Workers of the Nigeria Commodity Exchange (NCX) have appealed to President Bola Ahmed Tinubu to urgently intervene and rescue the Exchange from imminent collapse, warning that the institution has been pushed to the brink by funding withdrawal, governance lapses, and unresolved staff welfare issues.
The appeal was contained in a statement dated January 27, 2026, titled “Save Our Soul: An Appeal from Workers of Nigeria Commodity Exchange to President Bola Ahmed Tinubu,” issued by the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE).
The statement was signed by the AUPCTRE Chairman, FCT Council, Aliyu Maradun, and the Secretary, Jibril Adebanjo.
“The Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees stands with the workers of the Nigeria Commodity Exchange and calls on our dear President of the Federal Republic of Nigeria, President Bola Tinubu, to save the entire institution from imminent collapse,” the union said.
The workers recalled that the Exchange was incorporated in 1998 and later converted to a commodity exchange to support national economic objectives, particularly food security.
According to them, the NCX is expected to serve as a special purpose vehicle to improve farmers’ livelihoods, ensure year-round food availability and affordability, and help reduce food inflation. However, they stressed that sustained government intervention is required to keep the Exchange afloat.
“The government needs to make investments in the NCX or direct its shareholders, especially the CBN, to revisit its earlier proposed N50bn investment in the NCX through InfraCo to ensure the Exchange lives up to expectations,” the statement read.
The union said the crisis worsened following the appointment of a substantive Chief Executive Officer in October 2023.
“After the Federal Government appointed Mr Anthony Atuche, the CBN immediately ceased funding the NCX, and the Exchange has been in a precarious financial condition, with the situation only deteriorating,” it stated.
The workers accused the current management of allegedly violating public sector rules and undermining staff welfare, warning that such actions threaten the institution’s credibility and public trust.
On staff welfare, the union cited a PricewaterhouseCoopers (PwC) report, saying the Managing Director had refused to implement its recommendations despite identifying key areas for improvement.
“The PwC report on workplace welfare identified several areas for improvement, but the Managing Director of the Nigeria Commodity Exchange has vehemently refused to pursue its implementation, thereby subjecting workers to untold hardship,” the statement said.
The workers also complained of prolonged career stagnation, alleging that employees had remained on the same grade level for between eight and nine years due to the absence of promotion exercises.
On wages, the union expressed concern that NCX management had failed to engage workers on the implementation of the new minimum wage, arrears, and wage awards approved by President Tinubu.
“There has been no move or plan by NCX management since 2024 to discuss with employees how and when to commence payment of their minimum wage, arrears, and wage award,” it said.
The statement further alleged non-payment of benefits to families of deceased staff and retired workers, as well as failure to remit statutory deductions such as tax, pension, National Housing Fund (NHF), and union dues.
“Over the years, the management of NCX has refused to remit deductions from employees’ salaries to the appropriate authorities,” the union alleged.
As part of its demands, the workers urged the President to approve urgent structural changes, including the return of the Central Bank of Nigeria to full operational control of the Exchange.
The union also called for accountability, requesting that the Managing Director step aside pending the outcome of an independent, time-bound investigation into the allegations.
