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We Don’t Hoard Foodstuffs At Dawanau International Grains Market–Management—-The management of Dawanau International Grains Market in Kano State has dismissed speculations that dealers transacting business in the market are hoarding foodstuffs to create artificial scarcity.

The management also dismissed notions that the traders were inflating prices of food items arbitrarily to cause excruciating hardships to the public.

The News Agency of Nigeria (NAN) reports that  grains market is the largest in West Africa, supplying foodstuffs to customers in Nigeria, Niger, Chad, Cameroon and the Central African Republic, among other countries.

Such food items include rice, millet, sorghum, beans and groundnuts which are largely grown in the northern parts of Nigeria.

The market also stocks crops such as sesame seeds, hibiscus, tamarind and soybeans which are exported to Asia, Europe and other global markets.

Addressing newsmen in Kano on Friday, the President of  Dawanau Market Development Association (DMDA), Alhaji Muttaka Isa, said the grains dealers only purchased foodstuffs from growers in various parts of the country.

He said such grains were stored in the market’s warehouses before selling them to their customers.

“Following the recent rise in the prices of food products across the country, misinformation and disinformation have taken over the public domain concerning our operations and we are wrongly accused of hoarding food items.

“The Association hereby calls the attention of the general public to understand that we are dealers of items, having an average daily turnover of N30 billion.

“Farmers from far and near bring their products here which we buy and sell as whole sale to industries and for exports.

“We buy and sell the items and cannot possibly hoard them.

“The various grains and other food items you see in these warehouses are only on transit; they must be stored first before they are sold to our customers.

“Storing the goods in the warehouses is essential to prevent them from being spoilt and also for convenience purposes,” Isa explained.

“Governments and organisations purchase grains from us. For example, the Federal Government buys grains from us, organizations like the World Food Programme (WFP) also buys grains from us and distributes to IDP camps in Nigeria and elsewhere.

“I wonder how these esteemed customers can buy from us if we are hoarding these grains. So, I am appealing to the general public, particularly our business partners, to disregard the wicked rumour as it is baseless and unfounded.

“The truth is that we are genuine businessmen, passionate about the progress and well being of our customers as well the economic development of our dear nation, Nigeria,” the president said.

He also called on the Federal Government to intervene by renovating the rail transport system, to ease transportation of goods and enhance the activities of the inland dry ports.

“Another issue is the shortage of these food items in some areas that are affected by insecurity.

“Production in those places have drastically reduced from what used to obtain in the past.

“We wish to use this opportunity to call on the Federal Government to come into this to modify and regulate the activities for better output.

“A standard rail transport system should be put in place to break the jinx of high transportation cost experienced by transporting the items by road.

This will enhance the activities of the inland dry ports and ease the market operations.

“We will continue to try our best as dealers in these essential commodities, to ensure that a stop is not only put to the soaring of prices of goods, but is also reduced to the nearest minimum,” he added.

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Fire Razes 12 Shops In Ibadan, Destroy Goods Worth Millions Of Naira

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Fire Razes 12 Shops In Ibadan

Fire Razes 12 Shops In Ibadan, Destroy Goods Worth Millions Of Naira—-Poperty worth millions of naira, including 12 shops, were on Thursday night burnt by fire  at the Agodi Mayegun Cement Store Market in Ibadan.

Mr Yemi Akinyinka, General Manager of the Oyo State Fire Service, confirmed this in a statement  on Friday in Ibadan.

Akinyinka said the fire service received a distress call about the inferno through a telephone call from one Mr Young.

The general manager said that fire fighters were quickly deployed to the scene and  they swang into action, preventing the fire from spreading to more shops.

Akinyinka said that efforts of the fire fighters saved property worth billions of naira from destruction.

He attributed the cause of the fire to power surge.

An eyewitnesses told NAN that the fire started at Block A, No. 64, Mayegun Cement Store Market and raged for more than three hours before fire fighters were able to stop it.

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Wema Bank Loses N2.9 Billion Over Transfer glitch

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Wema Bank Loses N2.9 Billion

Wema Bank Loses N2.9 Billion Over Transfer glitch

 

Wema Bank Plc is currently battling to recover about N2.9 billion funds allegedly withdrawn from the bank without authorization due to a system glitch.

In a lawsuit filed before the Federal High Court in Lagos, the bank is seeking a preservative order requiring the financial institutions involved to return the funds amounting to N2,906,226,083 that have been traced to accounts within their institutions.

The legal action follows an operational failure in Wema Bank’s core banking system on January 16, 2025, which led to the unauthorized transfer of the funds from customers’ accounts.

According to an affidavit by the bank’s Head of Special Review and Investigation, Kehinde Buari, the system glitch resulted in unintended transactions impacting accounts both within Wema Bank and 26 defendant financial institutions.

In response, Wema Bank said it launched an internal investigation to trace and recover the missing funds. While part of the unauthorized transactions was found within the bank’s own system, a significant portion was discovered in external accounts linked to the defendants.

The bank further disclosed that the total sum of N888,301,598.15 has been salvaged by some of the financial institutions.

Investigations revealed that some recipients attempted to hide or obscure the origin of the funds by transferring them between multiple accounts.

Wema Bank quickly alerted the affected financial institutions about the glitch and the fraudulent transactions, requesting that they freeze the affected accounts.

To support its ongoing recovery efforts, Wema Bank’s internal audit and legal teams compiled reports tracing the movement of the funds, identifying the recipient accounts, and detailing the amounts recovered so far.

The bank also engaged the Nigeria Inter-Bank Settlement System (NIBSS) to track the funds across several financial institutions, which led to further communication with the defendant banks regarding the unauthorized transfers.

Wema Bank is now seeking a court order compelling the 26 financial institutions to return the recovered funds and any additional amounts that can still be traced.

The bank is also requesting that the court direct the institutions to provide details of account holders who received and dissipated the unauthorized funds, to enable law enforcement agencies to carry out further investigations and recover additional funds.

Furthermore, Wema Bank is asking the court to place the affected account holders on the Central Bank of Nigeria’s Credit Risk Management System and other financial watchlists via their Bank Verification Numbers (BVNs) until the full recovery of the stolen funds.

The bank emphasized that, while some of the affected financial institutions have taken initial steps to restrict the unauthorized transactions, a formal court order is essential to ensure full compliance and restitution.

Wema Bank warned that failing to obtain the required legal directives could lead to the release of the frozen funds, undermining their recovery efforts.

TCN reports that this incident is not the first of its kind in Nigeria. In January, Guaranty Trust Bank (GTBank) secured a court order to recover ₦1.9 billion that was mistakenly credited to customer accounts due to a system error in October 2024.

These incidents are raising concerns about how Nigerian banks protect interbank transactions, especially as transaction volumes increase. Some analysts suggest that outdated infrastructure and weak oversight could be contributing to the growing risk of errors and fraud.

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