Expect further drop in prices of rice, other food items, BUA chair tells Nigérians - Newstrends
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Expect further drop in prices of rice, other food items, BUA chair tells Nigérians

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Expect further drop in prices of rice, other food items, BUA chair tells Nigérians 

 

Chairman of BUA Group, Abdul Samad Rabiu, has said Nigerians should expect a further crash in the prices of rice and other food items.

He commended President Bola Tinubu for granting waiver on imported food items, saying that this had helped crash food prices in the country.

In July 2024, the Tinubu administration announced the suspension of customs duties on imported food items to stem food inflation.

Speaking to State House Correspondents after meeting with President Tinubu on Thursday, Rabiu said BUA Foods keyed into that policy and was able to import quite a lot of wheat, maize and rice.

“At the time food prices were really very high last year. For example, the price of rice was about N100,000 or thereabout per 50 kilo bag. The flour was about N80,000 per bag and maize was about N60,000 per 50 kilo bag, and pasta above N20,000 per Carton. So what we did was, we keyed into that policy and BUA was able to import quite a lot of wheat, maize and rice.

“And the moment the shipment started coming, we started processing, we crushed the prices of some of these commodities. And today I’m happy to inform you that the price of rice is about N60,000 from what it was last year at N110,000. Flour is today N55,000 Naira per 50 kilo bag.

“Maize is about N30,000. And this happened because of Mr President’s foresight and vision by introducing that one-off duty waiver for a period of six months, and with that, we’ve been able to bring down the prices of these commodities,” Rabiu said.

The billionaire businessman further explained the causes of the food price increases and how the President’s policy helped to curb the trend.

“So, what has been happening and a lot of people probably don’t know this, is that Nigerians, a lot of companies in Nigeria usually buy a lot of paddy. That is rice paddy. Rice Paddy is what you use to process rice. So, the moment the harvest season starts, a lot of people will now buy a lot of these paddy and hold it for a period of three to four months. The moment the season finishes, then the price will double. So a lot of people don’t know that, but that has always been the problem.

“That does not really in any way affect the farmer, because the farmer is getting his four to N500,000 per ton of paddy. But the people that are buying and holding for three to four months, once the season finishes, it goes back up to N800,000. Hence why you are getting N110,000 per bag.

“So, what that intervention did at the time when we brought in was to create an issue for those hoarders. Because the moment we imported, we were selling, and those orders had a lot of paddy, they could not sell, and the price now came down, and it is still down.

So a lot of those holders are actually crying now and losing money.

He said that the Rice Millers Association has come together to address the issue of hoarding by some companies, adding that the association will not allow any of its members to hoard rice.

“What we are doing as rice Millers is that we want to ensure that rice Millers are not buying and hoarding Paddy, although at the end of the day, it’s quite difficult to stop that. But what is happening is that once they know that there is rice availability imported, because BUA has imported enough rice to last us until the end of the year, for example.

“So, they know that if they try to hot rice and try to take it up, Bucha is there and will crash the price. So I am hopeful that at the end of the day, the price of rice going forward is not going to go any higher than what it is today.

“And I’m sure as soon as the season starts, the farmers will get the price they’ve always gotten, and the price of rice is going to stay the same, because people will be wary of hoarding, because if they hoard it is going to be a problem for them, because they might lose money. So that is on rice.

“And again, let me use this opportunity to thank His Excellency, for his foresight, for his vision, because I actually didn’t see that. I didn’t know that that was going to work, but we keyed in. We imported and we have supported, and now prices are down. So that is what we did, and we will continue to do to support the efforts of the government to ensure that food prices continue to come down. And I’m sure prices will come down.

“It is quite interesting that when prices were quite high, N100,000 everybody was shouting, now that prices are down or are coming down, it is like, nobody is coming out to say, look, food prices are coming down, but I’m happy to say that food prices are coming down, and they will continue to come down. That is what BUA foods is doing to support the efforts of the government in ensuring that food prices are down,” Rabiu said.

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UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

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UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit
Chief of Staff to the President Femi Gbajabiamila and Prince Adeniyi Adeyemi

UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

The Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, has issued a 72-hour ultimatum to Prince Adeniyi Adeyemi Matthew, demanding the immediate retraction of what he described as false and defamatory allegations made against him during a press conference held on June 25, 2026, or face both civil and criminal legal proceedings.

The ultimatum was conveyed through Gbajabiamila’s legal counsel, Pinheiro LP, in a cease-and-desist letter dated July 6, 2026, and signed by Senior Advocate of Nigeria (SAN) Kemi Pinheiro.

According to the letter, the allegations made by Prince Adeniyi were “false, malicious, reckless and entirely without factual foundation,” and have caused serious damage to the reputation of the President’s Chief of Staff.

The legal notice followed a widely circulated press conference in which Prince Adeniyi levelled several allegations against Gbajabiamila, including claims that the Chief of Staff demanded 48 per cent of the take-off grant for the alleged Presidential Foreign Intervention Promotion Council (PFIPC), received ₦400 million through proxies in connection with appointments, abused his office to intimidate individuals and media organisations, manipulated security agencies, engaged in budget fraud, corruption and abuse of office, and participated in a criminal cover-up, including allegations of murder.

Gbajabiamila’s lawyers rejected the allegations in their entirety, insisting that the Chief of Staff has never met, spoken with or had any personal or official relationship with Prince Adeniyi.

According to the law firm, the allegations amount to grave accusations of criminal conduct made without any credible evidence or lawful justification.

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The solicitors argued that the publication had exposed Gbajabiamila to public ridicule, damaged his reputation both within and outside Nigeria, and undermined public confidence in his office.

“Our client has never at any time met, interacted with, communicated with, or had any form of personal or official dealing whatsoever with you,” the letter stated.

“It is therefore reckless, malicious and entirely baseless to fabricate allegations against someone with whom you have had absolutely no relationship.”

The law firm further argued that the allegations extended beyond legitimate political criticism or fair comment, describing them as deliberate attempts to portray the Chief of Staff as corrupt, dishonest, criminally culpable and unfit for public office.

According to the solicitors, the allegations have generated widespread public attention following their circulation across print, electronic and social media platforms.

The lawyers also drew attention to the ongoing criminal case involving Prince Adeniyi before the Federal High Court, Abuja, identified as Charge No. FHC/ABJ/CR/652/2026, FRN v. Prince Adeniyi Adeyemi Matthew & Ors, in which he is facing charges relating to the alleged forgery of presidential appointment letters and other official documents.

They noted that several issues raised during the June 25 press conference are already the subject of judicial proceedings and criticised Prince Adeniyi for allegedly attempting to litigate the matter through the media instead of allowing the court process to take its course.

“Trial by media remains unknown to Nigerian law and cannot substitute for due process,” the solicitors stated.

As part of the legal demand, Gbajabiamila is requesting that Prince Adeniyi immediately cease making or publishing any further defamatory statements concerning him.

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He is also demanding the removal of all videos, transcripts, publications and other materials relating to the press conference from every platform under Prince Adeniyi’s control.

In addition, the Chief of Staff is insisting on the publication of a full, unequivocal and unreserved apology and retraction in at least five national newspapers, as well as on all digital platforms where the allegations were published.

The lawyers further demanded a written undertaking that Prince Adeniyi would refrain from making any further defamatory statements against their client.

The legal team warned that failure to comply with the demands within 72 hours would result in both civil and criminal proceedings.

According to the letter, the proposed civil action will seek ₦10 billion in aggravated and exemplary damages, with any compensation awarded to be donated to charities chosen by Gbajabiamila.

The suit will also seek a perpetual injunction restraining further publication of the allegations and a mandatory court order compelling Prince Adeniyi to publish a retraction and apology.

In addition, the lawyers disclosed that a criminal complaint alleging criminal defamation under the applicable laws of the Federal Capital Territory (FCT) would be filed.

The legal notice comes amid growing controversy surrounding the purported Presidential Foreign Intervention Promotion Council (PFIPC).

During his June 25 press conference, Prince Adeniyi called on President Bola Ahmed Tinubu to establish an independent investigative panel to examine issues surrounding the alleged agency following a disclaimer issued by the Office of the Chief of Staff.

He maintained that the controversy raises broader concerns about governance, transparency and accountability.

Among other claims, Prince Adeniyi questioned references to the alleged agency in the 2026 Appropriation Act, queried whether it operated bank accounts with the Central Bank of Nigeria (CBN), and asked whether it was allocated office space within the Federal Secretariat.

He argued that these issues deserved an independent investigation and urged any investigative panel to include civil society organisations and international observers to ensure credibility.

Prince Adeniyi also alleged that disagreements between him and Gbajabiamila arose from an alleged demand for a percentage of the agency’s take-off grant and claimed that proxy payments amounting to ₦400 million had been made in connection with the matter.

However, no documentary evidence supporting those allegations was presented during the press conference.

He further called for investigations into the death of an intermediary he identified as Babatunde Tanimola, alleged assassination attempts against him, and a forensic examination of documents he claimed were signed by the Chief of Staff.

The dispute has taken on added significance following the Presidency’s recent directive to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities of the purported PFIPC, including allegations of forged government documents, impersonation, abuse of official identity and other related offences.

As of the time of filing this report, Prince Adeniyi had not publicly responded to the cease-and-desist letter issued by Gbajabiamila’s legal team.

UPDATED: Gbajabiamila gives Adeniyi 72 hours to retract allegations or face ₦10bn defamation suit

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BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

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BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

President Bola Ahmed Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a comprehensive investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC), ordering the anti-graft agency to conclude its probe and submit a report within 30 days.

The directive, announced on Tuesday in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, followed what the Presidency described as the discovery that the PFIPC was never legally established by the Federal Government of Nigeria.

According to the Presidency, investigations revealed that the organisation has “no basis in any law, presidential instrument, executive approval or any other lawful act of government,” raising serious concerns over alleged impersonation, forgery and abuse of official government identity.

The statement alleged that one Adeniyi Adeyemi Matthew falsely presented himself as the Director-General of the organisation and claimed to be a presidential appointee despite lacking any legal authority to hold such a position.

As part of the investigation, President Tinubu directed the ICPC to examine allegations bordering on the forgery of appointment letters and other official government documents allegedly used to portray the organisation as a legitimate federal institution.

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The Commission is also expected to investigate claims that the alleged false presidential appointment was used to obtain official recognition, diplomatic support and visa facilitation from government institutions and foreign missions.

In addition, the anti-corruption agency will probe the opening and operation of multiple bank accounts in the names of purported government agencies using allegedly forged documents.

According to the Presidency, the investigation will go beyond document forgery to uncover the full scope of the alleged operation.

The ICPC has been mandated to determine the origin and use of the alleged forged official documents, establish how official recognition or diplomatic support may have been obtained, trace the opening and operation of bank accounts linked to the organisation, and investigate the source and movement of any funds connected to the alleged scheme.

The Commission is also expected to identify the roles played by any public officials, private individuals, financial institutions, intermediaries or other entities that may have facilitated, enabled or participated in the alleged activities.

President Tinubu further directed investigators to examine the circumstances that allowed the purported organisation and the alleged false claim of presidential appointment to appear credible to members of the public and government institutions.

The Presidency said the investigation should identify institutional loopholes or procedural weaknesses that may have been exploited and recommend reforms to prevent similar incidents in the future.

To ensure a thorough investigation, all ministries, departments and agencies (MDAs) of the Federal Government have been instructed to cooperate fully with the ICPC by providing all relevant records, documents and other information whenever lawfully requested.

President Tinubu stressed that protecting the credibility and integrity of the Presidency and other government institutions remains a top priority.

“The integrity of the Presidency and the institutions of the Federal Government must be protected against impersonation, forgery, abuse of official identity and the exploitation of weaknesses in the public service,” the President said.

He also directed that all persons found culpable after the investigation should be dealt with strictly in accordance with the law.

The directive comes amid heightened scrutiny over the alleged activities of the purported organisation and signals the administration’s determination to safeguard government institutions from fraudulent representations and abuse of public trust.

The ICPC is expected to submit its findings to the Presidency within the stipulated 30-day period, after which appropriate administrative, civil or criminal actions may be taken against anyone found to have violated the law.

BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

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ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

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ICPC arrests El-Rufai's doctor over alleged false statements, court order breach

ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested Professor Bello Abubakar, the personal physician to former Kaduna State Governor Nasir El-Rufai, over allegations of making false statements and facilitating what the anti-graft agency described as a violation of a court-approved medical visit.

The Commission disclosed that Professor Abubakar was taken into custody on Tuesday following a visit to the National Hospital, Abuja, which it said was approved solely for El-Rufai to receive medical attention while in ICPC custody.

According to a statement issued by the Commission’s spokesperson, John Odey, the ICPC granted El-Rufai’s request for medical consultation in compliance with an order of the Kaduna State High Court and in line with its statutory obligation to protect the rights, dignity and welfare of persons in its custody.

The anti-graft agency explained that the Kaduna State High Court had fixed July 6, 7 and 8, 2026, for the accelerated hearing of criminal charges pending against the former governor.

However, on the first day of hearing, El-Rufai did not appear in court. According to the prosecution, when ICPC officers arrived to escort him to the courtroom, he declined to leave, insisting that he wanted to consult his personal physician.

The Commission further claimed that no prior request had been made for the medical consultation. It also alleged that when questioned by the Commission’s medical doctor, El-Rufai reportedly said he had no immediate medical complaints but stated that his wife, Asia El-Rufai, who is also one of his legal counsel, requested that he see Professor Abubakar.

Following arguments by both parties, the court adjourned further proceedings until July 15, 2026, to hear El-Rufai’s application seeking the trial judge’s recusal and to await the decision of the Kaduna State Chief Judge on a pending petition requesting that the case be transferred to another judge.

Despite the adjournment, the ICPC said it facilitated the former governor’s visit to the private wing of the National Hospital under strict security arrangements.

According to the Commission, its medical and security personnel remained outside the consultation room at the request of El-Rufai’s family while he was purportedly being examined by his attending physician.

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However, the anti-graft agency said the visit took an unexpected turn after photographs allegedly showing El-Rufai meeting with political associates surfaced on social media.

The ICPC said one of El-Rufai’s political associates, Isa Ashiru Kudan, posted photographs on Facebook at about 2:00 p.m., claiming they had just concluded a meeting with the former governor.

According to the Commission, the photographs showed El-Rufai alongside Professor Abubakar, Isa Ashiru Kudan and three other individuals inside the hospital at a time when the visit was expected to be strictly for medical consultation.

The Commission alleged that the meeting exceeded the scope of the court-approved hospital visit and constituted a violation of the court’s order.

“The images and post indicated that the arranged medical visit was utilised for activities outside the scope contemplated by the court and the ICPC. This is a clear violation of the court order,” the statement said.

The ICPC further stated that it had exercised patience, professionalism and courtesy in handling El-Rufai and other suspects in its custody but alleged that such courtesies had been abused.

It added that it would formally draw what it described as El-Rufai’s “flagrant disobedience of court orders” to the attention of the court.

The Commission also announced the arrest of Professor Abubakar, alleging that he made false statements during the course of the hospital visit. It said the physician remains in custody while investigations continue.

“The professional and humane nature of the ICPC should not be taken for granted,” the Commission said, adding that it would not tolerate the abuse of its goodwill by any individual or group.

The latest development marks another twist in the ongoing legal proceedings involving the former Kaduna governor. As of the time of filing this report, Nasir El-Rufai, Professor Bello Abubakar, and their legal representatives had not publicly responded to the allegations made by the ICPC.

It remains unclear whether the Commission will file additional charges arising from the alleged breach of the court-approved medical visit. The case is expected to return to the Kaduna State High Court on July 15, when the court will consider the pending applications and determine the next stage of the trial.

ICPC arrests El-Rufai’s doctor over alleged false statements, court order breach

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