Economy
Global Food Prices Jump 11th Consecutive Month in April
By Adedapo Adesanya
The prices of food commodity globally rose for the 11th consecutive month in April 2021, led by sugar, oil, and meat, the Food and Agriculture Organisation of the United Nations (FAO) has said.
The FAO said this in its Food Price Index report released on Thursday. The index tracks international prices of most commonly traded food commodities.
The FAO Food Price Index averaged 120.9 points in April, 1.7 per cent higher than March 2021 and 30.8 per cent higher than the same period of last year.
“The increase marked the 11th conservative monthly rise in the value of the FAO Food Price Index to its highest level since May 2014.
“And in nominal terms is 12 per cent below its all-time peak in February 2011,” it said.
The FAO Sugar Price Index increased 39 per cent from March and reached levels nearly 60 per cent above those registered in the corresponding month last year.
“The April rebound in international sugar price quotations was prompted by strong buying amid heightened concerns over tighter global supplies in 2020/21, due to the slow harvest progress in Brazil and frost damage in France.
“Further support was provided by the strengthening of the Brazilian Real against the US Dollar, which tends to affect shipments from Brazil, the world’s largest sugar exporter.
According to the report, the FAO Vegetable Oil Price Index averaged 162.0 points in April, up 1.8 per cent month-on-month, driven by rising soy, rapeseed and palm oil quotations more than offsetting lower sunflower oil values.
“International palm oil prices continued to rise in April on concerns over slower-than-expected production growth in major exporting countries.
“Soy and rapeseed oil values climbed further too, underpinned by respectively, firm global demand, including from biodiesel producers and protracted global supply tightness.
“By contrast, international prices of sunflower oil contracted moderately on-demand rationing,” it said.
In the report, the FAO Meat Price Index averaged 101.8 points in April, up 1.7 per cent from the slightly revised value for March, marking a seventh consecutive monthly increase and raising the index by 5.1 per cent above the corresponding month last year.
“In April, bovine and ovine meat quotations rose, underpinned by solid demand from East Asia, amidst tight supplies from Oceania due to ongoing herd rebuilding and low inventories.
“Elevated internal sales in some producing regions also supported bovine and ovine meat prices.
“Pig meat quotations firmed on continued high purchases by East Asia, despite increased overall shipments from the European Union, while Germany continued with no access to the Chinese market over African swine fever concerns.
“Meanwhile, poultry meat prices remained steady, reflecting generally balanced global markets,” the report said.
The report said the FAO Cereal Price Index averaged 125.1 points in April, up 1.2 per cent from March, resuming its climb after a short-lived one-month respite in March, and stood 26 per cent above its April 2020 level.
“Maize prices rose 5.7 per cent in April.
“With overall tightening maize supplies, on top of continued strong demand, maize prices stood 66.7 per cent above their values one year earlier and remain at their highest level since mid-2013.
“Among other coarse grains, international barley and sorghum prices continued to soften, falling 1.2 and 1.0 per cent in April but remained 26.8 and 86.5 per cent above their respective values in the corresponding month last year,” it said.
International wheat prices were generally steady in April, remaining over 17 per cent above their April 2020 values.
“By contrast, international rice prices decreased again in April, mainly reflecting currency movements and slow trading activities, with persistent logistical constraints and freight costs continuing to hinder fresh deals,” it said.
The report said the FAO Dairy Price Index averaged 118.9 points in April, up 1.2 per cent from March, rising for the eleventh consecutive month and lifting the index 24.1 per cent above its value a year ago.
“In April, butter quotations rose, underpinned by solid import demand from Asia, notwithstanding weaker internal demand in Europe.
“Skim milk powder prices increased due to high import demand from East Asia, induced partly by concerns over potential shipping delays amid limited spot supplies from Europe and Oceania.
“Cheese prices also increased due to high demand from Asia, amid lower-than-expected production in Europe and seasonally declining supplies from Oceania.
“By contrast, quotations for whole milk powder declined slightly, reflecting lower import demand for the available supplies, following significantly high volumes traded recently,” it said.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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