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Governor Sanwo-Olu Launches N5bn Forward Contracts As Eko Rice Hits Market

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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.

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Real Estate Terms Every Nigerian Buyer Should Understand by Dennis Isong

When you know the meaning of words like Deed of Assignment, C of O, Governor’s Consent, Survey Plan, Excision, and Setback, you step into negotiations with confidence.

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Buying property in Nigeria can feel like stepping into a marketplace where everyone speaks a language you don’t fully understand.

You hear people say “deed of assignment,” “survey plan,” or “C of O,” and if you’re not careful, you might nod in agreement even though you have no clue what those terms mean.

The truth is, real estate is a serious investment, and not understanding the key words can land you in avoidable trouble.I once met a young man named Chuka who worked in tech.

After saving for years, he proudly announced to his friends that he had “bought” land in Lagos.

But when the excitement settled, he realized he had only received a flimsy receipt.

No deed, no survey, no title document. Months later, someone else came forward with a proper deed showing they were the rightful owner. Chuka’s joy turned into shock.

That painful mistake cost him his savings.

Stories like Chuka’s are common. They show why it’s important to understand real estate terms before signing anything.

In this article, we’ll explore the Real Estate Terms Every Nigerian Buyer Should Understand.

We’ll break it down simply, so whether you’re in Nigeria or in the diaspora, you can approach property deals with confidence.

1. Why Understanding Real Estate Terms Matters

Imagine walking into a doctor’s office and the doctor starts throwing medical jargon at you—words like “myocardial infarction” instead of just saying “heart attack.” Confusing, right? Real estate works the same way.

Without the right knowledge, a buyer can easily get overwhelmed or even misled.In Nigeria, real estate transactions involve several players: landowners, agents, lawyers, surveyors, and government authorities.

Each of them uses words that have specific legal or professional meanings. If you misinterpret those words, you risk paying for land that doesn’t legally belong to the seller, or investing in property that you cannot develop.

Understanding real estate terms also empowers you during negotiations. Instead of looking lost, you can ask the right questions, challenge unclear documents, and avoid being manipulated.

It makes you more than just a buyer—you become an informed investor. That’s why grasping these Real Estate Terms Every Nigerian Buyer Should Understand is not optional, it’s essential.

2. Key Documents That Define Ownership

Ownership in real estate is not just about paying money and getting a receipt. It’s about holding documents that legally prove your rights.

Three of the most important terms Nigerian buyers encounter are the Certificate of Occupancy (C of O), the Deed of Assignment, and the Survey Plan.

The Certificate of Occupancy (C of O) is issued by the government and proves that you legally occupy a piece of land for 99 years. Without it or a recognized alternative, your claim to the land can be questioned.

Many Nigerians abroad mistakenly think a receipt or “family land agreement” is enough. It is not.Then there’s the Deed of Assignment, which records the transfer of ownership from the seller to the buyer.

It is a legal document that states the seller has handed over rights to the buyer.

Without a deed, you are like someone living in a rented house without a tenancy agreement—anything can happen.

The Survey Plan is another important document. It shows the exact location and boundaries of your property.

In Lagos, survey plans help you confirm whether the land is under government acquisition or free for private ownership. I’ve seen buyers purchase land only to discover later that it falls within a government reserved area.

That mistake is not just costly—it can be irreversible.When you hear these terms, don’t brush them aside as legal jargon. They are the backbone of your investment. They separate safe ownership from costly mistakes.

3. Common Terms Buyers Often Misunderstand

Beyond the major documents, there are everyday real estate terms that buyers often confuse.

There’s also the word Setback, which refers to the distance you must leave between your building and the road, drainage, or another boundary.

One of them is Excision.

This refers to land that the government has released from its control to be owned privately.

When land is excised, families or individuals can then sell it legally. Buyers who don’t understand excision risk paying for land the government still controls.

Another term is Governor’s Consent.

This is required when a property with a Certificate of Occupancy is being resold. Many people don’t realize that even with a C of O, if you buy from someone else, the transaction is not complete until the governor consents to the transfer.

There’s also the word Setback, which refers to the distance you must leave between your building and the road, drainage, or another boundary.

A buyer who ignores setbacks may build too close to the road and face demolition.

And then, Omonile—a word every Lagos buyer has heard. It refers to land-owning families or community representatives who often demand informal payments before construction starts.

Some buyers dismiss it as harassment, but understanding how to legally handle Omonile matters is part of navigating the Nigerian real estate terrain.

Each of these terms carries weight.

Misunderstanding them can create years of disputes. That’s why when we talk about Real Estate Terms Every Nigerian Buyer Should Understand, we’re not talking theory.

We’re talking about real-life survival in a market filled with opportunities and risks.

4. The Human Side of Real Estate Language

Sometimes, it’s not the technical meaning of the terms that trips buyers up, but the way they are used in conversations.

Agents might casually say, “This land has excision,” when in reality, it is only “in process.” The difference between “excision in process” and “excision granted” is huge.

One means you’re buying hope, the other means you’re buying legal reality.I recall meeting a couple from the UK who wanted to buy land in Ajah.

The agent kept repeating, “It’s excision in process.” Because the couple didn’t fully grasp the term, they nearly paid millions for land that wasn’t safe.

Thankfully, they sought advice and avoided the trap.The lesson is this: real estate terms are not just vocabulary. They carry stories, risks, and possibilities. When you understand them, you’re not just memorizing definitions—you’re protecting your hard-earned money.

5. Becoming a Confident Property Buyer

Buying property in Nigeria is not just about luck. It’s about preparation, patience, and knowledge.

When you know the meaning of words like Deed of Assignment, C of O, Governor’s Consent, Survey Plan, Excision, and Setback, you step into negotiations with confidence.

You don’t just sign documents blindly—you ask, confirm, and verify.

Think of it like driving in Lagos traffic. If you don’t know the meaning of road signs, you’ll get fined or even get into accidents.

But once you understand the rules, you navigate smoothly. Real estate is the same. Knowledge is your steering wheel.

The Nigerian property market is full of opportunities, but also full of pitfalls for the uninformed.

Whether you are in Lekki, Ikorodu, Magodo, or anywhere else, your success depends on how much you understand.

That’s why I always emphasize learning the Real Estate Terms Every Nigerian Buyer Should Understand.

It’s the difference between a safe investment and a painful regret.

Real estate in Nigeria does not forgive ignorance. Buyers who jump in without learning the language of property often end up with stories of loss.

But those who take time to understand the terms, documents, and processes stand on solid ground.If you are considering buying property, don’t just chase location or price.

Chase understanding.

Ask questions, verify documents, and ensure every term is clear to you before you pay.

Property is one of the biggest investments you will ever make. Protect it with knowledge.

And remember, you don’t have to do it alone.

That’s where professionals come in.

Dennis Isong is a TOP REALTOR IN LAGOS.

He helps Nigerians in the diaspora own property in Lagos, Nigeria, stress-free. For questions, WhatsApp/Call +2348164741041.

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Dangote Refinery Begins Nationwide Fuel Distribution Amid Mixed Reactions

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The Dangote Refinery has officially commenced the distribution of refined petroleum products across Nigeria, marking a significant milestone in the country’s quest for energy self-sufficiency. However, the development has sparked mixed reactions from stakeholders and citizens alike.

The refinery, located in the Lekki Free Trade Zone of Lagos State, is Africa’s largest and one of the world’s biggest single-train refineries. With a capacity to process 650,000 barrels of crude oil per day, the launch of fuel distribution is expected to reduce Nigeria’s reliance on imported petroleum products.

While government officials and industry leaders have hailed the move as a “game changer” for the Nigerian economy, some citizens and market observers have expressed concerns over pricing, distribution efficiency, and transparency in the supply chain.

Energy analysts note that while the refinery’s operations could stabilize fuel supply and potentially lower prices in the long run, the immediate impact on pump prices remains uncertain due to global crude oil dynamics and local policy factors.

The Dangote Group, led by billionaire industrialist Aliko Dangote, has described the development as a major step toward ending Nigeria’s fuel import dependency and boosting local employment and investment.

As fuel tankers begin to roll out from the refinery to different parts of the country, all eyes are on how this new phase will shape Nigeria’s downstream sector — and whether it will bring long-awaited relief to consumers.

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UBA Commits $150m to Kenya’s Roads Levy Securitisation Program

The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.

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•Oliver Alawuba, GMD UBA

United Bank for Africa (UBA) Plc has committed $150 million (KES 20.5 billion) to the Government of Kenya’s $1.35 billion Roads Levy Securitisation Program.

This underscores the bank’s pan-African lender’s growing role in financing infrastructure and advancing inclusive growth across the continent.

In a statement, the pan-African lender said the commitment was unveiled during a working visit by its Group Managing Director/Chief Executive Officer, Oliver Alawuba, to Nairobi, where he led a high-level delegation and met with President William Ruto and other senior government officials.

President Ruto received the UBA team at State House, commended the bank for its support over the years, as discussions focused on scaling road infrastructure, strengthening small and medium-sized enterprises (SMEs), and advancing Kenya’s long-term economic transformation.

Alawuba said: “Kenya holds a strategic place in Africa’s growth story, and UBA is committed to being a long-term partner in unlocking the immense potential here. From financing critical infrastructure to empowering SMEs that drive job creation, our mission is to deliver sustainable solutions that connect markets, foster trade, and improve lives.”

The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.

The Roads Levy Securitisation Program, spearheaded by the Kenya Roads Board, is designed to modernise critical road networks, accelerate payments to contractors, and boost connectivity nationwide.

“Infrastructure is the engine of trade, competitiveness and shared prosperity. UBA is proud to be one of the largest financiers of this program, demonstrating our unshakeable confidence in Kenya’s future,” said Alawuba.

The Managing Director/CEO of UBA Kenya, Mary Mulili, added: “Our participation cements UBA’s role as a trusted ally to the Kenyan government, businesses, and communities. We are paving the way for better connectivity that empowers farmers, manufacturers, and SMEs across the country.”

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