Economy
Importation Of Poisonous Foods Into Nigeria Fears NEC
By Modupe Gbadeyanka
The National Economic Council (NEC) has expressed concerns over the importation of some poisonous consumable goods into Nigeria.
The council, which met on Tuesday in Abuja, has called on the relevant agencies to tackle the issue and avert danger in the country.
At the meeting president over by Vice President Yemi Osinbajo, NEC urged the National Agency for Food Drug Administration and Control (NAFDAC) and the Standard Organisation of Nigeria (SON) to ensure only quality products are allowed in the country.
The council noted in dismay how frozen chickens preserved with very dangerous chemicals were allowed into Nigeria without checks.
Addressing newsmen of the outcome of the meeting yesterday, Governor Rochas Okorocha of Imo State said, “We were concerned of some of the imported goods, some of the items imports into this country in the name of food and we have cautioned seriously that SON, NAFDAC and other agencies that deal with quality of goods should do their utmost best so that rubbish is not sent into this country in the name of food.
“We realized that some of the frozen chicken and fish imports into this country were being preserved with very dangerous chemicals. So we are of the opinion that this area should be looked into.
“And again, we all resolved that agriculture should continue to take the centre stage in this country for now so that our country will be able to feed itself. If we are not able to do this, employment for our youth would be a mere dream.”
Also, Mr Okorocha said the council endorsed the Federal Government’s plan to increase the contribution of the solid minerals sector to the nation’s treasury.
He said the Minister of Mines and Steel Development presented a Memorandum to Council on the need to engage Independent Professional Revenue Consultants to increase the contribution of the Solid Minerals Sector to the revenue of the Government of the Federation.
“The imperative of the memo therefore arose after a comprehensive review of the revenue generation profile of the mining sector and the need to plug avoidable revenue leakages, which occur due to the inadequacies inherent in the existing revenue collection systems.
“NEITI estimated total revenue from the mining sector at N31.449 billion and N50.2 billion in 2012 and 2013 respectively out of which only N1.9 billion and N2.01 billion respectively were remitted as Royalties to the FG.
“In addition, there were no records of royalty payment of as much as estimated billions of Naira worth from Gold, Precious Stone, Barites and other exported solid minerals
“The memo therefore became necessary now considering the economy downturn in the oil and gas industry, which has hitherto been the nation’s main source of revenue,” the Governor said.
He added that NEC backed the presentation from the Minister of Power, Works and Housing, Mr Babatunde Fashola, on the Ministry’s strategy to generate incremental power as a short term measure towards addressing current energy shortage in the country.
“DISCOS are encouraged to harness the estimated capacity of over 2,000 MW of unused/underutilized industrial/commercial generators fuelled by gas, oil and diesel that can be harvested.
“Such initiatives of harnessing such capacity to serve working target consumers are now progressing towards conclusion in Port Harcourt, Benin, Kaduna, Yola, Jos, Enugu, Ibadan, Ikeja and Eko distribution franchises with active support of the Ministry.
“Locating generation capacity close to the consumers is an effective way to deliver incremental power to rural communities were most Nigerians live, many without any electricity supply,” he told newsmen after the meeting.
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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