By SUNTV Global Channel
January 29, 2026 | News
Workers of the Nigeria Commodity Exchange (NCX) have raised the alarm over what they describe as deepening mismanagement, financial distress, and governance failures under the leadership of the Exchange’s Chief Executive Officer, Mr. Anthony Atuche.
The workers, operating under the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE), have issued a Save Our Soul (SOS) appeal to President Bola Ahmed Tinubu, warning that the institution is on the brink of collapse if urgent intervention is not taken.
In a press statement dated January 27, 2026, and jointly signed by Comrade (Dr.) Aliyu Maradun, Chairman, AUPCTRE FCT Council, and Comrade Jubril S. Adebanjo, Secretary, FCT Council, the union said it stands firmly with NCX workers and urged the President to “save the entire institution from imminent collapse.”
Background of the Exchange
The union traced the history of the NCX to 1998, when it was incorporated as the Abuja Stock Exchange by the Central Bank of Nigeria (CBN) alongside other shareholders, with the apex bank holding majority equity. In August 2001, the Federal Executive Council approved its conversion into a Commodity Exchange, placing it under the supervision of the Federal Ministry of Commerce.
Despite its strategic role in Nigeria’s agricultural value chain and food security framework, workers said the NCX has suffered persistent neglect over the years, including inadequate funding, lack of infrastructure such as silos and warehouses, weak legal backing, and insufficient government support.
According to the union, the Exchange was designed to function as a Special Purpose Vehicle (SPV) for stabilising food prices, improving farmers’ livelihoods, ensuring year-round food availability, and reducing food inflation.
CBN Reforms Allegedly Undermined
Workers recalled that in January 2022, the CBN constituted a Transition Management Team and inaugurated a new board to reposition the Exchange. A Strategic Execution Plan was developed, including a proposed ₦50 billion investment aimed at reviving NCX operations and strengthening the agro-commodities market.
However, the union alleged that the appointment of Mr. Anthony Atuche as substantive CEO in October 2023 effectively derailed those reform efforts.
They described the appointment as “antithetical” to the CBN-led repositioning initiative, alleging that the apex bank subsequently withdrew funding support, plunging the Exchange into severe financial difficulties.
Alleged Infractions and Worker Welfare Issues
The union accused the current management of violating public service rules and ethical standards, warning that such actions threaten the credibility of the institution and public trust.
Among the allegations raised are the refusal to implement a PricewaterhouseCoopers (PwC) workplace welfare report, non-payment of the 28th-day allowance for transferred staff since June 2024, prolonged career stagnation with staff reportedly remaining on the same grade level for up to nine years, and non-payment of the National Minimum Wage, arrears, and wage awards since 2024.
Other concerns include the non-payment of death benefits to families of deceased staff, unpaid retirement benefits and repatriation allowances, and failure to remit statutory deductions such as PAYE tax, pension contributions, National Housing Fund payments, and union dues.
The union warned that failure to remit statutory deductions exposes the institution to sanctions under laws including the Nigerian Tax Administration Act 2025 and the Pension Reform Act 2014.
Litigation and Governance Red Flags
Workers also expressed concern over what they described as escalating litigation risks facing the Exchange. They cited multiple court cases linked to alleged maladministration, including claims involving over ₦200 million reportedly belonging to Exchange clients, as well as another case concerning ₦30 million allegedly paid for commodities that were never supplied.
According to the union, these cases highlight serious weaknesses in internal controls, procurement processes, and financial oversight.
They further recalled staff protests in 2024 following allegations of unilateral employment decisions, irregular appointments, and what they described as punitive transfers of staff who insisted on due process. Concerns were also raised over alleged changes to key account signatories, which the union said weakened internal oversight mechanisms.
Call for Presidential Intervention
The workers are now calling on President Tinubu to immediately intervene, order a thorough investigation into the allegations, restore funding to the Exchange, and safeguard the welfare of staff, farmers, and Nigeria’s food security architecture.
Past EFCC Allegations Recalled
The union also referenced a 2021 case at the Lagos State High Court in Ikeja involving Francis Atuche, the convicted former Managing Director of the defunct Bank PHB. The case concerned assets and funds worth ₦19.17 billion allegedly laundered through multiple individuals and accounts.
The Economic and Financial Crimes Commission (EFCC) had listed Anthony Atuche among individuals allegedly used in laundering the funds across 24 banks, alongside several other suspects.
Management Yet to Respond
Efforts by SUNTV Global Channel to obtain a response from the Managing Director of the Nigeria Commodity Exchange, Mr. Anthony A. Atuche, were unsuccessful. Calls and WhatsApp messages sent to his phone were neither answered nor returned as of press time.
