Workers of the Nigeria Commodity Exchange (NCX) have appealed to President Bola Ahmed Tinubu to urgently intervene and rescue the Exchange from what they describe as an imminent institutional collapse, warning that continued neglect could undermine Nigeria’s food security framework and agricultural market reforms.
The call was made in a strongly worded statement issued by the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees, which said the NCX had been crippled by prolonged funding withdrawal, unresolved governance concerns, and worsening staff welfare conditions.
The statement, dated January 27, 2026, was titled “Save Our Soul: An Appeal from Workers of Nigeria Commodity Exchange to President Bola Ahmed Tinubu” and signed by the union’s FCT Council Chairman, Aliyu Maradun, and Secretary, Jibril Adebanjo.
According to the union, the situation at the Exchange has deteriorated to a point where urgent presidential action is required to prevent total operational breakdown.
Background to NCX and its national mandate
The Nigeria Commodity Exchange was incorporated in 1998 and later converted into a commodity exchange to support national economic objectives, particularly in agriculture, food security, and price stabilisation.
Workers noted that the NCX was designed to function as a strategic government tool to improve farmers’ livelihoods, ensure year-round food availability, reduce post-harvest losses, and help moderate food inflation through transparent commodity trading.
They stressed that a functional commodity exchange is critical at a time when Nigeria continues to battle high food prices, climate-related production shocks, and supply chain inefficiencies.
However, the union warned that these objectives are now at risk due to the Exchange’s fragile financial and administrative condition.
Tinubu urged to rescue NCX from imminent collapse
Central to the workers’ appeal is a call for renewed government investment and structural intervention to stabilise the Exchange.
They urged the Federal Government to either inject fresh capital into the NCX or direct its major shareholders—particularly the Central Bank of Nigeria—to revisit an earlier proposal to invest N50bn in the Exchange through the Infrastructure Corporation of Nigeria (InfraCo).
“The government needs to make investments in the NCX or direct its shareholders, especially the CBN, to revisit its earlier proposed N50bn investment to ensure the Exchange lives up to expectations,” the statement said.
The workers argued that without such intervention, the NCX risks losing relevance at a time when commodity exchanges are increasingly being used globally to enhance food security and agricultural transparency.
Funding withdrawal deepens crisis
According to the union, the Exchange’s financial challenges worsened significantly after the Federal Government appointed a substantive chief executive officer in October 2023.
They alleged that following the appointment of Mr Anthony Atuche as Managing Director, the Central Bank of Nigeria ceased funding the NCX, plunging the institution into a precarious financial situation.
“Since the appointment, the Exchange has been in a precarious financial condition, with the situation only deteriorating,” the workers said.
They warned that persistent funding gaps have affected core operations, staff morale, and the Exchange’s ability to deliver on its statutory mandate.
Allegations of governance lapses
Beyond funding concerns, the union accused the current management of actions that allegedly undermine public sector standards and institutional credibility.
According to the statement, attempts to sidestep established public service rules and ethical norms have weakened trust within the organisation and exposed it to reputational risks.
“The NCX management’s actions, including attempts to circumvent established public sector rules and ethical standards, threaten the institution’s credibility and the public trust in government entities,” the union stated.
They called for urgent reforms to restore transparency, accountability, and compliance with public sector governance frameworks.
Welfare concerns and career stagnation
The workers also highlighted severe staff welfare challenges, citing an independent PricewaterhouseCoopers report that identified key areas requiring urgent improvement.
They alleged that despite the report’s recommendations, the Managing Director had refused to implement the findings, leaving staff exposed to prolonged hardship.
According to the union, employees of the Exchange have experienced career stagnation, with some workers remaining on the same grade level for eight to nine years due to the absence of regular promotions.
“This has severely affected morale and productivity,” the union said.
On remuneration, workers expressed frustration that NCX management has yet to initiate discussions on implementing the new minimum wage, wage awards, and arrears approved by President Tinubu since 2024.
The union further accused the management of failing to pay statutory benefits to both deceased and retired staff.
They demanded the immediate settlement of death benefits in line with existing service rules, as well as the prompt payment of entitlements owed to retired employees.
Additionally, workers raised concerns over alleged non-remittance of statutory deductions, including taxes, pensions, National Housing Fund contributions, and union dues, describing the situation as both unethical and potentially unlawful.
“Over the years, the management of NCX has refused to remit deductions from employees’ salaries to the appropriate authorities,” the statement alleged.
Call for CBN’s return and independent probe
As part of their proposed solutions, the workers urged President Tinubu to approve the return of the Central Bank of Nigeria to full operational oversight of the Exchange, arguing that the CBN’s involvement previously provided financial stability and institutional discipline.
They also called for accountability at the management level, requesting that the Managing Director step aside pending the outcome of an independent, time-bound investigation into the multiple allegations.
According to the union, the probe should cover staff welfare, statutory remittances, governance practices, and the growing litigation risks facing the Exchange.
Efforts by our correspondent to obtain a response from the Managing Director were unsuccessful, as calls and messages sent to his phone were not returned as of press time.
The unfolding crisis at the NCX raises broader questions about institutional oversight, agricultural market reforms, and the Federal Government’s commitment to safeguarding strategic economic agencies amid Nigeria’s ongoing food security challenges.
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