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CBN Reconstitutes Executive Management of Nigerian Commodity Exchange

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By Joseph Amah, Abuja

The Central Bank of Nigeria (CBN) has eased out the Managing Director (MD) of the Nigeria Commodity Exchange (NCX) Mrs. Zaheera Baba and her Executive Management. This followed the commencement of work by the Interim Management team led by Mr.

Elenwor Ihua, a Deputy Director in the Department of Development Finance of CBN.

Ihua’s team has a mandate to temporarily oversee the operations of the Exchange and supervise an independent, transparent process to appoint a new Executive Management for the NCX that would efficiently run the organization.

CBN, which has provided about N50 billion for the restructuring of the NCX, had in January announced Deputy Governor, Financial System Stability, Mrs.
Aisha Ahmad, as Chairman of the new Board of the exchange. Two directors of the apex bank were also appointed as members of the Board. They were: Mr. Philip Yila of the Development Finance Department and Dr. Angela Sere-Ejembi of the Financial Market Department.

The CBN Governor, Mr. Godwin Emefiele, who has been driving the Anchor Borrowers Programme to raise the bar in the agricultural sector, said that the exchange would play a major role in the agribusiness sector of the economy. He said that the restructuring of the organization was necessary in order to make it more efficient in ensuring that farmers had the right value for their commodities and to ensure food security in the nation.

The exchange was established to provide an innovative commodity trading platform that would engender shared prosperity among market actors, through quality assurance and price stability. It was operating through four standing committees: Membership and Finance Committee, Trading Committee, Clearing House Committee and Arbitration and Vigilance Committee.

All the committees have established rules and regulations governing their operations, meet from time to time on cases relating to each of them and make recommendations to the Board for consideration and approval. The membership of the Exchange is composed of Broker Dealer members, Dealer members, and Broker members. Tradable commodities on the exchange include: Sorghum, sesame seed, soyabean, maize and cocoa. 

Agriculture

Ondo Govt. Destroys 200kg Seized Cocoa Adulterants

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The Ondo State Government, on Thursday, destroyed 200kg adulterants used for adulteration of cocoa beans, seized from a merchant in Ondo West Local Government Area of the state.

Mr Segun Odusanya, Permanent Secretary in the Ministry of Agriculture and Forestry (Forestry and produce sub section), supervised the destruction of the 200kg bags of seized adulterants.

Odusanya explained that the destruction was part of government efforts to ensure that the state maintained quality cocoa production in the country.

“Mr governor, Lucky Aiyedatiwa, has reiterated the commitment to ensure the state remains the highest producing state with good cocoa quality

“Anyone caught engaging in illegal activities will be prosecuted accordingly.

“Moreover, this action was embarked on to warn cocoa merchants, who intend to engage in illegal activities, to rethink before getting into it.

“We are going to seal any store caught in such illegal activities, the products will be burnt while the merchant will be prosecuted according to the laws of the land.

“If we are saying we are the highest cocoa producing state and we continue  to encounter this scenario, it will give us a bad publicity.

“The bad publicity will be in the country and extend to the international market, and we don’t want that,” he said.

The permanent secretary, therefore, commended Aiyedatiwa for graciously approving the recruitment of 60 new staff to checkmate the activities of cocoa merchants in the state.

“Mr governor has supported us, he has said we should recruit more people to guide against any adulteration and ensure we have a good quality cocoa beans.

“I must commended our task force committee for ensuring that the state holds its position in the country and the international market,” he said.

Earlier, Mr Tunji Akinnadeju, a Director of Produce (DP3) in the Grading and Allied Department of the ministry, said the adulterants were intercepted at Ondo West Local Government Area of the state.

Akinnadeju said that the owner of the adulterants took to his heels at the time of arrest.

“As we all know that cocoa is being sold in weight and after adding all these things, it will be sold at high prices, which is not good enough.

“So, doing that will bring a lot of damage to the image of the state and the country at large in the international market,” he said.

Also, Mr Sunday Adegbola, a Director of Produce Licensing in the ministry, said the merchants’ actions could affect people during consumption of the cocoa products, if care was not taken.

Adegbola, who pledged that the ministry would not rest until the state was free from adulterated cocoa beans, said the nefarious action could be attributed to the price tag at the international market.

“It is the price at the international market and the price is better for the farmers, not for the people who use adulterants.

“With this action, many people will drink cocoa as a chocolate powder and other materials from cocoa beans which has been adulterated.

“The consumption of these chemical products will also affect humans,” he said. (NAN)

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Agriculture

NNPC Foundation Empowers Vulnerable Farmers in Oyo, Osun

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No fewer than 500 farmers on Tuesday benefited from the NNPC Foundation agricultural training initiative for vulnerable farmers in Osun and Oyo States.

The training, marking the flag-off in the South-West zone of Nigeria, was held at the Ilora Baptist Grammar School, Ilora, Oyo State.

The foundation manages the Corporate Social Responsibility (CSR) initiatives of NNPC Limited, focusing on education, health, environment and energy access to communities nationwide.

The Managing Director of the foundation, Mrs Emmanuella Arukwe, said the initiative demonstrated the commitment to food security and economic empowerment for Nigerian farmers.

Arukwe, who was represented by Dr Bala David, the foundation’s Executive Director, Programme Development, said the project aimed to build resilience, boost productivity and promote sustainable agriculture.

“We are training 6,000 farmers across six zones in climate-smart practices, modern techniques, quality inputs, and market access,” she said.

She, therefore, urged farmers to participate actively and embrace the opportunity to help secure Nigeria’s food and economic future.

Mr Olasunkanmi Olaleye, Oyo State Commissioner for Agriculture and Rural Development, commended NNPC Foundation for the training and empowerment programme.

Olaleye, who was represented by Mr Olusegun Ezekiel, the ministry’s Director of Regulation and Enforcement, said empowering vulnerable farmers was crucial in addressing national food security challenges.

He added that the initiative aligned with Oyo State’s agricultural transformation agenda of Gov. Seyi Makinde.

“We remain committed to supporting initiatives that uplift farmers and improve productivity and livelihoods,” Olaleye said.

He encouraged participants to make the most of the training opportunity to improve their practices.

He also called for future collaboration between the foundation and the ministry to achieve greater impact.

The training consultant, Prof. Daniel Ozok, described vulnerable farmers as smallholders with an under-five-hectare farm size, mainly made up of women, youth, and the elderly.

“These farmers are most affected by climate shocks, hence the need for focused training,” Ozok said.

According to him, training equips them with modern techniques and strategies for improved productivity and market access.

Some of the participants expressed gratitude to NNPC Foundation and promised to apply the knowledge gained from the training.

NAN reports that a medical screening exercise was organised by the foundation for participants on the sidelines of the training.

Training initiative would later be held for farmers in Ekiti and Ondo States on a date different from that of Ogun and Lagos States. (NAN)

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Economy

Customs Zone D Seizes Contraband Worth N110m

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The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.

The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.

He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.

40 kilogramme of pangolin scales.

Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.

The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.

He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.

The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.

“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.

The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)

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