Business

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

Published

3 years ago

June 22, 2023

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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.

Related Topics:Eko Rice Featured Sanwo-Olu

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Global oil reserves: Nigeria down to 11th position in latest rankings

According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.

Published

2 hours ago

January 12, 2026

OCHEFA

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Stagnation in Nigeria’s crude oil reserve for decades has placed the country to 11th position on the global rankings of oil producing countries.

The United States occupy the 10th position with 45 billion barrels of proven oil reserve.

Crude oil reserve data computed from OPEC’s Annual Statistical Bulletin 2025, reveals that Nigeria sits as the 11th country with 37.28 billion barrels proven oil reserve in the world.

Likewise, official figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) places it at 37.28 billion barrels as of January 2025.

In a report published recently by Visual Capitalist.com, Venezuela holds the world’s largest proven oil reserves, accounting for an estimated 303 billion barrels of proven oil reserves, the largest of any country.

These reserves account for roughly 17% of the global total, well ahead of Saudi Arabia 267 billion barrels ; Iran 209 billion barrels, Canada 163 billion barrels , and Iraq 113 billion barrels.

Chart credit: Visual capitalist.com

According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.

Oil theft, vandalism, and insecurity hinder efforts to reach full production potential.

Nevertheless, the NUPRC aims to boost reserves and production, with plans to attract investment for new exploration and development.

Business

Wema Bank Plc launches major upgrade to its flagship digital banking platform, ALAT by Wema.

Published

2 hours ago

January 12, 2026

Charles Flames

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Wema Bank Plc has officially launched a major upgrade to its flagship digital banking platform, ALAT by Wema, introducing cutting-edge features including voice banking, Tap and Pay contactless payments, and predictive uptime capabilities.

Tagged “ALAT: The Evolution”, the revamped app (also referred to as ALAT 2.0) marks a significant step forward in Nigeria’s digital banking landscape. The upgrade integrates an AI-powered voice assistant called SAW (Smart ALAT by Wema), enabling users to perform banking tasks using natural voice commands—such as checking balances, transferring funds, or reviewing transactions—similar to popular assistants like Siri or Alexa.

This hands-free functionality aims to reduce friction, boost accessibility, and deliver a more intuitive experience for everyday users.

The update also rolls out Tap and Pay, a secure and convenient contactless transaction feature that allows quick payments by tapping compatible devices together. Complementing these innovations is predictive uptime, a transparency tool that forecasts service availability, helping build greater customer confidence in the platform’s reliability.

Announcing the launch, Mr. Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, described the upgrade as more than a technical enhancement.

“ALAT: The Evolution is a clear demonstration of our commitment to redefining digital banking in Africa,” he said. “By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent, and dependable.”

Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, emphasized the user-focused design: “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs.

“The upgraded app is now available for download or update on the Google Play Store and Apple App Store. Existing users can simply update their app and log in with their current credentials—all account information and transaction history remain intact—while new customers can onboard seamlessly.

Since its debut in 2017 as Africa’s first fully digital bank, ALAT has transformed financial services for millions of Nigerians. This latest evolution reinforces Wema Bank’s position as a pioneer in innovative, customer-centric digital banking amid growing competition in the sector.

Business

Mikano & Changan Named Founding Infrastructure Partners for Lagos Gran Fondo “EKO 170”

Published

3 days ago

January 9, 2026

Charles Flames

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The organisers of Nigeria’s premier cycling event, the inaugural Lagos Gran Fondo “EKO 170” are proud to announce Mikano International Limited and Changan as the Official Platinum and Founding Infrastructure Partners.

The landmark 170km mass-participation cycling race is set to take place on January 11, 2026, showcasing Lagos as a global hub for sports tourism, healthy living, and sustainable mobility.

This strategic partnership forms the operational foundation of the event, with Mikano and Changan providing essential in-kind support. This includes official race vehicles from Changan’s range of reliable and innovative automobiles (distributed exclusively in Nigeria through Mikano Motors), power generation solutions from Mikano’s renowned expertise in energy systems, medical services, and comprehensive rider support throughout the challenging route.

The collaboration highlights a shared dedication to safety, excellence, and sustainability, aligning perfectly with the event’s goals and the Lagos State Government’s vision for innovative, world-class initiatives.

Endorsed by the Lagos State Government, the EKO 170 Gran Fondo will start and finish at the iconic Eko Atlantic City, taking riders through Victoria Island, across the Lekki-Ikoyi Link Bridge, along the Lekki–Epe Expressway to Epe, and back — offering participants a unique view of Lagos’s coastal beauty, modern infrastructure, and vibrant energy.

The event is expected to attract over 1,000 cyclists, from elite professionals to enthusiastic amateurs, from Nigeria and internationally.

As the exclusive Power and Infrastructure Partner, Mikano and Changan will receive prominent branding visibility across all event platforms.

A highlight of the partnership includes the introduction of a Mikano Clean Energy Hub at the finish-line festival, demonstrating cutting-edge sustainable power solutions.

With the foundational backing of Mikano International Limited — a leading Nigerian provider of power generation, automotive, and industrial solutions — and Changan — a globally respected automotive brand known for performance, safety, and innovation — the Lagos Gran Fondo “EKO 170” is poised to deliver an unforgettable, world-class cycling experience.

Participant registration remains open at www.eko170.com. Cyclists and supporters are encouraged to join this historic event that celebrates Lagos’s resilience and forward-thinking spirit.

Media Contact: Sabatha Joshua Media Relations, Lagos Gran Fondo “EKO 170”.

This partnership marks a significant milestone in elevating Lagos on the global stage through sports, infrastructure excellence, and community-focused innovation.