Business
Foodstuffs Prices Escalate As Ramadan Approaches – Survey
As the Ramadan fast starts today, the prices of foodstuffs and other essential commodities have escalated in most markets across the country, according to a national survey conducted by our correspondent.
The Tide correspondents, who monitored market prices in some state capitals, report that the prices of foodstuffs and other essential commodities, such as fruits, vegetables, eggs and beverages that are in high demand during the Ramadan fast had soared.
Traders attributed some of the reasons for the hike in price to the Ramadan fast, the increase in the minimum wage of workers, high cost of transportation and increase in the cost of diesel, amongst others.
The Tide’s source in Birnin Kebbi the Kebbi capital, who visited some markets in the town, reports that the prices of rice, beans, fruits, beverages, cooking oil had gone up.
Some traders in the market visited, attributed the rising cost of fruits to “high demand during the Ramadan fast, increase in the minimum wage of workers, in addition to personal costs incurred by retailers from suppliers”.
The survey in some markets in Kebbi showed that the prices of a bag of the various brands of imported rice had gone up to between N9,500 and N10,000 as against the former price of between N7,500 and N8,000 some days ago.
Similarly, a bag of beans, which formerly sold for between N6,500 and N7,000 had also increased to N8,000.
The price of fruits like oranges, pineapples and banana had also witnessed increases with a bag of oranges being sold for between N7,000 and N7,500 from N4,000 and N5,000 some few days ago.
A big bunch of banana is sold for between N700 and N1,000, while the price of water melon remained fairly stable at between N150 and N200.
Malam Muhammadu Bala, who deals on fruits in Kara market in Birnin Kebbi metropolis, attributed the rising cost of fruits to “the Ramadan fast, increase in the minimum wage of workers, in addition to personal costs incurred by retailers”.
The survey also showed that the price of perishable goods like tomatoes had gone up with a big basket of the commodity selling for between N9,500 and N12,000 as against the former price of between N8,500 and N9,000.
An Islamic scholar in Birnin Kebbi, Sheikh Abubakar Giro, who decried the high cost of foodstuff at the start of the Ramadan period, appealed to traders to shun the craze to make quick money during the period.
The Tide correspondent in Onitsha, Anambra, reports that prices of imported food items like rice, frozen fish, and vegetable oil moved up by 10 per cent during the last few days.
The cost of frozen fish had increased with a medium sized fish selling for between N250 and N350 as against the former price of between N130 and N180.
Ten litres of foreign vegetable oil, which formerly sold for between N2,800 and N3,000 is now selling for between N3,500 and N4,000 depending on the brand, while a bag of big brown beans is now being sold for N17, 200 as against the former price of N15,000.
The prices of fruits such as oranges, water melon and cucumber had also witnessed increases.
Like in the other states visited, the prices of foodstuffs like rice and essential commodities like eggs, milk, sugar, onions and fruits had increased in Gombe State.
Malam Muhammad Sanusi, who deals on provision in the state capital, told our source that 50 kg bag of foreign rice now cost N10,000 as against the former price of N8,500 while the price of a crate of eggs has increased from N700 to N800.
A tomato seller, Malam Buba Muhammadu, said the price of a basket of tomatoes had gone up to N7,000 as against the old price of between N6,000 and N6,500.
Sanusi attributed the hike in the cost of these items to the Ramadan fast and the N18,000 new minimum wage for workers.
Malam Abdulkarim Ahmed, Chairman, Fruit Sellers Association in Gombe, told our correspondent that the price of a bag of oranges had gone up from N5,000 to N7,000.
He said that the same apply for the other fruits such as mangoes, pineapples, water melon, banana, apple and cucumber.
Our source in Kano State reports that while the prices of fruits such as oranges, banana and water melon had slightly appreciated, the price of grains was either stable or had slightly reduced.
He said that one orange sell for between N20 and N30 as against the fornmer price of N10 to N15, while a bunch of banana sell for between N400 and N450, depending on the type and size.
However, unlike fruits, the price of grains had either remained stable or gone down in Kano. At Dawanau grains market and Kwanar Singer market in the ancient city, a measure of beans still sell for between N270 and N300, depending on the type.
The price of millet, sorghum and maize had stabilised at N150 per measure, while the price of sugar, a commodity in high demand during the fasting period, had reduced from N720 to N600 per measure and N8,000 per bag, as against N10,000.
From Uyo Akwa Ibom capital, the survey showed that the price of foodstuff had generally witnessed slight increases.
However, traders in Uyo, who spoke on the issue, said the price hike was not as a result of the Ramadan fast, but due to the introduction of the new minimum wage and increases in the cost of transportation
At Akpan Andem Entrepreneurial market in Uyo, the survey showed that the price of rice had gone up by six per cent.
Mr Udoh Obot, who deals on rice in the market, told our reporterthat the price of 50 kg bag of Stallion rice is now selling for N8,000 as against the old price of N7,500.
He said that the 100 kg bag of brown beans sell for N17,000 as against N15,500 two months ago.
Similarly, the price of beverages had escalated in Uyo with a 450g of dry peak milk selling for N700 as against the old price of between N600 and N650.
Emem Udofia, a sales girl in the market, said a tin of 450g of Bournvita sell for N550 while Ovaltine of the same quantity sell for N650 while a packet of St Louis sugar goes for N220 instead of N200 a month ago.
Udofia attributed the reasons for the price hike to the N18,000 new minimum wage for workers announced by the Federal Government.
“Since the government has increased the income of workers, we traders have no choice, but to increase the cost of our goods to meet with other expenses,” she said.
From Auchi in Edo, the survey showed that the while the price of rice and fish had gone up, those of other staple had remain relatively stable.
For instance, the price of a 50 kg bag of the various brands of rice had jumped from N6,500 to N7,500, while the price of fish also increased.
Mrs Mariamu Alasa, who sells fish in Auchi, told our source that the price of 20 kg carton of Sabina fish had increased from N4,500 last week to N5,000.
She attributed the hike to increase in the price of diesel and transportation.
“We only sell as we buy and like they told us in the cold room where we buy, the high cost of diesel is responsible for the price increase,” she said, adding that the price may increase further as the Ramadan fast approaches.
The survey also showed that the prices of tomatoes and onions had increased astronomically in Auchi and is expected to further increase as the fasting period approaches.
For instance, a basket of Hausa tomatoes had gone up by N2,000 within the last two weeks with tomatoes selling for N6,000, as against the former price of N4,000, while the price of a bag of onions had gone up to N8,000 from N7,000.
Mrs Akpete Osakwe, who sells tomatoes at Auchi market, attributed the increase to scarcity since tomatoes and onions were not harvested during the rainy season.
Meanwhile, some residents of Port Harcourt, the River capital, had expressed concern over the daily hike in the cost of foodstuffs and other essential commodities in the Garden City.
“If things continue this way, it will be extremely difficult for the unemployed to survive in Port Harcourt in the nearest future,” Mr Owus Ibinabo, one of the concerned residents, told The Tide’s source.
Mrs Ann Johnson another resident of the city, lamented that the since the introduction of the new minimum wage, the cost of food items and other commodities had sky rocketed in the city.
“The cost of commodities like sardine, maggi, onions, spices and other foodstuff have sky rocketed since traders heard of the minimum wage,” she said.
Worried by this daily increases, Mrs Ngozi Telema, who resides in the city, urged the government to intervene by setting up price control mechanism to avert “this indiscriminate hike in the prices of commodities”.
From Abakaliki in Ebonyi, the survey showed that the price of rams and other items had also increased with an average sized ram, which cost N13,000 some few weeks ago, now selling for N15,000, while the cost of a big ram jumped from N18,000 to N20,000.
Eight gallons of rice, which sold for N2, 500 had attracted additional N300, while a bag of beans had increased from N10,000 to N12, 000.
The price of a gallon of red oil has jumped from N4,400 to N5,000, while a gallon of groundnut oil increased to N4,700 from N4,400.
Mr Chukwudi Ibeh, a trader at Abakpa Main Market in Abakaliki, attributed the increase in prices of the commodities to the “harsh economic condition in the country”.
“Ebonyi like other Southern states of the country is dominated by Christians, so the Ramadan fast will not have much effect on the prices of goods in these states.
“The increases are due to the harsh economic condition in the country, which has led to inflation,” he said.
Ilorin the Kwara capital is not left out in escalating cost of food items and other essential commodities as the Ramadan fast draws nearer.
The survey showed that the cost of foodstuffs like rice, beans, semovita, yam and other ingredients had gone up in the town with a bag of Semovita selling for N1,700 instead of N1,450.
A food stuff seller, at Ipata market, Mrs Florence Adeoti, attributed the hike to the forthcoming Ramadan fast.
Mrs Memunat Yahaya-Mohammed, a house wife, who bemoaned the increases in the cost of food foodstuffs, said she could no longer maintain the food needs of her family of three.
She pleaded with the government to revive the Price Control Board to check the activities of shylock food sellers in order to make food affordable.
Unlike in most states in the country which recorded increases in the cost of foodstuffs and other commodities, the survey showed that the price of foodstuffs and other essential commodities had remained stable Damaturu, the Yobe capital.
For instance, the price of 50 kg bag of foreign rice had not changed from N8,000, millet still stands at N5,000 per a 100 kilogramme, while a bag of sugar still sell for N9,500.
Meanwhile, scarcity of tomatoes, pepper and fruits in Damaturu had led to the increase in their prices beyond the reach of the common man.
Malam Muhammadu Danfulani, a vegetable dealer on Gashua road told NAN that cost of the tomatoes and pepper sold in the state were from Plateau and Benue states.
“They (vegetables) are only scarce, but the money expended on transporting them to Yobe is very expensive,’’ he said, adding, “the multiple tax paid on these commodities have also increased their prices.”
Muhammadu expressed fears that the situation may get worse during the Ramadan fast period when the demand for the vegetables would become high.
Business
Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Business
Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation
Ariwera Ibibo-Howells, Yenagoa
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
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