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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

Dangote Refinery’s Domestic Petrol Supply Jumps 64.4% in December

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Dangote refinery petrol

By Adedapo Adesanya

The domestic supply of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery increased by 64.4 percent in December 2025, contributing to an enhancement in Nigeria’s overall petrol availability.

This is according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its December 2025 Factsheet Report released on Thursday.

The downstream regulatory agency revealed that the private refinery raised its domestic petrol supply from 19.47 million litres per day in November 2025 to an average of 32.012 million litres per day in December, as it quelled any probable fuel scarcity associated with the festive month.

The report attributed the improvement to more substantial capacity utilisation at the Lagos-based oil facility, which reached a peak of 71 per cent in December.

The increased output from Dangote Refinery contributed to a rise in Nigeria’s total daily domestic PMS supply to 74.2 million litres in December, up from 71.5 million litres per day recorded in November.

The authority also reported a sharp increase in petrol consumption, rising to 63.7 million litres per day in December 2025, up from 52.9 million litres per day in the previous month.

In contrast, the domestic supply of Automotive Gas Oil (AGO) known as diesel declined to 17.9 million litres per day in December from 20.4 million litres per day in November, even as daily diesel consumption increased to 16.4 million litres per day from 15.4 million litres per day.

Liquefied Petroleum Gas (LPG) supply recorded modest growth during the period, rising to 5.2 metric tonnes per day in December from 5.0 metric tonnes per day in November.

Despite the gains recorded by Dangote Refinery and modular refineries, the NMDPRA disclosed that Nigeria’s four state-owned refineries recorded zero production in December.

It said the Port Harcourt Refinery remained shut down, though evacuation of diesel produced before May 24, 2025, averaged 0.247 million litres per day. The Warri and Kaduna refineries also remained shut down throughout the period.

On modular refineries, the report said Waltersmith Refinery (Train 2 with 5,000 barrels per day) completed pre-commissioning in December, with hydrocarbon introduction expected in January 2026. The refinery recorded an average capacity utilisation of 63.24 per cent and an average AGO supply of 0.051 million litres per day

Edo Refinery posted an average capacity utilisation of 85.43 per cent with AGO supply of 0.052 million litres per day, while Aradel recorded 53.89 per cent utilisation and supplied an average of 0.289 million litres per day of AGO.

Total AGO supply from the three modular refineries averaged 0.392 million litres per day, with other products including naphtha, heavy hydrocarbon kerosene (HHK), fuel oil, and marine diesel oil (MDO).

The report listed Nigeria’s 2025 daily consumption benchmarks as 50 million litres per day for petrol, 14 million litres per day for diesel, 3 million litres per day for aviation fuel (ATK), and 3,900 metric tonnes per day for cooking gas.

Actual daily truck-out consumption in December stood at 63.7 million litres per day for petrol, 16.4 million litres per day for diesel, 2.7 million litres per day for ATK and 4,380 metric tonnes per day for cooking gas.

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Economy

SEC Hikes Minimum Capital for Operators to Boost Market Resilience, Others

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Investments and Securities Act 2025

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has introduced a comprehensive revision of minimum capital requirements for nearly all capital market operators, marking the most significant overhaul since 2015.

The changes, outlined in a circular issued on January 16, 2026, obtained from its website on Friday, replace the previous regime. Operators have been given until June 30, 2027, to comply.

The SEC stated that the reforms aim to strengthen market resilience, enhance investor protection, discourage undercapitalised operators, and align capital adequacy with the evolving risk profile of market activities.

According to the circular, “The revised framework applies to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers.”

Some of the key highlights of the new reforms include increment of minimum capital for brokers from N200 million to N600 million while for dealers, it was raised to N1 billion from N100 million.

For broker-dealers, they are to get N2 billion instead of the previous N300 million, reflecting multi-role exposure across trading, execution, and margin lending.

The agency said fund and portfolio managers with assets above N20 billion must hold N5 billion, while mid-tier managers must maintain N2 billion with private equity and venture capital firms to have N500 million and N200 million, respectively.

There was also dynamic rule as firms managing assets above N100 billion must hold at least 10 per cent of assets under management as capital.

“Digital asset firms, previously in a regulatory grey area, are now fully covered: digital exchanges and custodians must maintain N2 billion each, while tokenisation platforms and intermediaries face thresholds of N500 million to N1 billion. Robo-advisers must hold N100 million.

“Other segments are also affected: issuing houses offering full underwriting services must hold N7 billion, advisory-only firms N2 billion, registrars N2.5 billion, trustees N2 billion, underwriters N5 billion, and individual investment advisers N10 million. Market infrastructure providers carry some of the highest obligations, with composite exchanges and central counterparties required to maintain N10 billion each, and clearinghouses N5 billion,” the SEC added.

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Economy

Austin Laz CEO Austin Lazarus Offloads 52.24 million Shares Worth N227.8m

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austin laz and company plc

By Aduragbemi Omiyale

The founder and chief executive of Austin Laz and Company Plc, Mr Asimonye Austin Lazarus Azubuike, has sold off about 52.24 million shares of the organisation.

The stocks were offloaded in 11 tranches at an average price of N4.36 per unit, amounting to about N227.8 million.

The transactions occurred between December 2025 and January 2026, according to a notice filed by the company to the Nigerian Exchange (NGX) Limited on Friday.

Business Post reports that Austin Laz is known for producing ice block machines, aluminium roofing, thermoplastics coolers, PVC windows and doors, ice cream machines, and disposable plates.

The firm evolved from refrigeration sales to diverse manufacturing since its incorporation in 1982 in Benin City, Edo State, though facing recent operational halts.

According to the statement signed by company secretary, Ifeanyi Offor & Associates, Mr Azubuike first sold 1.5 million units of the equities at N2.42, and then offloaded 2.4 million units at N2.65, and 2.0 million units at N2.65.

In another tranche, he sold another 2.0 million units at a unit price of N2.91, and then 5.0 million units at N3.52, as well as about 4.5 million at N3.87 per share.

It was further disclosed that the owner of the company also sold 9.0 million shares at N4.25, and offloaded another 368,411 units at N4.66, then in another transaction sold about 6.9 million units at N4.67.

In the last two transactions he carried out, Mr Azubuike first traded 10.0 million units equities at N5.13, with the last being 8.5 million stocks sold at N5.64 per unit.

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