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Food Blockade: Price of Onions Crashes in Kano

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onions at Lagos Markets

By Ahmed Rahma

Following the blockade of food items from the northern part of Nigeria to its southern counterpart, the price of onions has crashed in one of Nigeria’s biggest cities, Kano State on Wednesday, The Cable is reporting.

Sellers of the food item lamented about the significant decline in the price as a bag of onions, which used to be sold at N35,000, was now selling for N7,000 and there are only fewer buyers in the city.

Recently, the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN) demanded the payment of N4.7 billion as compensation to them by the government for the losses incurred during the Shasha market crisis in Oyo State as well as the 2020 violence that erupted during the October 2020 #EndSARS protest.

Also, the Miyetti Allah Cattle Breeders Association threatened to sustain the food besiegement until the safety of its members in the south was guaranteed.

According to Mr Aliyu Mohammed, the coordinator of the Kwara State chapter of Miyetti Allah, the beleaguerment is a ‘’warning shot’’ to safeguard their business interest.”

“Except those who may decide to take other routes to get to the state or those who may act in defiance to the directive, the traders would not come from the north and those who come may be stopped or sanctioned,” Mr Mohammed added.

It was reported at the weekend that the north is diverting food items to Niger Republic and Cameroon, and that trade routes to the south have been besieged.

Trucks containing food items were stopped from moving south at Jebba in Niger State by some irate youths though the Nigerian Defence Headquarters said the military intervened and cleared the path.

Speaking on the matter, the national president of the Northern Consensus Movement, Mr Abdullahi Aliu, confirmed the diversion of food items from the north to neighbouring countries.

“As I speak to you, my people are already shipping their goods, onions, tomatoes and what have you to Niger (Republic), Cameroon, and other neighbouring countries through Illela border.

“Our people have already found a way of not wasting their goods. They will not be wasted. They will be sold just like the way they were being moved to the south-west, south-east or south-south. So, my people will end up not losing anything,” he had said.

On Tuesday, the President of AUFCDN, Mr Mohammed Tahir, was detained by the Department of State Services as beef scarcity hit Ibadan, Oyo state, according to The Nation.

The General-Secretary of the union, Mr Ahmed Alaramma, at a news conference in Abuja, confirmed that the DSS had in the morning invited the union leadership to a meeting, which ended 3.30 pm on Tuesday.

He, however, did not say if Mr Tahir was arrested before or after the meeting with the secret service personnel.

“Our president is at present with DSS right now. They came to invite us this morning because of this protest we are doing. Up till now, our President has not come out from that DSS office. So, this is the first day they are inviting us,” he said. The news conference ended 5 pm.

But the DSS, in a terse response to the invitation, was silent on the alleged arrest of the union leader.

“They attended a meeting at the headquarters as part of the service’s interventions to resolve issues. The meeting which started about 1:30 pm and ended at 3.30 pm today held in an atmosphere of peace,” said the DSS spokesman, Mr Peter Afunanya.

Meanwhile, the blockade of the food items from north to south has been removed after the aggrieved union suspended the action.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Economy

Dangote Refinery Imports $3.74bn Crude in 2025 to Bridge Supply Gap

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Dangote refinery import petrol

By Adedapo Adesanya

Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.

The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.

Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.

For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.

Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.

The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.

However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.

At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.

The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.

Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.

Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.

Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.

In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.

This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.

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Economy

Sovereign Trust Insurance Submits Application for N5.0bn Rights Issue

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Sovereign Trust Insurance

By Aduragbemi Omiyale

An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.

The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.

A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.

The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.

Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.

“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.

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Economy

Food Concepts Plans 10 Kobo Interim Dividend Payout

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food concepts

By Adedapo Adesanya

Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.

This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.

The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.

This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.

The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.

The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.

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