Category: 📈Trends

The price of a 50kg bag of rice in Nigeria has dropped significantly to around N58,000 in some areas, especially in remote regions, according to a new report by S&P Global.

The report revealed that the West African parboiled rice market is experiencing a major slump, hitting a near two-year low, as large supplies from India flood regional markets.

India’s recent removal of export duties on parboiled rice has led to an influx, heavily impacting prices.

Before now, a 50kg bag of rice sold for about N80,000 in Nigeria.

However, the arrival of cheaper rice through Benin Republic has caused prices to drop sharply.

Platts, a part of S&P Global Commodity, reported that warehouses in Benin are now filled to capacity with Indian rice.

Between September and December 2024, India exported around 2.11 million metric tonnes of parboiled rice to West Africa, a huge jump from 720,000 metric tonnes during the same period in 2023.

For the entire year 2024, India exported 5.35 million metric tonnes to the region, compared to 3.9 million metric tonnes the previous year.

A trader in Togo described the situation across West Africa as “quiet and bearish,” noting that despite lower prices, buyers remain cautious, waiting for prices to stabilise before making big purchases.

In Nigeria, where demand for rice is high, both local and imported rice prices have reportedly fallen over the past two weeks.

Local rice prices dropped from N80,000–N90,000 per 50kg bag to about N60,000, while imported Indian rice now sells for around N80,000.

Border communities in Ogun State are seeing even lower prices, with some areas selling a 50kg bag for less than N50,000, due to their closeness to Benin.

Pope Francis has finally been laid to rest inside Santa Maria Maggiore Basilica in Rome on Saturday, following a funeral mass at St Peter’s Square, the Vatican confirmed.

The late pontiff, who passed away on Monday at the age of 88, was buried during a 30-minute ceremony that began at 1:00 pm (1100 GMT).

Footage shared by the Holy See captured the moment cardinals sealed his wooden and zinc coffin with red wax, while Cardinal Kevin Farrell, the camerlengo overseeing the Vatican’s daily affairs, sprinkled holy water on it before it was lowered into the tomb.

True to his humble spirit, Francis had requested a simple and unadorned burial site.

His tombstone, bearing only the Latin inscription “Franciscus,” is made from marble sourced from Liguria, the region tied to his Italian ancestry.

Francis, born Jorge Bergoglio, had chosen the exact spot for his burial back in 2023, a side nave of the beloved fifth-century basilica where he often prayed before and after his international trips.

Devoted to the Virgin Mary, Francis’ connection to Santa Maria Maggiore was deeply personal.

The basilica, one of Rome’s four major papal churches, had not received a papal burial since Pope Clement IX in 1669.

It already houses the tombs of seven other popes and other notable figures like Gian Lorenzo Bernini, the artist behind St Peter’s Square’s iconic design.

Hundreds of thousands of mourners gathered earlier in St Peter’s Square to bid farewell to the pope, remembered as a leader who ruled “with an open heart.”

Santa Maria Maggiore, built around 432 AD under Pope Sixtus III, also holds treasured relics, including an ancient icon of the Virgin Mary and baby Jesus, believed to have been painted by Saint Luke.

See below;

Pope Francis' coffin has been entombed.

The Pope's final resting place is the Basilica of St. Mary Major in central Rome.

Hundreds of thousands of people lined the streets to watch as his coffin was brought from the Vatican to the Basilica.

The Pope is the first in over a… pic.twitter.com/50HhHs9LIP

— Vatican News (@VaticanNews) April 26, 2025

The Economic and Financial Crimes Commission EFCC, has expressed disapproval after a motivational speaker demanded $18,000 for a mentorship programme.

The spokesperson for the EFCC, Dele Oyewale, warned Nigerians against investing their money in schemes that could put them in trouble.

The fee, equivalent to nearly N30m, sparked debates on social media with some users slamming the poster, Stephen Akintayo.

Checks by our correspondent revealed that the flyer of the programme contained no account details and people who expressed interest were instructed to send a private message.

On Wednesday, April 23, 2025, Akintayo posted on his Facebook page that he had 10 slots for a one-on-one mentorship and access programme for $18,000, adding that N2.5m could be paid on the day the post was made, and the balance spread over 12 months.

In the post, the investment coach made several promises, including access to a billionaire coaching community and 45 of his books.

Reacting, Oyewale said, “There is a trace of a Ponzi scheme in that arrangement. People need to be careful about where they put their money.”

He also noted that it was unlawful to charge in dollars, adding that the EFCC frowned upon such an act.

“It is not proper to charge in dollars. One of the campaigns we are doing is against the dollarisation of our economy. For anyone to offer a mentorship programme in dollars is a violation of the laws of the land,” he added.

Nigerians on social media also expressed mixed reactions to the matter.

Criticising the scheme, a Facebook user, Okey Mbah, said anyone who could afford the requested amount didn’t need mentorship from investment coaches.

He said, “He/she only needs to focus and double down on what produced that income, while reading books and going for events. Do you know how many plots of land $18k can get in different parts of Nigeria or how much yield in FG Treasury Bonds that money can produce in a year or six months?”

“That’s what someone bold-facedly is asking for as a ‘mentorship’ fee and some people with low self-esteem and intelligence issues will pay and later regret. What audacity! Whatever this man has to impart as a mentor is available in books somewhere. One only has to search and look for such books.”

Another user, Francis Njemanze, lamented the monetisation of the mentorship programme.

He said, “The problem l have with Dr Stephen is always on monetisation.  Last time he offered me a sponsorship ticket to a conference for N300k and yet called it sponsorship. And now asking for $18k for mentorship, i.e. an equivalent of almost N30m.”

Njemanze stated that there was no need for mentorship if someone had that much money for registration.

“The young people you claim to always want to help ‘succeed’ cannot afford this money and so do many startups,” he added.

Also, a human rights advocate, Charles Ogbu, claimed that the author had shown “zero record of anyone who has ever become a billionaire just by passing through your mentorship.”

“Yet, you come publicly to ask people to pay you nearly 30 million naira so you mentor them to become billionaires,” he added.

But other users lauded Akintayo for the initiative.

One Bukat Grills said it was affordable compared to the value and network that those who subscribed to it would get.

Grills stated, “I have seen people who have gone through your mentorship and they are doing very well in their respective fields.”

Another user, Udeme Udeme, wrote, “I have heard so many good things about your mentorship programme. No amount is too much for knowledge and access.”

A user, Acha Emmanuel Adiele, showed interest and requested to make a payment.

An economist and financial expert, Dr Aliyu Ilias, said that when state actors failed to do the needful, non-state actors would take advantage.

“Using over N30 million for mentorship is outrageous, and for economic reasons it will make people embark on an insincere source of looking for money,” he added.

Meanwhile, one of the resource persons who identified herself as Victoria, said the programme was to make lives better.

Victoria stated, “Dr Stephen has been generous with his knowledge; he doesn’t hide anything. He tries to give out as much as possible. There are free ones and paid versions. Just as they say, ‘you don’t pay attention until you pay sometimes’.”

Saturday PUNCH called three phone numbers attached to the programme flier, but efforts to get Akintayo to respond proved abortive.

Questions sent to two other contacts were not replied to.

Rather, the users referred the reporter to different persons who refused to speak as of the time of filing this report.

 

 

 

Former Vice President Atiku Abubakar has slammed President Bola Tinubu’s administration for failing to meet the expectations of Nigerians, saying the government has no achievements to justify a re-election in 2027.

Atiku also noted that he had no resentment towards those joining other parties, insisting that freedom of association was a fundamental component of any true democracy.

On Wednesday, the Delta State Governor, Sheriff Oborevwori, and the immediate past governor of the state, Ifeanyi Okowa; left the Peoples Democratic Party for the ruling All Progressives Congress.

Also, a member of the House of Representatives, Oluwole Oke, resigned from the PDP and joined the APC on the same day.

Atiku, in a statement on Friday, said, “I have been overwhelmed with inquiries from concerned Nigerians, all eager to understand my position on the latest political shifts, particularly the defection of some PDP members to the ruling party.

“Let me be unequivocal: freedom of association and expression are not optional in a democracy; they are fundamental rights. Alongside these stand the pillars of a just and functional democratic society; the people, the rule of law, credible elections, and accountability. Undermine any of these, and democracy itself begins to crumble.

“As someone who holds fast to these values, I bear no grudges against anyone for exercising their right to political alignment. Defections, alliances, and realignments are part and parcel of democratic politics. We’ve seen them before, and we’ll see them again.”

Atiku knocked those who criticised his visit to former President Muhammadu Buhari, calling the backlash hypocritical and an example of selective outrage.

He stated, “Let’s not rewrite history: Buhari is not only a former leader but a significant statesman in the Nigerian political landscape.

“During the 2013 opposition merger, the leaders of the time consulted widely, including visits to Obasanjo and Babangida. So, why is it now sacrilegious for me and other leaders to visit Buhari in Kaduna? If you truly believe in freedom of association, then you must respect the rights of all political actors to engage, regardless of party lines.

“When PDP leaders are busy sipping tea and brokering power deals with President Tinubu, it’s called a strategic alliance. But the moment I greet Peter Obi, El-Rufai, or visit Buhari, it becomes a national emergency. Hypocrisy and the politics of selective outrage have never been this fashionable.”

The former VP stated that the coming 2027 political contest was a struggle between the Nigerian people and the administration of President Tinubu.

“This moment is about collective survival. The real enemy is not one another; it is the Tinubu administration’s abysmal failure. We must reject every attempt to distract us with ethnic, regional, or religious sentiments. These are tools of manipulation, designed to divide and conquer, used by those with nothing else to offer.”

“The Tinubu administration has no achievements to stand on, no credible record to defend. Its only strategy is chaos and division because that’s the last refuge of the incompetent. And make no mistake, an incompetent captain not only wrecks his ship; he endangers the lives of everyone on board.”

Kwankwaso weighs options

In a related development, Saturday PUNCH learnt that a former Kano State Governor, Rabiu Kwankwaso, and his party, the New Nigeria People’s Party, were currently exploring their political options.

A reliable source revealed that the members of the party were considering either aligning with the APC or joining Atiku’s coalition movement.

The source stated, “What I can confirm is that Kwankwaso and the NNPP will not contest independently as they did in the 2023 elections. Considering the current political landscape, they are weighing the possibility of either joining President Tinubu’s APC or aligning with the coalition led by Atiku, el-Rufai, and others.”

In response, the NNPP National Publicity Secretary, Ladipo Johnson, confirmed in an exclusive interview with our correspondent that those political options were indeed being considered.

He stated, “Well, so far, what I’ll say is this: in the NNPP, we tend to, at least from our own history as the Kwankwasiyya movement, wait till midterm. May 29th will be the midterm for this administration. It will be two years down, and two years to go. That is when we believe that proper politicking will commence.

“So, yes, we are talking, and we’ve been talking. But you’ll recall that at that time, I told you I didn’t want to mention specifically the groups or persons or movements that are in conversation with us. That is still the position now.”

Johnson added, “You’ll recall that there have been many publications in newspapers and online, insinuating that Senator Kwankwaso is moving to the APC, that it is imminent and all that. That is just the nature of the game. Some people are pressing or pushing that narrative for their selfish reasons.

“But the bottom line is that very soon, they will begin to hear from us. We will tell our supporters what we are doing. There are basically three cards on the table: either we remain in the NNPP and continue with those who joined us all the way or we form some sort of coalition with Atiku, others; or we form an alliance with the ruling party. I am not saying any of these is the case now. But these are the three basic options that could happen.”