Workers at the Nigeria Commodity Exchange (NCX) have urgently appealed to President Bola Ahmed Tinubu to save the institution from collapse. In a January 27, 2026 statement titled “Save Our Soul,” the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE) warned that the Nigeria Commodity Exchange crisis has reached a breaking point.
The union cited three main causes: withdrawal of government funding, governance failures, and unresolved staff welfare issues. According to AUPCTRE leaders Aliyu Maradun and Jibril Adebanjo, the NCX—established in 1998 and later converted into a national commodity exchange—is now on the brink of failure. Yet, it was meant to serve critical goals like food security, farmer support, and lower food inflation.
The situation worsened after October 2023, when the Federal Government appointed Anthony Atuche as CEO. Shortly after, the Central Bank of Nigeria (CBN) stopped all funding. Since then, the exchange has operated in severe financial distress. The workers say the government must act fast—either by investing directly or by pushing the CBN to revive its proposed ₦50 billion InfraCo investment.
Moreover, the union accused current management of violating public sector rules. It claims leadership has ignored ethical standards and undermined staff rights. This, they argue, damages public trust in government institutions.
A major concern is the rejection of a PwC workplace welfare report. Despite clear recommendations, the Managing Director refused to implement them. As a result, employees endure harsh working conditions. Many have faced career stagnation for eight to nine years with no promotions. Others have not received their legally mandated minimum wage, arrears, or wage awards—even though President Tinubu signed them into law in 2024.
The union also reported non-payment of critical benefits. Families of deceased staff have not received death benefits. Retirees are still waiting for their dues. Worse, the NCX has failed to remit statutory deductions—including taxes, pensions, NHF contributions, and union dues—to the proper authorities for years.
Given these issues, the workers made two key demands. First, they asked President Tinubu to return full operational control of the NCX to the CBN. Second, they called for the Managing Director to step aside immediately. An independent, time-bound investigation should follow, they said, due to mounting allegations and legal risks.
As of Thursday, CEO Anthony Atuche had not responded to requests for comment.
In summary, the Nigeria Commodity Exchange crisis threatens not just jobs but a vital tool for national food and economic security. Without urgent intervention, the institution may collapse—undermining years of policy effort and leaving farmers and consumers more vulnerable. The workers’ plea is clear: act now, or lose the NCX forever.
READ: Multi-Trex Secures NGX Extension to Boost Public Shareholding
