Business
Economic Hardship: Irregularities Plague FG’s N40,000 Rice Palliative
Several Nigerians are decrying difficulty in accessing the N40,000 per bag rice promised by the federal government, citing civil servants’ irregularities and deliberate lack of clarity in the process.
The rice distribution, part of the government’s initiative to mitigate the country’s ongoing food crisis, was launched by the Federal Ministry of Agriculture and Food Security on September 5, with 30,000 metric tons of milled rice allocated for sale.
Haruna Sule Abutu, Director of Food and Strategic Reserves at the Ministry of Agriculture and Food Security, had assured that the rice would be sold across multiple locations in the Federal Capital Territory (FCT) and later extended to other states.
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He emphasized that the rice would not be limited to civil servants and that sales points would be spread across the country, with Abuja hosting five to six sales locations.
However, by the second week of the program, it was revealed that the original five sales points in Abuja—located at the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Head of Service headquarters, Federal Capital Development Authority (FCDA), and the Federal Capital Territory Administration (FCTA) Secretariat—had been reduced to just one: the National Agricultural Insurance Corporation (NAIC).
Worse, the rice has yet to be distributed to other states, despite promises from the Ministry.
It was also revealed that some ministries, departments, and agencies (MDAs) had already distributed rice among themselves, though the exact quantities shared remain unclear.
Recall that on Monday, September 9, 2024, some Nigerians successfully purchased 50kg bags of rice for N40,000 at the National Agricultural Insurance Corporation (NAIC).
However, by Tuesday, September 10, a large crowd had gathered at the center, overwhelming the fewer than ten staff members responsible for confirming the National Identification Numbers (NIN) of buyers.
Vincess Okushi, an Abuja-based online journalist, raised concerns about the lack of clarity and transparency in the process.
“I was at NAIC today, where we stood in line from morning until evening, only to leave empty-handed and without any rice,” he said.
Afterward, the group went to the Office of the Head of Service (HoS) and discovered that the rice was being sold within various ministries.
This revelation sparked frustration among many, who felt that non-staff were being excluded from the sales process.
Further investigation revealed that coordinators at the Ministry of Science and Technology indicated that each ministry, agency, and department had designated slots for the rice, asserting that selling to non-staff would deprive employees of their share.
Okushi expressed his concern, stating, “The only public access point for this rice, NAIC, seems to have been closed down, leaving citizens to deal with long lines and poorly managed distribution processes that jeopardize their safety. Many of us, including journalists, have had to abandon our work just to secure this essential commodity, only to be disappointed.”
Chioma (surname withheld for safety reasons), a civil servant, expressed her frustration at being unable to purchase the rice.
She said, “We want to buy, but until the agencies handling the sales finish selling to their staff, we cannot have access. In fact, as of yesterday (September 10), I learnt they had exhausted the supply given to them. We will get it when it gets to us.”
Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr. Umaru Kwairanga, Group Chairman, Board of Directors, Dr. Okechukwu Itanyi, Independent Non-Executive Director and Mrs. Ojinika Olaghere, Independent Non-Executive Director reinforced continuity in governance and oversight.
They acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.
Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.
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Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.
Sierra Leone has announced the signing of a petroleum licence agreement with Nigeria‑based Marginal Energy Limited, granting the company offshore exploration and production rights as the government seeks to revive interest in its under‑explored upstream sector.
The licence, signed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning about 6,800 square kilometres, according to a government statement, a Reuters report said.
Marginal Energy, a Nigerian independent, has committed to a seismic and drilling programme with exploration spending expected to exceed $225 million.
Under the agreement, the state will hold a 10 percent carried interest in oil projects and 5 percent in gas during exploration and development, with an option to acquire an additional participating interest on a paid basis of up to 9 percent once production begins.
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The deal was signed at the Invest in African Energy conference in Paris, where Sierra Leone has been promoting offshore licensing opportunities to international investors, the report added.
NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.
The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.
Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.
Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.
“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”
He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.
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The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.
Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.
In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.
Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.
With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.
Photo Caption:
From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026
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