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Rice prices fall amid influx from Benin Republic – Report

Published

1 year ago

April 28, 2025

Rice prices fall amid influx from Benin Republic – Report

Nigerians are seeing some relief at the market as the price of a 50kg bag of rice has dropped to as low as N58,000 in certain parts of the country, especially in remote areas.

This development comes amid increased rice imports from the Republic of Benin, according to a new report by S&P Global.

The report highlights that the West African parboiled rice market has slumped to its lowest point in nearly two years. This follows India’s decision to remove export duties on parboiled rice, leading to a surge of supply into regional markets.

As a result, the price of a 50kg bag of rice, which previously hovered around N80,000, has now fallen significantly. Much of the imported rice enters Nigeria through neighbouring Benin Republic, offering a temporary ease for consumers grappling with high food prices.

Experts, however, caution that while the price drop brings short-term relief, Nigeria’s reliance on imported staples could pose challenges for local rice farmers and long-term food security

Platts, part of S&P Global Commodity, reports that the influx of lower-priced rice from India has filled warehouses to capacity in Benin, according to market participants..

Between September and December, India was said to have exported approximately 2.11 million metric tonnes of parboiled rice to West Africa, up sharply from 720,000 metric tonnes in the same period of 2023.

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According to the Agricultural and Processed Food Products Export Development Authority, in 2024 as a whole, India exported 5.35 million metric tonnes of parboiled rice to West Africa, up from 3.9 million metric tonnes in 2023.

Commenting, a trader based in Togo said the current situation in almost every region of West Africa is the same, quiet and bearish.

As Nigeria, the largest rice market for Benin, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

It was said that the price for a 50kg local rice had dropped from N80,000 or N90,000 to N60,000, while Indian imported rice prices have dropped to N80,000.

“Despite the price decline, demand has not risen correspondingly. With prices continuing to slide daily, buyers are adopting a cautious approach, waiting for stabilisation before making purchases,” the report said.

A trader based in Benin said demand was only likely to increase once the Christmas season comes into focus around September.

Our correspondent reports that Nigeria is the major consumer of rice imported into the Benin Republic.

In border communities in Ogun, the staple sells at prices below N50,000 due to the proximity of their communities to the Benin Republic.

Despite the ban on the importation of rice, the commodity remains the most smuggled product, even as the Nigerian Customs Service has sleepless nights battling rice smugglers.

Rice prices fall amid influx from Benin Republic – Report

(Punch)

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Tinubu’s order: EFCC lifts freeze on Osun government accounts

Published

19 minutes ago

August 22, 2026

Trends Admin

Tinubu’s order: EFCC lifts freeze on Osun government accounts

The Economic and Financial Crimes Commission (EFCC) has lifted the restriction on Osun State Government bank accounts after President Bola Ahmed Tinubu directed the agency to vacate the order.

The affected accounts, held with First Bank of Nigeria and Zenith Bank, are now operational, according to confirmations from both the Presidency and an aide to Osun State Governor Ademola Adeleke.

A Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, confirmed that the restriction had been removed, saying the EFCC could not disregard the President’s directive.

“The lien has been lifted. EFCC cannot ignore the presidential order. I can confirm to you that it was done immediately,” Ajayi said.

An aide to Governor Adeleke, who spoke on condition of anonymity, also confirmed that the Post No Debit (PND) restriction had been vacated and that the state government’s accounts were functioning again.

The EFCC had imposed the restriction on August 5, 2026, as part of an investigation into the alleged fraudulent handling of about N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).

The commission said the investigation had been ongoing since March 2026 and was aimed at preventing the alleged diversion of public funds.

The decision to restrict the accounts, however, generated significant controversy because it came shortly before the August 15 Osun State governorship election.

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The timing prompted allegations from the Osun State Government and its supporters that the EFCC action was politically motivated and intended to weaken Adeleke ahead of the election. The commission rejected the allegations and maintained that its action was connected to an ongoing financial investigation.

The dispute escalated after the President intervened and directed the EFCC to take steps to vacate the restriction.

Tinubu expressed concern about the timing of the action and its potential implications for public confidence in the electoral process, while also maintaining that anti-corruption agencies should carry out their responsibilities professionally.

The account restriction had also triggered a legal battle between the Osun State Government and the EFCC.

The state government approached the Federal High Court in Abuja to challenge the restriction and sought N2 billion in damages, arguing that the EFCC’s action unlawfully interfered with the state’s access to its funds.

The legal dispute changed following Tinubu’s intervention and the subsequent lifting of the restriction.

After being declared winner of the governorship election, Adeleke directed the Osun State Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, SAN, to withdraw the suit against the EFCC.

Adeleke said the President’s intervention had addressed the immediate dispute and that there was therefore no need to continue with the case.

With the accounts now operational, the immediate confrontation between the Osun State Government and the EFCC appears to have eased.

However, the lifting of the account restriction does not necessarily mean that the underlying investigation has been discontinued. The EFCC’s earlier allegations concerning the handling of about N11 billion remain separate from the decision to restore access to the accounts.

The development has also renewed discussions about the relationship between anti-corruption agencies and elected governments, particularly when financial investigations take place close to major elections.

For the Osun State Government, the restoration of access to its accounts removes an immediate financial constraint and allows the state to continue accessing funds required for government operations.

For the EFCC, the development means the financial investigation, if still ongoing, would have to proceed through the appropriate legal and investigative channels without the earlier account restriction.

Tinubu’s order: EFCC lifts freeze on Osun government accounts

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IPOB Accuses UK of Hypocrisy Over Israel Stance, Demands Kanu’s Release Following UN Ruling

Published

37 minutes ago

August 22, 2026

Trends Admin

Mazi Nnamdi Kanu

IPOB Accuses UK of Hypocrisy Over Israel Stance, Demands Kanu’s Release Following UN Ruling

The Indigenous People of Biafra (IPOB) has called out the British Government for what it describes as a “selective outrage” and double standards in applying international law, citing a United Nations ruling that its leader, Mazi Nnamdi Kanu, was subjected to torture and extraordinary rendition.

The Indigenous People of Biafra (IPOB) has accused the British Government of hypocrisy and applying international law selectively over its stance on Israel and the continued detention of its leader, Mazi Nnamdi Kanu. The group was reacting to recent comments by the British Foreign Secretary concerning real estate development in Jerusalem. IPOB’s spokesperson, Comrade Emma Powerful, in a statement on Friday, said the group supports Israel and recognises Jerusalem as its “eternal and undivided capital”.

The group maintained that Britain lacks the moral authority to lecture Israel on international law while allegedly ignoring the findings and recommendations of United Nations human rights bodies concerning Kanu. According to IPOB, the United Nations Human Rights Council, acting under the UN General Assembly, has officially indicted Nigeria for what it described as gross violations of international law and fundamental norms in Kanu’s case. The group stated that the UN had determined that Kanu was subjected to torture and extraordinary rendition after being forcibly returned to Nigeria from Kenya in 2021, and the UN Working Group explicitly called for his immediate release and payment of compensation.

“These are not the words of IPOB. These are the findings of the highest international human rights bodies,” the statement emphasised. IPOB regretted that, rather than support this binding call for justice, Britain chose to assist Nigeria in defying international law. The group further lamented that the same Britain now lecturing Israel about international law turned a blind eye to the torture of a British citizen. “The same Britain invoking legal principles against our Israeli brothers and sisters actively helped Nigeria circumvent those very principles when it concerned Mazi Nnamdi Kanu,” the statement said.

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IPOB also criticised the British Foreign Secretary’s position on Israel, describing it as entirely one-sided. The group accused the British Government of condemning Israel over construction near Jerusalem while allegedly failing to adequately address Palestinian terrorism, incitement, and the Palestinian Authority’s “pay for slay” policy. The group claimed that this policy of blaming only Israel while ignoring Palestinian extremism has contributed to a massive wave of antisemitic hatred against the British Jewish community.

IPOB vehemently rejected what it described as the patronising tone of the British government’s lectures, pointing out that the Jewish people have the right to live throughout the historic and Biblical land of Israel. “Jerusalem is Israel, and Israel is Jerusalem. The Balfour Declaration formally recognised this historic right more than a century ago,” the group said, adding that Britain, which still controls colonial territories thousands of miles from its shores, has no right to lecture the Jewish people about where they may live in their tiny historic homeland.

IPOB subsequently demanded what it described as consistency in Britain’s application of international law. The group called on the British Government to publicly support the UN findings concerning Kanu, demand his release and compensation from the Nigerian Government, and end what it described as the selective application of international law based on political convenience. “Britain must choose: respect international law for all, or be exposed as a hypocrite that uses law only as a weapon against its friends,” the statement concluded.

IPOB Accuses UK of Hypocrisy Over Israel Stance, Demands Kanu’s Release Following UN Ruling

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Enugu ADC Chairman Found Dead Near Residence in Suspected Murder

Published

1 hour ago

August 22, 2026

Trends Admin

Enugu ADC Chairman Found Dead Near Residence in Suspected Murder

Hon. Chisimdiri Emmanuel Ngwu was reportedly strangled, with two suspects arrested as the political community calls for a thorough investigation ahead of the 2027 elections.

Tension and grief have gripped the political community in Enugu State following the reported death of the African Democratic Congress (ADC) Chairman in Udenu Local Government Area, Hon. Chisimdiri Emmanuel Ngwu, under suspicious circumstances. Ngwu, described as one of the party’s longest-serving members in the state, was reportedly found dead in the early hours of Wednesday, August 19, 2026, shortly after leaving his residence.

According to a family source who spoke to journalists, Ngwu woke up early that morning, walked out of the house, and never returned alive. The family became worried after discovering that Ngwu was missing, only to later find his lifeless body in front of the family compound. “When we woke up, we didn’t see him only to discover his lifeless body in front of our compound. We saw scratches on his neck which was twisted backwards,” the source said.

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The circumstances surrounding Ngwu’s death have raised concerns among his family, political associates, and members of the ADC. The deceased, who hailed from Orba in Udenu LGA, was reportedly strangulated. Two persons have reportedly been arrested in connection with the incident, although their identities and the circumstances of their arrest were not immediately disclosed as of press time.

The Enugu State Police Command’s spokesman, SP Daniel Ndukwe, could not immediately confirm the incident, stating that he was not aware of the development. However, the immediate past chairman of the ADC in Enugu State, Mrs. Stella Chukwuma, confirmed Ngwu’s death.

The development has cast a pall over the ADC in Enugu State, coming at a politically sensitive period ahead of the 2027 general elections. The incident has heightened concerns among members of the party and residents of the community, with calls for a thorough investigation to unravel what led to Ngwu’s death and determine those responsible. Authorities are expected to intensify investigations to establish the circumstances surrounding the politician’s death.