Mohammed Shosanya

Rice manufactured 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)

The development followed 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.

This marks a significant milestone in the State Government’s efforts to promote agriculture and enhance food security in Lagos,according to statement made available to journalists on Wednesday by his Media Adviser, Gboyega Akosile.

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.

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.

Rice, the governor noted, 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.”

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 agriculture 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, 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.

Mohammed Shosanya

The Oyo State Health Insurance Agency (OYSHIA) has enrolled over 60% of targeted enrollees into the Basic Health Care Provision Fund (BHCPF) scheme.

The Executive Secretary of Oyo State Health Insurance Agency (OYSHIA), Dr. Sola Akande, who disclosed this in Ibadan,said the agency has reviewed upwards the number of enrollees for BHCPF, to accommodate more residents of the state.

According to him, “the Basic Health Care Provision Fund (BHCPF) is financed through 1% of Federal Government consolidated revenue given to States that have fulfilled certain laid down guidelines.”

Akande said, the Basic Health Care Provision Fund was initially aimed at capturing 37,500 indigenes that include the aged, children (under 5), physically challenged and pregnant women across the 33 local government areas.

Dr. Akande added that so far, about 22,018 lives have been enrolled into the scheme.

The OYSHIA boss said that the agency is currently enrolling more lives, adding that the reviewed figure now stands at 65,000 lives.

He hinted that this is part of the Oyo state commitment to deliver on universal health care (UHC) services through the provision of a Basic Minimum Package of Health Services (BMPHS) and emergency medical treatment.

Dr. Akande also assured successful enrollees that they can access care without paying out-of-pocket through the ID card issued to them by the agency.

Mohammed Shosanya

The Institute of Chartered Accountants of Nigeria (ICAN) has highlighted ways the recent removal of fuel subsidy can add value to the nation’s economy.

The Institute’s position was contained in an eleven-point action plan to the federal government,according to a statement signed by Professor Ahmed Kumshe, Registrar/ Chief Executive .

The body lauded the bold steps taken by the new government to address market distortions and block revenue leakages.

It advocated the need wfor action plans to reduce the burden of such economic policy decisions and limit the burden on the populace especially small businesses and vulnerable households.

According to the body,effective consultation and communication with all relevant stakeholders was critical for the introduction and implementation of any major policy, as it will facilitate buy-in, broad support and ensure ease of implementation.

It further emphasized the need for the government to introduce credible palliatives to cushion the impact on the most vulnerable population beyond the civil service.

“In this regard, the government should design and implement palliatives for low-income earners especially in cities and towns where the cost of living will rise much higher. It should introduce policies that will bring down the cost of transportation and food.

Palliatives should be implemented at both the national and sub-national levels. Care should be taken to measure the cost of palliatives to be introduced to avoid re-introducing another form of subsidy. This is where chartered accountants are needed. We do not support the borrowing of $800m for palliatives when the savings from the subsidy removal can be used for this purpose, saving the country from further debt and rising debt service costs”

There was still the need for full transparency and accountability of all activities within the oil and gas sector, that a situation where the public does not know the exact daily consumption of fuel is inexcusable,it said.

The political office holders,the body,said,should lead by example in making the necessary sacrifice to restore the country back to the path of fiscal buoyancy.

It further said the savings from the subsidy removal and subsequent accretion to the federation account should be applied in a manner that will optimize the benefits to the people in view of their sacrifices.

It maintained that,while market forces are desirable for price recovery, the government needs to ensure effective regulation and monitoring to prevent manipulations and market imperfections that may lead to exploitative pricing or price collusion.

“The gains which are expected to accrue because of market efficiency should cascade to the people rather than for the enrichment of a few. The relevant government agencies involved in the downstream petroleum industry value-chain should aim to improve their performances not to hinder the effective operation of the sector and minimize financial burdens in the form of levies which can keep prices high.

“This is a momentous time in our nation’s history. Certain difficult but necessary decisions must be made which may result in temporary pains to pave way for the gains of tomorrow and a desirable future for the next generation. This is a duty for which we must not fail.

It added:“Given the trust deficit in the government that has followed years of failed promises, corruption and fiscal laxity, the efficacy of the much-needed reforms may be constrained.The Institute of Chartered Accountants of Nigeria stands ready and offers its support to the government in the effort to move our country forward.”

Mohammed Shosanya

Acting Inspector General of Police (IGP), Kayode Egbetokun,has promised to secure Nigeria and bring enduring peace to the nation.

He gave the pledge on Wednesday during the handing and taking over of leadership between him and the the former police Chief

He also promised to established a robust internal system to investigate the misconduct of police personnel, while calling on the citizens to join hands with him in delivering on his promises.

He assured that the Nigeria Police Force, under his leadership, will strive for excellence, transparency, and accountability to rebuild public trust, restore confidence in our law enforcement institutions, and create a Nigeria where every citizen feels safe, protected, and respected.

He also assured that his administration will unveil new tactics to release the great potential the Nigeria Police Force possesses to secure the nation, build lasting peace, and deliver on the vision of the President for a thriving and prosperous Nigeria.

He was appointed by the President and Commander-in-Chief of the Armed Forces, His Excellency Bola Ahmed Tinubu on 19th June, 2023. He took over from IGP Usman Alkali Baba who retired after 35years of meritorious service to the nation.

He appreciated the President, Commander in Chief, Bola Ahmed Tinubu, for the confidence reposed in him, stressing that the appointment is a commitment, a calling to make a difference in the shared mission to safeguard the lives and well-being of everyone that lives in our great country.

He hails from Yewa South Local Government Area of Ogun State. He was commissioned into the Nigeria Police Force on 3rd March, 1990 as a member of Cadet Assistant Superintendent of Police Course 16 from the prestigious Nigeria Police Academy.

He holds a Doctorate degree in Peace and Security Studies, a Post Graduate Diploma in Petroleum Economics, a Masters in Business Administration, a Certification in Electronic Data Processing and Computer Programming, a Masters in Engineering Analysis, and a Bachelors in Mathematics.

He has held several strategic positions in the past cutting across all the departments of the Force.