Real Sector Support Facility (RSSF) and targeting tree crop expansion programme in Nigeria.
According to him, the total loan amount of N500, 000 will be paid to each prospective and registered beneficiaries’ investment account.
“The repayment is programmed to be through monthly deduction.
“The agreed monthly deduction from the salary account of the indirect farmer is made payable to the CBN as a refund for the total sum of the investment cost.
“The organisation then takes over the establishment, management and other operations of the plantation for and on behalf of the indirect cluster farmers for profitable return on investment,’’ he said.
The managing director said the scheme was modelled with a complimentary targeted savings called Agribusiness Alternative Retirement Target Investment Savings Scheme (AARTISS).
He said that AARTISS potential benefit to the subscriber includes an inventor becomes a proud part-owner of the oil palm plantation to be established and managed professionally for sustainable economic benefits.
Other benefits, he said, investor stands to benefit from the National Health Insurance Scheme (NHIS) under organised private sector policy, adding that under this arrangement, investors would be insured.
Earlier, Chairman, Board of Trustees, Sen. Alloysius Etok said that the initiative is to boost agriculture value chain through mechanized farming, aimed at ensuring that the off-takers are provided with enabling environment.(NAN)
KM/AFA
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Edited by Felix Ajide