Business
FG moves to stop foreigners from buying food commodities at farm gates
The Minister of Industry Trade and Investment, Mr. Adeniyi Adebayo, on Tuesday inaugurated an Inter-Ministerial Standing Committee to oversee the implementation of a memo on the “Promotion of Agri-Business in Nigeria through Right Farm Gate Pricing and Ban on Foreigners from Purchasing Agricultural Commodities at the Farm Gates.”
The memo, was earlier approved by the Federal Executive Council (FEC) after it was jointly presented on March 9, by the Ministry of Industry, Trade and Investment and the Federal Ministry of Agriculture and Rural Development.
Adebayo, explained that the move was part of the government’s efforts to provide the enabling environment for the commodity sub-sector to thrive.
The minister said the memo specifically seeks to address challenges impeding the development of the agricultural commodity subsector of the economy, curtail unfair trade malpractices and exploitation of Nigerian farmers by foreigners as well as promote competitive premium pricing as the impetus for increased productivity in the commodity subsector among others.
THISDAY gathered that the practice of middle-men who usually mop up farm produce at source often contributed to rising food inflation as a result – as agricultural products are hoarded to cause artificial scarcity which would then lead to higher food prices.
Also, in the process, farmers are often short-changed by the middle-men who enticed them with quick cash at the source of harvest.
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These practices had also been attributed to some of the reasons why food prices rarely fall even after the so-called bountiful harvests.
But the latest intervention could slowdown food prices if properly implemented.
The minister, however, decried the exploitation of farmers by foreigners who come to Nigeria to mop up agricultural commodities at the farm gates and in turn offer farmers prices below market value.
Adebayo said, “This situation has indeed led to the failure of many contractual agreements between farmers and indigenous off-takers. It has also affected the production capacity of our local factories due to the fact that foreigners buy off supplies and deprive the factories of required stocks.
“The current practice of direct purchases of agricultural commodities at unfair prices by foreigners at our farm-gates poses serious dangers which include, reduction in farmers’ income, declining productivity in the agricultural sector, unemployment and insecurity.”
He added, “A number of activities have been outlined for implementation and the committee is expected to ensure that they are properly articulated and implemented for the growth and development of our economy.”
The committee would also facilitate the establishment of enforcement organs in the states and local governments, and facilitate the signing of Executive Order by Mr. President, specifying penalties and fines for violators.
It will further liaise with the state governments for the establishment of commodity aggregation centers for export in some strategic locations nationwide and, carry out periodic assessments (quarterly) on the implementation.
However, the Chairman of the Committee, Mr. Suleman Audu, expressed the readiness and willingness of the body to provide the required leadership and coordination to ensure the efficient implementation of its mandate.
Auto
NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri
NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri
Kojo Motors has partnered the National Automotive Design and Development Council (NADDC) in setting up the vehicle Compressed Natural Gas conversion centre in Owerri, lmo State.
Director-General of the NADDC, Joseph Osanipin, during an empowerment and awareness summit on Wednesday, March 19, 2025, commended the auto firm for the monumental project.
“Today, we are gathered here for Compressed Natural Gas (CNG) Empowerment and Awareness Summit 2025 with the theme ‘Building a youth-based nation through cleaner energy’,” he said.
Osanipin said that the the purpose of the summit was to create awareness and sensitize the public to safety, standards and regulation in the use of the CNG as a better alternative source of energy for mobility.
NADDC, he said, was equipping technicians with the knowledge, skills and competencies required to safely and efficiently convert vehicles to run on CNG.
“The Council is a parastatal of the Federal Government under the Federal Ministry of Industry, Trade and Investment,” he added.
“It has the regulatory oversight on the Nigerian Automotive Industry to initiate, recommend, supervise and regulate policies and programmes for locally manufactured vehicles and components in Nigeria.
The NADDC boss noted that the Council had worked tirelessly to ensure the survival and growth of this sector with a view to enhancing its contribution to the national economy.
As part of the CNG conversion programme, 60 technicians will be receiving hands-on training in converting vehicles to run on CNG which would run for five days from the March 17 to 21,2025.
Osanipin emphasized the importance of using certified conversion kits and specialized workshops to ensure safety during the process.
“The cylinders used in CNG vehicles are fortified, making them safer than traditional vehicle fuel tanks,” he said.
Also speaking during the event, Professor Anoka Njan, representative of the Minister of Industry Trade and Investment, praised the NADDC and Kojo Motors efforts, stating that the ministry fully supported the initiative as part of broader efforts to alleviate challenges in the auto industry and empower the youth.
Imo State Commissioner for Youth Development, Dr. Emeka Mandela Ukaegbu, who spoke at the summit on behalf of Governor Hope Uzodinma, emphasised the immense potential of the CNG in easing Nigeria’s transportation challenges and improving the economy.
“CNG offers a safer, cleaner, and cheaper alternative to the hardships many face in the country,” Dr. Madela said.
The administration is partnering with NADDC and automotive industry bodies to establish conversion workshops and CNG refilling stations across Imo State, ensuring that the state plays a key role in this important shift toward greener energy solutions.
The event marks a significant step in NADDC’s ongoing efforts to transform Nigeria’s automotive industry, making it more sustainable while creating new opportunities for skilled technicians and local communities.
Chinedu Oguegbu, Managing Director of OMAA, which is the vehicle brand promoting the petrol-powered to CNG conversion project, highlighted the economic benefits of running vehicles on CNG instead of petrol.
He listed the economic advantages to include savings up to 60 percent in the cost of fuel relative to dirtier options like diesel and petrol.
According to him, there is up to 90 percent reduction in knocks and carbon emission, and it is found to be healthier, cleaner and more environmentally friendly.
Besides savings in foreign exchange (FX) with abundance of gas locally, there is also massive resources in-country over 203 tcf of proven reserves that requires no refining and relatively lower investment for processing.
Nigeria has an estimated 15-20 million vehicles in operation that can be converted to dual-fuel or bi-fuel.
The OMAA boss reiterated the crucial need to provide an alternative to existing fuel system with the abundance of CNG as an option.
Delivering his goodwill message, Chino Ogwumike, the National Sales Manager at Kojo Motors, thanked the DG of NADDC for partnering with Kojo in this laudable project in Owerri, the heartland of the South-East of Nigeria and the government of Imo State for accepting to provide the land for building the CNG hub in the state capital.
Ogwumike stated that the flourishing automotive dealership with branches spread across the country under the visionary leadership of the founder and Executive Chairman, Ikenna Oguegbu, is strongly committed to contributing its quota towards the progress and development of Nigeria’s automotive sector and the economy.
Business
Binance delists five cryptocurrencies
Binance delists five cryptocurrencies
Binance, the world’s largest cryptocurrency exchange, has announced the delisting of five digital assets after a routine review of their adherence to industry standards.
According to a statement released by Binance, the affected cryptocurrencies include Aergo (AERGO), AirSwap (AST), BurgerCities (BURGER), COMBO (COMBO), and Linear Finance (LINA).
The decision was based on several key factors, including trading volume, security, liquidity, the commitment of project teams, and compliance with regulatory requirements.
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The company said this step, aimed at maintaining a robust and transparent trading environment, shows Binance’s commitment to ensuring that all listed assets align with the platform’s evolving criteria.
“These projects no longer meet the platform’s listing requirements,” Binance noted in its internal review. As a result, these tokens will be removed from all spot trading pairs starting March 28, 2025, at 3:00 a.m. UTC.
The exchange has advised users holding these assets to take appropriate steps to manage their portfolios ahead of the delisting deadline.
Key delisting details and user guidelines
Binance provided additional clarity on how the delisting process will impact its users:
- Binance Futures: Positions for AERGO, LINA, and COMBO will be automatically closed and settled by March 27, 2025, at 9:00 a.m. UTC.
- Binance Simple Earn & Investment Products: The affected tokens will no longer be available across these services after March 27, 2025.
- Binance Convert & Trading Bots: Support for the delisted tokens will cease by March 28, 2025.
Binance also mentioned that in some instances, delisted tokens might be converted into stablecoins on behalf of users after delivery. However, the exchange clarified that this would only apply if explicitly announced.
Looking ahead, Binance revealed plans to launch a Vote to Delist feature, enabling the public to suggest assets for delisting in the future. However, the tokens mentioned in this announcement will not be eligible for the feature.
Binance delists five cryptocurrencies
Business
Air Peace slashes Nigeria-London fare by N600,000
Air Peace slashes Nigeria-London fare by N600,000
Air Peace has announced a ₦600,000 reduction in its Nigeria-London airfare for all travelers flying from Nigeria.
In a statement released on Wednesday in Lagos, the airline’s Head of Corporate Communications, Dr. Ejike Ndiulo, stated that the discount is part of Air Peace’s latest promo offer.
Passengers departing from any Nigerian city to London can enjoy significant savings, along with an exclusive one-free extra luggage allowance.
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According to Ndiulo, the airline rewarded five lucky winners of a raffle draw at the Silverbird Man of the Year Awards held on Sunday in Lagos.
He said that three winners won return economy tickets to any of Air Peace’s domestic destinations, while two won economy return tickets to London.
He said that the Chairman/Chief Executive Officer of Air Peace, Dr Allen Onyema, emphasised the airline’s commitment to driving Nigeria’s socio-economic development through its corporate social responsibility initiatives.
Air Peace slashes Nigeria-London fare by N600,000
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