Business
Governor Sanwo-Olu Launches N5bn Forward Contracts As Eko Rice Hits Market
Rice produced from the Lagos State-owned 32-metric tonnes per hour Imota Rice Mill in Ikorodu has now hit the market, with the listing of the commodity for trade in Lagos Commodities and Futures Exchange (LCFE) on Tuesday.
This was followed by a formal launch of N5 billion Eko Rice Forward Contract Programme by Governor Babajide Sanwo-Olu at the floor of the commodities exchange market, UAC Building in Marina, on Wednesday, marking a significant milestone in the State Government’s efforts to promote agriculture and enhance food security in Lagos.
The Forward Contract, which is a joint initiative of the Government-owned Lagos State Rice Company (LASRICO) and Commodities Tradenet Limited, is the first series of N30 billion Private Commodity Notes Issuance Programme facilitated by Lagos State Government to ensure undisrupted paddy supply, enhance quality management, transaction efficiency and transparency.
Forward Contract for Eko Rice became the first to be listed and traded in Nigeria’s commodities exchange ecosystem.
The private listing of the Lagos rice excited commodity brokers, farmers and investors in the commodities market, as first 5,000 contracts issued on the exchange floor were traded at the value of N195 million.
The offer for 50kg of Eko Rice opened on June 13 at the rate of N33,000 per Note, with the commodity being expected to be traded till next Monday, June 26, 2023. Tenor of the Note is 60 days.
Commodity brokers said the encouraging performance recorded by Eko Rice at first trading in the Commodities Exchange was due to its well-cleaned grains and high-grade texture, which positioned the crop for fair competition with imported rice in the market.
Eko Rice is laboratory-tested to have less than 2 per cent impurity and 14 per cent moisture content.
Sanwo-Olu said the Eko Rice Contract Programme was a game-changer launched with the objective to make Lagos a hub for agricultural production and processing in the country.
The Governor noted that Rice is a regular staple consumed by over 80 per cent of Lagos population, stressing that the Forward Contract was a key goal in the food security plan of the Government to guarantee availability of the commodity at affordable price.
He said: “The N5 billion Series of N30 billion Eko Rice Contracts Programme being launched today is part of our efforts to ensure a sustainable supply of rice paddy for the smooth running of Lagos Rice Mill in Imota. The exchange market is a public-private partnership programme that will provide a platform for farmers, processors, and traders to buy and sell rice contracts at a fair price.
“The programme will also provide a guarantee for the quality and quantity of rice produced, which will enhance the confidence of buyers and sellers in the market. Leveraging the Lagos Commodities and Futures Exchange is a critical component of our plan to create a transparent and efficient market for the trading of agricultural commodities and derivatives. The Exchange has the potential to transform the agriculture sector by providing a reliable and efficient market for farmers, processors, and traders.”
To ensure the supply chain is not disrupted, Sanwo-Olu said the State Government embarked on the development of rice value chain through capacity building for farmers, and provision of inputs and infrastructure in rice production centres across Lagos.
This effort, the Governor said, has scaled up local paddy production by 63.5 per cent, while creating over 2,620 direct and indirect jobs. Sanwo-Olu said the intervention had also stimulated economic activities and facilitated improved livelihood in rice producing communities.
He said the Lagos-owned Imota Rice Mill required 200,000 tonnes of paddy yearly, stressing that the Commodities Exchange would create a steady market for the 2.5 million bags of 50kg rice that would be turned out from the mill annually.
“Today’s Bell Ringing is to herald the listing of rice paddy contracts for the Lagos Rice Mill, Imota for open transactions. This highlights the opportunities available in rice processing and other value chains of the Lagos Agricultural sector. It will draw attention of local and foreign investors to the Lagos Rice Mill forwards contract, and project the role of the Capital Market in driving development in Lagos commodities ecosystem. We are committed to expanding the programme to cover other commodities, such as cassava, maize, and vegetables,” Sanwo-Olu said.
LCFE Managing Director, Mr. Akinsola Akeredolu-Ale, said rice was among the 13 crops approved by Securities and Exchange Commission (SEC) for trading at the commodities exchange market, stressing that the listing of Eko Rice was a watershed moment in the capital market.
Akeredolu-Ale said collaboration with the Lagos State Government would drive paddy supply to the Imota Rice Mill, integrate stakeholders in rice value chain across the country and standardise of head rice and paddy rice in Lagos.
He said: “LCFE will provide an opportunity for investment in the rice value chain through the creation, onboarding and listing of commodities instruments for paddy aggregation and trading, while also providing opportunities for rice distributors and stakeholders to trade on the Exchange through capital market operators. There is no credit risk associated with the issuer of the Notes, as the underlying commodity assures return on investment.”
Sanwo-Olu tolled the open bell, signifying the formal commencement of trading of the contracts for the commodity. The Governor was joined by his deputy, Dr. Obafemi Hamzat, and other top government functionaries.
Johnvents Industries Limited, an agro-processing firm, became the first investor to procure 5,000 Forward Contracts worth N195 million on the Exchange floor.
LCFE chairman of Board of Directors, Chief Onyenwechukwu Ezeagu, said the partnership complemented the objectives of the Exchange in transforming the commodities market by redefining practice norms and catalysing economic growth in the country.
Business
Global Links and Services Ltd adds Namibia to its Tourism Packages
Tony Onwuchekwa, the company’s Group Director of Communications, who disclosed this, and advocates for policy changes to ease intra-African travel.
• Tony Onwuchekwa, Group Director of Communications
Global Links and Services Ltd (operating as Global Links Travel & Tours), a fully licensed IATA Travel Agency based in Nigeria, says that it’s poised to integrate Namibia into its tours and pilgrimage offerings.
Tony Onwuchekwa, the company’s Group Director of Communications, who disclosed this, and advocates for policy changes to ease intra-African travel.
Onwuchekwa said that the motivation to add Namibia to its travel destinations package was ignited by it’s participation in the just ended Namibia Tourism Board (NTB) and South African Airways (SAA) B2B Stakeholders Meeting in Windhoek.
He emphasised that with over 20 years of experience in crafting seamless travel experiences across Nigeria and beyond, Global Links and Services Ltd is poised to advance intra-Africa tourism, experiential travel, and investment opportunities in Namibia, aligning with its mission to transform travel dreams into reality through expertly curated itineraries, flights, tours, hotels, transfers, study abroad services, and faith-based pilgrimages.
According to him, the company has gained firsthand insights to develop authentic, budget-friendly packages that highlight Namibia’s cultural heritage, wildlife, and MICE (Meetings, Incentives, Conferences, Exhibitions) potential.
“Global Links is committed to bridging Africa’s tourism gaps through strategic collaborations and immersive experiences,” said Tony Onwuchekwa.
“This event aligns perfectly with our vision of linking clients to the world’s wonders, and going forward, we’ll leverage our expertise in promoting African destinations to position Namibia as a must-visit hub for bleisure and adventure travellers,” he said.
Business
Satchets Alcohol Manufacturers Cry Out to Tinubu to Overide “NAFDAC’s Ban
The Senate, in its own wisdom, did not hear from other parties before the present situation we find ourselves in. This is, therefore, not a regulation; this is calculated economic suffocation.
• Collage : NAFDAC DG, Prof Mojisola Adeyeye; FOBTOB President, Jimoh Oyibo.
THE National Agency for Food and Drug Administration and Control (NAFDAC) ban on local production and distribution of sachets alcohol and 10cl PET bottles have started telling on the economy, according to the Food and Beverage Producers union- FOBTOB., prompting their calls for intervention by President Bola Ahmed Tinubu , his cabinet and other well meaning Nigerians, to :
“Let the factories be reopened.Let the warehouses be unsealed.Let the depots be reopened.Let regulation replace repression.Let dialogue replace destruction.Let policy replace punishment.”
Jimoh Oyibo, President of FOBTOB, at a press conference in Lagos, paints the grim pictures of the ban , barley in its two months :
” Across the country, indigenous manufacturing companies, especially factories are being shut down. Depots are being closed. Warehouses are being locked including those that contain multiple other lawful products not connected to the targeted items.
“The consequences are already visible because workers are losing their jobs daily. Families have started to loose their income, businesses collapsing, supply chains breaking, tax revenues to the Federal Government reducing,” he said.
He emphasised that above all, local investment confidence is being destroyed, and that an economy cannot survive when industries are shut down instead of regulated.
Read Also: Are The Ministers of industry Leaving Manufacturers To Face Challenges?

The speech reads:
” Gentlemen and Ladies of the press and fellow Nigerians, we address you today February 26, 2026 with deep pain, growing fear, and a heavy sense of injustice over the ongoing actions of under the leadership of Professor Mojisola Adeyeye, the Director-General.
This approach is creating widespread confusion, fear, and economic paralysis and we are compelled to ask Professor Mojisola Adeyeye the following questions.
What is her real motive behind this method of enforcement?
Why are entire facilities being shut down instead of applying controlled, targeted regulation?
Why are lawful businesses, workers, transporters, retailers, and suppliers being collectively punished?
The fact is undeniable that all stakeholders met including the House committe on alcohol of the House of Representatives, Honorable Minister of Health, Professor Mojisola Adeyeye,
The Nigerian Police, Customs, Immigration, Federal Road safety corps, manufacturers, Road transport Unions and many other representatives where this issue of alcohol intake by underaged was discussed and the general resolution was access control, massive enlightenment and educational sensitisation drive amongst other resolutions and not total ban as been carried out by Professor Mojisola Adeyeye.
While a policy document which was to serve as a National guide was being awaited, Professor Mojisola Adeyeye rushed behind everyone to approach the Senate for total ban.
The Senate, in its own wisdom, did not hear from other parties before the present situation we find ourselves in. This is, therefore, not a regulation; this is calculated economic suffocation.
children whom she claimed to be protecting are being forced out of school and embracing uncontrolled vices including forced labor or prostitution, with signs of increase in poverty and without doubt, crime risks will rise and this can be a security problem to Nigeria.
We reject the idea that total bans and mass shutdowns are solutions.
Access control is better than total prohibition.
Regulation is better than destruction.
Enlightenment is better than force.
Structured policy is better than blanket punishment.Cutting off a head is not the cure for a headache.
Dialogue is always stronger than destruction.Reform is better than repression.
Control is better than collapse.Factories are not just buildings, they are ecosystems that revolve round – Transporters who are into haulage- Raw material suppliers- Distributors- Retailers- Market women- Artisans- Warehouse operators- Support services- Logistics workers All of them are now suffering because of this policy direction.
We are therefore making this national appeal:
To the Federal Government of Nigeria
To the conscience of leadership
To the defenders of democracy
To the guardians of the economy
Please intervene and prevail on Professor Mojisola Adeyeye for a rethink
Please speak to the conscience of leadership. Stop Professor Mojisola Adeyeye before she destroy Nigeria and Nigerians.
We have no other country to call ours. 2027 elections are fast approaching and this is not the time to loose jobs.We are not criminals.
We are not kidnappers.We are not robbers.We are not extremists.We are not enemies of the state.We are workers.
We are producers.We are parents.We are taxpayers.We are citizens.
We are Nigerians.The only work we know is factory work.
The only livelihood we have is production.The only dignity we have is honest labor.We therefore appeal strongly and respectfully: .
Total bans are not the way forward.Controlled access is the way forward.Education is the way forward.Regulation is the way forward.
Partnership is the way forward.We bring this message before the press, please help circulate our pleas.
We bring it before the nation, this is a security crisis in the making.We bring it before the world, Nigeria is too volatile for another crisis.
This is our appeal.
This is our cry.This is our plea.
This is our stand.Let our industries and factories live.
Let our people work and contribute to the growth of the Nigerian economy.
Let our economy breathe, not to suffocate.”
Business
Alcohol Manufacturers Seek Tinubu’s Intervention as Tension Persists with NAFDAC
“We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians.”
SACHETS alcohol manufacturers have again confronted the NAFDAC Lagos Office demanding that the agency reopen their sealed warehouses, indigenous factories and depots across the country.
Chanting “No Work for Us, No Work for You”, and “We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians ,” the workers accused the agency, under the leadership of Mojisola Adeyeye, of shutting down entire manufacturing facilities instead of applying what the union termed “controlled and targeted regulation.”
They called for urgent intervention from Bola Ahmed Tinubu, the Senate, the House of Representatives, governors, traditional rulers, religious leaders, and civil society groups.
During the protest on Wednesday, Comrade Anthony Oyaga, Secretary of the Food, Beverage and Tobacco Senior Staff Association (FOBTOB), described the situation as one marked by “deep pain, growing fear, and a heavy sense of injustice.
According to the FOBTOB, multiple facilities producing sachet products and 10cl PET bottled beverages have been sealed nationwide, including warehouses containing other lawful products unrelated to the targeted items.
“This is not regulation; this is calculated economic suffocation,” said the union, adding that factories are not just buildings; they are ecosystems.”
The statement emphasised, listing transporters, raw material suppliers, distributors, retailers, market women, warehouse operators, artisans, and logistics workers as part of the affected chain.
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