Tinubu Urged to Intervene as Nigeria Commodity Exchange Faces Imminent Collapse

Workers of the Nigeria Commodity Exchange (NCX) have appealed to President Bola Ahmed Tinubu to urgently intervene and prevent what they describe as the imminent collapse of the Exchange, citing funding withdrawals, governance failures, and prolonged neglect of staff welfare. The workers warned that without immediate government action, the institution risks total operational breakdown.

The appeal was contained in a statement dated January 27, 2026, titled “Save Our Soul: An Appeal from Workers of Nigeria Commodity Exchange to President Bola Ahmed Tinubu,” issued by the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE). Signed by its FCT Council Chairman, Aliyu Maradun, and Secretary, Jibril Adebanjo, the union said the NCX had reached a critical point and called on the President to rescue the Exchange in the national interest.

The workers recalled that the NCX, incorporated in 1998 and later converted into a commodity exchange, was designed to support food security, stabilize agricultural prices, and improve farmers’ livelihoods. However, they argued that the Exchange has failed to meet these objectives due to insufficient government backing, urging the Federal Government or the Central Bank of Nigeria (CBN) to revisit the previously proposed ₦50 billion investment through InfraCo to keep the institution afloat.

According to the union, the crisis worsened following the appointment of a substantive Managing Director in October 2023, after which the CBN reportedly halted funding. The statement accused the current management of breaching public sector rules, ignoring a PricewaterhouseCoopers (PwC) workplace welfare report, and presiding over prolonged staff stagnation, unpaid minimum wage arrears, unremitted statutory deductions, and outstanding retirement and death benefits.

The workers further called for urgent structural reforms, including the return of full operational control of the NCX to the CBN and the temporary suspension of the Managing Director pending an independent investigation into the allegations. Efforts by our correspondent to obtain a response from the Managing Director, Anthony Atuche, were unsuccessful, as calls and messages sent to him as of Thursday went unanswered.

source: punch