Baladna has denied claims of a dairy investment in Ogun State, saying no agreement exists following a visit described only as exploratory

The Ogun investment deal is now under scrutiny following Baladna’s denial of any formal agreement with the state government.

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The Qatari dairy giant has clarified that no commitment has been made to establish a factory in Nigeria, despite a public announcement by Governor Dapo Abiodun.

The confusion began when the Ogun State Government posted a statement on its official X account, suggesting that Baladna was planning a multi-million dollar dairy facility in the state.

Governor Abiodun also shared photos from the visit, calling it a step towards a strategic partnership.

Media outlets, including Guardian Nigeria, reported that the visit marked a major investment move, citing Baladna’s global reputation and the presence of high-ranking Nigerian officials.

However, Baladna quickly refuted the reports, stating that the trip was a preliminary exploration of potential opportunities, not a binding commitment.

“To clarify, the visit was purely exploratory, aimed at assessing potential sites for arable and dairy farming. No agreement has been signed,” said Aladdin Idilbi, Baladna’s Marketing and Communications Director.

The company’s formal letter to The Guardian emphasised that Baladna, as a listed entity on the Qatar Stock Exchange, must comply with strict disclosure regulations.

It stressed that no party may announce or imply an agreement without its express consent and due regulatory procedure.

Baladna warned that public statements referencing the company must be backed by formal announcements and added that no project or agreement regarding a dairy investment in Ogun currently exists.

Governor Abiodun’s office responded to the backlash by walking back its earlier claims. Special Adviser on Media and Publicity, Kayode Akinmade, clarified that there had been no agreement.

According to him, the visit was a fact-finding mission in which the state showcased its investment appeal.

Akinmade explained that Ogun highlighted its available land, proximity to Lagos, and infrastructure as part of an effort to attract future investment.

He denied that the government misrepresented the meeting, instead describing it as a positive first step.

“Nothing has been finalised. They came to explore opportunities. Ogun State also told them, ‘We have land, we have this.’ It was a win-win discussion,” Akinmade said.

While the state may have acted in anticipation of a deal, Baladna’s clarification has cooled excitement.

The development underscores the importance of verifying foreign direct investment announcements, especially when they involve publicly listed companies.

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For now, the public and investors will have to wait for a formal agreement or official statement from Baladna before any talk of a dairy factory in Ogun becomes reality.