Proven Financial Services Ltd has announced plans to raise N600m via private placement in the capital market to finance its agribusiness.

The Group Managing Director of Proven Financial Services Ltd., Olufemi Ogbiyele, disclosed this in a briefing in Abeokuta on Friday.

He expressed the firm’s commitment to contributing to the country’s food sufficiency by utilising its 300 acres of land in Yewa, Ogun State, for crop and animal production, as well as for real estate development and an agricultural university.

“Proven will be selling its equity to raise about N600m. We are selling about 300 plots of land there to raise about N300m. That is N900m. And for the directors of Proven Financial Services, we will raise N10m each, and seven of them will raise N70m. That is $970 million. Then, any interested person—business partner, consumer, or whatever—can now come in and say he wants to be part of this project,” he explained.

He stated that the firm planned to empower 250,000 farmers across the country, which would support them with inputs and skills development.

He added that the group would be setting up a specialised university—Agribusiness University, Yewa—that would train students in modern farming.

According to Ogbiyele, the university, slated to open in early 2026, is designed to produce graduates who are job creators rather than job seekers.

He mentioned that, unlike traditional universities that prioritise theoretical knowledge, AUY would offer hands-on training through its Agribusiness University Farm City, where students will engage in large-scale farming, agribusiness management, and food processing while earning income as they learn.

“Agriculture is the backbone of Nigeria’s economy, yet it remains largely untapped due to a lack of skilled manpower and innovation. AUY will change this by developing agripreneurs who are ready to drive the sector forward,” Olufemi stated.

He also revealed the firm was building a 60,000-unit housing estate to help close the housing gap in the country.

According to the Federal Mortgage Bank, Nigeria has over 28 million housing deficits.

Last year, the Federal Government hinted that it would be building 100 housing units for the poor in each of the 774 local governments through voluntary donations from no fewer than 10 per cent of the population.

“There is one option that we want to ensure that all, at least 10 per cent of Nigeria’s population, should make a voluntary contribution of N5,000 monthly; for one year, we are going to have N1.2tn.

“Ten per cent of the total population of Nigerians is almost 20 million. I am sure one can give that N60,000 even at a go, not to even divide it into 12 months, 5000 times 12 is 60,000. That contribution will be meant for the low-income bracket. We have provided houses in the cities under the Renewed Hope Cities, and we have provided houses in the states, over 30 states, which the Renewed Hope Estates,” Minister of Housing and Urban Development, Musa Dangiwa, told newsmen at the State House, Abuja, last year.

Meanwhile, the Chairman of Proven Financial Services Ltd., Dr Kenneth Anadu, expounded that the firm aimed to make agriculture attractive to the youth and make them self-employed.

Dr Akinpelu Sogunle, one of the directors of the firm, noted that it was determined to do things differently by providing value in agribusiness, real estate, and education.


https://punchng.com/firm-plans-n600m-capital-raise-for-food-production/