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Nigeria’s Cocoa Exports Soar By 304% On Rising Global Demand, Weak Naira — NBS

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Nigeria experienced a 304 percent increase in cocoa exports during the first quarter of 2024, driven by a surge in demand and the weakening of the naira, based on figures released by the National Bureau of Statistics (NBS).

Cocoa exports from the country made up 42.4 percent of the N1.04 trillion total agricultural exports for the quarter, climbing significantly to N438.7 billion in Q1 2024, compared to N108.6 billion during the same period in 2023.

Cocoa prices jumped by more than 567 percent in the first quarter of 2024, exceeding N12 million per metric ton for the first time domestically. This was caused by a major supply shortfall from Ivory Coast and Ghana, two key producers, disrupting the global market.

The price boom encouraged Nigerian cocoa farmers to revive old plantations and plant improved seedlings, replacing aging trees and expanding their farms.

“You can imagine the efforts and the returns that are coming from the export of cocoa,” said Adeola Adegoke, national president of the Cocoa Farmers Association of Nigeria, (in a chat with BusinessDay).

“It shows that if governments and all of us at the private sector can remain focused in terms of increasing and decentralising the production of cocoa, Nigeria could be producing about 500,000 to 600,000 metric tons,” he added.

He said the revenue from cocoa exports in the first quarter highlights the vast potential of cocoa production in Nigeria. He believes this potential could be fully harnessed with the right level of attention and investment, helping to increase national earnings.

Despite the jump in export earnings, Mufutua Abolarinwa, national president of the Cocoa Association of Nigeria (CAN), pointed out that output levels have not changed.

Abolarinwa noted that the increase in export income doesn’t match the actual production volume.

“The reason for this high revenue from cocoa export is because of the dollar exchange rate,” he said. “Production did not necessarily increase from its current 280,000 metric tons.”

According to the International Cocoa Organisation (ICCO), Nigeria ranks as the fourth-largest cocoa producer globally with 280,000 metric tonnes produced during the 2022–2023 season, following Ivory Coast, Indonesia, and Ghana. It also stands as the third-largest exporter after Ivory Coast and Ghana.

During the first half of the year, cocoa prices reached record highs of $12,000 per tonne in April 2024, according to ICCO data.

On the local scene, cocoa bean prices have also spiked due to the weaker naira. Farmers have reported better profits during this price surge, with many returning to their farms to take advantage of the favorable market.

Sayina Riman, a cocoa grower from Ikom in Cross River State, told BusinessDay that he dedicated more time to his farm this year than in previous years.

“I paid more attention to my cocoa farm this year than before. I pruned the undergrowth and applied liquid fertiliser, which is something I have never done,” Riman said.

He said his income grew by 200 percent, although a large portion of it was spent on labor costs.

Oba Dokun Thompson, the Oloni of Eti-Oni and chairman of the Eti-Oni Development Group, who also produces Gureje IV chocolate bars, emphasized the need to focus on value addition in cocoa, beyond just the financial returns.

He said that the ongoing price rally is not sustainable, as more cocoa-producing regions are increasing their capacity, which could result in a drop in prices within the next two years.

Thompson encouraged farmers to keep up the momentum Nigeria has seen so far in 2024 and emphasized the importance of developing the cocoa industry as a value-added sector.

“Government needs to support innovation and creative ideas, new ideas and new ways to ensure that there is a clear understanding of the cocoa industry,” he said.

The chocolate maker added that in order for Nigeria to establish a strong cocoa culture in West Africa and across the continent, government support for the sector is crucial.

BIG STORY

ICPC Gets Court Order To Detain El-Rufai For Another 14 Days

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured the extension of the order to detain a former Governor of Kaduna State, Mallam Nasir El-Rufai, for another 14 days.

This order was granted to enable the anti-graft agency enough time to conclude its investigation into allegations against the former governor, which has now widened.

The latest order, which was granted on Thursday in the presence of el-Rufai’s lawyer, will lapse on March 19th.

But el-Rufai’s counsel, whose application to quash the first remand order was dismissed by a Chief Magistrate Court in Bwari, has returned to the same court to nullify the latest order.

The trial Chief Magistrate, Okechukwu John Akweke, has fixed March 17th to decide whether or not he should set aside the latest detention order.

Contrary to media hype and the claims of some lawyers, the Chief Magistrate Court records obtained revealed that the renewal of El-Rufai’s detention for a further 14 days was granted on Thursday, with the ex-governor duly represented.

The order of Chief Magistrate Akweke reads: “Upon hearing and listening to the prosecuting counsel, Dr Osuobeni Ekoi Akponimisingha Esq., praying this Honourable court for the following orders:

“An order of this Honourable Court issuing a remand warrant against the Respondent (NASIR AHMAD EL-RUFAI) in favour of the Applicant, i.e. Independent Corrupt Practices and other Related Offences Commission (ICPC) to detain the Respondent (NASIR AHMAD EL-RUFAI) in its custody for another fourteen (14) days pending conclusion of investigation activities on allegations of Money Laundering/abuse of office.

“And for such other or further order(s) as this Honourable court may deem fit to make in the circumstances.

“It is hereby ordered that: Application granted as prayed.

“That the Applicant, i.e. the Independent Corrupt Practices and other Related Offences Commission ICPC, is hereby ordered to re-detain the Respondent (NASIR AHMAD EL-RUFAI) for an additional 14 days to enable the commission to conclude investigation activities.

“That the return date shall be the 19th day of March 2026, for the report of compliance.”

A source in ICPC said, “ With a Senior Advocate of Nigeria as the commission’s chairman, we cannot detain el-Rufai or any suspect without a valid court order.

“El-Rufai’s legal team has been part of all our legal processes. But the narration out there is that ICPC is oppressing him. The first remand order was challenged by his lawyer, and the case was dismissed. The second remand order is an issue before the court, which will rule on March 17th. They feed the public with false information instead of being forthcoming about what transpired in court.

“The ICPC Chairman has no vested interest, and he is not being used. We have an outstanding petition against el-Rufai, and equity demands that we hear from him.”

El-Rufai fights back, says Chief Magistrate Court Order is a jurisdictional overreach

Despite losing the battle to nullify the first remand order, el-Rufai, through his lawyer, Ukpong Esop Akpan, said the order of the Chief Magistrate Court was a jurisdictional overreach.

He filed an application brought pursuant to sections

293, 294, 295, 296, 298, 299and 100 of the Administration of Criminal Justice Act (ACJA) 2015; Section 6 (6) (B) of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended); and Order 26, Rules 1-3 of the Magistrates’ Courts Rules of the Federal Capital Territory under the inherent jurisdiction of this Honourable Court.

“A 20-paragraph affidavit deposed to by Mohammed Salihu Shaba, said as follows:

“That I have the authority and consent of the Respondent/Applicant to depose to this affidavit in support of the Motion.

“That the Remand Order dated 19th February, 2026, made by this Honourable Court (a Certified True Copy of which is attached hereto and marked as Exhibit “A”) is fundamentally defective and ought to be set aside for nullity.”

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BIG STORY

Ghana Immigration Arrests 93 Nigerians Over ‘Internet Fraud’

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The Ghana Immigration Service (GIS) says it has arrested 93 Nigerians over alleged involvement in internet fraud and violations of immigration laws.

In a statement on Monday, the GIS said the arrest followed an intelligence–led raid on a suspected internet fraud network operating at Devtraco Estate in Accra.

According to the statement issued by Maud Anima Quainoo, the suspects comprise 91 males and two females.

Quainoo added that 73 victims who had reportedly endured severe abuse and torture at the hands of the suspects were also rescued during the raid.

Items recovered from the premises included 82 laptops, 57 mobile phones, 17 television sets, counterfeit US dollar notes, and fake gold bars, along with several household appliances believed to have been used to support the fraudulent operations.

Preliminary investigations indicate that some suspects entered Ghana through unauthorised border crossings. In contrast, others allegedly overstayed the 90-day visa-free period available to citizens of member countries of the Economic Community of West African States (ECOWAS).

The 73 rescued victims have since been repatriated to Nigeria, the statement said, adding that investigations are continuing at the GIS headquarters to determine the full scale of the criminal network.

The GIS urged foreign nationals in Ghana to comply with the country’s immigration and criminal laws.

In January, the Ghana police arrested 53 Nigerians allegedly involved in cybercrime and rescued 44 suspected victims of forced labour.

In separate operations last December, authorities arrested some 78 Nigerians linked to cybercrime.

 

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BIG STORY

EFCC Declares 40-Year-Old Chinese National Wanted For ‘Obtaining Money By False Pretence’

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The Economic and Financial Crimes Commission (EFCC) has declared Peiyuan Niu, a Chinese national, wanted over an alleged case of obtaining money by false pretence.

In a public notice released on Tuesday by Dele Oyewale, EFCC spokesperson, the agency said the last known address of Niu is 111 Kudirat Abiola Way, Oregun, Lagos State.

“The public is hereby notified that PEIYUAN NIU, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of obtaining money by false pretence,” the notice reads.

“Niu, 40, is a Chinese national, and his last known address is 111, Kudirat Abiola Way, Oregun, Lagos State.

“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: [email protected] or the nearest police station and other security agencies.”

This is not the first time allegations of fraud have been levelled against a Chinese national in Nigeria.

In December 2024, 792 suspects were arrested in Lagos when the EFCC carried out its largest single-day operation against cryptocurrency and romance scam networks.

Members of the syndicate include 114 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. Some of the suspects have been convicted of internet fraud.

 

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