Economy
Lagos Seeks N100bn Yearly to Buy Paddy for Imota Rice Mill
By Modupe Gbadeyanka
The Lagos State government has said it would need about N100 billion annually to purchase paddy for the Imota Rice Mill in the Ikorodu area of the metropolis.
The Special Adviser to the Governor on Agriculture and Rice Mill Initiative, Mr Oluwarotimi Fashola, made this disclosure at an event held in Alausa, the state capital, recently.
He said this huge amount of money might not be taken from the government’s purse because of other items begging for attention, but the capital market would be a good avenue to source such funds.
According to him, this is why the state government has agreed to partner with the Lagos Commodities and Future Exchange (LCFE) and other key capital market operators to provide sustainable finance to the commodities ecosystem through the generation of tradable financial instruments.
“We are delighted with this partnership, and with this development, Lagos State has become the first sub-national that will have such an engagement with a commodities exchange.
“A lot has been said about the consumption of rice in Lagos, and I am sure everyone would have eaten rice at least once this week.
“Our per capita consumption of rice is the highest in Nigeria, and it is one of the highest in Africa. It is about 40 kilogram per person per year, and that is almost 50kg of rice per year, and if that is multiplied by our population of over 22 million, the demand for rice in Lagos will be better situated,” the aide to Governor Babajide Sanwo-Olu said.
Describing the Eko Rice as the best in Nigeria today, Mr Fashola said the Lagos rice mill in Imota has come to challenge the status quo about the quality of rice and that there was a need to ensure the ceaseless flow of raw material to make it function optimally.
“Imota mill will require over 200,000 tonnes of paddy annually. It is not cheap. In Nigeria, as of today, that is going into almost N100 billion, and N100 billion of taxpayers’ money being taken from the government will not be the easiest to do in any financial year but with the partnership with the commodities exchange, we can maintain the flow of paddy to the mill, the mill continues to run, we have a comparative advantage of having a good price, and at the same time, the finished rice becomes available in the market,” he noted.
In his remarks, the Managing Director of LCFE, Mr Akinsola Akeredolu-Ale, said, “At the commodities exchange, we understand the need to deepen the capital market and the commodities ecosystem concurrently.
“The capital market plays a critical role in providing sustainable finance to the ecosystem through the generation of tradeable financial instruments,” noting that the liquidity would be raised in batches, with N5 billion targeted for the first batch, N30 billion within six months, and the N100 billion annual target.
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.
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.
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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