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Nigerian Yams Not Rejected Abroad—Exporters

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By Modupe Gbadeyanka

The exporters of yam to the United Kingdom and the United States have disputed the reports, initially aired by the Africa Independent Television (AIT), purporting that the yams exported after the official flag-off ceremony on June 29, 2017 were rejected at their export destinations.

The symbolic event, done at the Lilypond Container Terminal in Lagos by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, meant to boost the morale of Nigerian exporters and make a bold statement to the global marketplace, has drawn widespread criticisms on various media platforms.

A statement issued by the Minister’s Special Adviser on Media and Communications, Mr Olukayode Oyeleye, stated that the concerned exporters and other prospective exporters have expressed worries about the potential impact of the negative publicity on their prospects at the export market in the wake of federal government’s initiative on diversification of the economy through agricultural produce export.

Most commentators and analysts in the mainstream and social media have retailed the negative aspect of the laudable initiative and have played up the wrong versions of the export story. Discussions with the exporters have since shown the prevailing storyline as inappropriate and misleading.

First, the exporters to the UK and US have emphatically said that their consignments were successfully cleared at the ports and delivered them to their various warehouses. They said, although some cases of tuber spoilage were reported in both cases, these were separated from the good ones, and the good ones were distributed to the buyers.

The exporters noted that Ghana, which has been exporting yams for a while, routinely records cases of spoilage, without making any public issues therefrom; and their yams don’t get rejected as a result.

Mr Michael Adedipe of ADES UK Foods and Drinks for the UK, whose warehouse was visited by AIT, has deplored the AIT report and other subsequent commentaries about rejection of his yams by the UK authorities.

Mr Adedipe has said emphatically that the consignment was not rejected; “It was cleared.”

According to Mr Adedipe, who confirmed that he spoke to AIT, “I’ve watched the (TV) programme which lasted for about two hours. All the positive stuff removed. We that decide to venture in this project are aware of the risks involved because, this fresh produce … we’ll expect five or 10 percent damages. I don’t know why they said the product got rejected. I’ve sent my release note. I’ve sent video of loading. I’ve sent every documentation to say that there is no issue like that at all.”

On the spoilage of yam, Mr Adedipe explained that “the failure has nothing to do with the Ministry of Agriculture, but the Nigerian Ports Authority (NPA). That’s where I see the failure.”

He expressed disgust at the mishandling of his comments by the AIT reporter, saying: “I told him, he is aware of it. He knew about the delay, I told him about all the consignment. He knew every single thing that happened. But what he did the most is to use all the negative stuff. We talked about other things. I told him how I came into the UK to go and fix our problem. All those were removed from the report.”

Mr Adedipe, who has vowed not to stop yam export business, disclosed that “the other mistake was the shipping line we used. But they were the ones that were available.”

According to him, in spite of the sour experience with media report, “I’m willing to invest. I still expect…at least to take a container from Nigeria every week.”

Managing Director of Wan Nyikwagh Farms Nigeria Limited, Mr Yandev Amaabai, has strongly disputed the yam rejection story and said it doesn’t even tally.

“The story from AIT was focused on the UK. So far, I am the only person who has lifted yam to the US. Whatever we can do to clarify this issue will be good. We learn as we progress. The whole idea that government brought was to diversify the economy.”

“My goods actually got to the US on September 7, 2017. The ship berthed on September 2, 2017, but, because of the flooding in Texas, we couldn’t discharge until the 7th. They were cleared from the Customs and brought to the warehouse on the 7th. Yams are perishable items and, definitely, some may go bad on the way. But, this statement that says the American government rejected Nigerian yams, where does it come from?

“Our yams were released to us and we took them to the stores. We sorted out our yams when they got there. We distributed them to the off-takers. So, where they got this story from, I don’t know. Nobody has ever called from anywhere, even in the US, to ask me question. If a few yams got rotten, and I am not complaining, why are people crying more than the owner? I have all the papers. The Customs cleared my goods on the other side. And these things went to my warehouse from where we distributed.”

If Ghana, which produces 4.8 million tonnes of yams, according to 2008 estimates, occupies a niche as the leading exporter of crop, accounting for over 94 percent of total yam exports in West Africa, Nigeria which is by far the world’s largest producer of yams, accounting for over 70 to 76 percent of the world production, producing 35.017 million metric tonnes valued equivalent of $5.654 billion by the 2008 estimates should do better than Ghana in the export market

Ghana is the first country in West Africa to launch its national yam development strategy in 2013. The country aims at US$5billion dollars of exports by 2018. Nigeria, which produces seven times Ghana’s production volume, is beset with criticisms over attempts to bring it to the global yam markets. About 90 per cent of Ghana’s yams are exported to the US, Canada, UK and elsewhere in Europe. There are more Nigerians than Ghanaians in these countries, meaning more prospects for Nigerian exporters.

Mr Ogbeh has said that Nigeria, the largest producer of yam in the world, is not anywhere near the capacity to export and remains so much a nation of consumers.

He stressed that “Nigeria must export” as the “country’s economy is increasing, and in ten years’ time, oil and gas is going to drop. Then we may have nothing to earn foreign exchange except we begin to diversify our export base now.”

With all these prospects in view, the Minister expressed surprise at the negative news trailing his effort at putting Nigeria on the global yam export market, saying “we’re not going to stop because this is not enough to demoralise us. We have food to export. Never mind what so-called critics are doing.”

“In the ministry of agriculture,” he said, “we are not exporters. The ministry does not export. We’re going to talk to the port authority on cooling vans for vegetables and fresh produce so that exporters don’t lose money and we don’t lose face. We should begin to build cold trucks that are temperature-controlled to keep the yams till the time they have to go. We should invest in special containers for their storage.”

“If other countries are doing it, we too can do it. We’re trying to take over the market. We’ve come to nearly 70 per cent of raw output of yams. Why can’t Nigerians in Texas, Canada, London and Germany have access to the yams?”

The Minister vowed that “we will go ahead with our efforts to export yam. We will not let this opportunity slip any further. We are determined to position our people to capture the investment opportunities and benefits in the yam export to these countries. We will fix the yam export value chain. We have the volume and the market.”

“We will emphasise global best practices, engage with world class experts and international organisations as well as leverage the strength in indigenous knowledge. We will support investment in relevant infrastructure and facilities.

“We will revive the abandoned yam conditioning centres in Ekiti and Nassarawa states while we encourage the construction of new ones with appropriate equipment to boost storage and export prospects. We appeal to Nigerians, in the spirit of patriotism, to see the silver lining around the cloud of the week of misinformation about yam export.

“We have commenced engagement with the National Assembly for the repeal of the 1989 law that prohibits export of yams and other agro-commodities.

“Currently, the bill has passed the second reading at the National Assembly. The continued existence of this law is an obstruction against the economic diversification and export initiative of this administration. We plead with the National Assembly to fast-track the repeal of the law and help us further unlock our export potential,” he said.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Seplat Completes Conversion of Onshore Assets to PIA Fiscal Regime

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Seplat Energy

By Adedapo Adesanya

Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.

In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.

The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.

The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.

According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.

Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.

“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.

He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.

Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.

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Economy

NASD Index Rises 0.16% on Renewed Investors’ Appetite

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.

Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.

InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.

The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.

However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.

NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.

As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.

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Economy

Nigeria’s Stock Exchange Sustains Bull Run by 0.26%

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exposure to Nigerian stocks

By Dipo Olowookere

The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.

This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.

Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.

On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.

During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.

The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.

When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.

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