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We Don’t Hoard Foodstuffs At Dawanau International Grains Market

We Don’t Hoard Foodstuffs At Dawanau International Grains Market – Management

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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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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments—-Three of Nigeria’s largest financial institutions have reported combined fraud-related losses of approximately ₦2.13 billion in their latest audited financial statements, highlighting the growing threat of cybercrime and electronic banking fraud in the country’s financial sector.

The affected institutions include Access Holdings Plc, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc.

According to details contained in the banks’ 2025 financial reports, fraud incidents linked to the three lenders totalled approximately ₦10.29 billion. However, through recoveries, transaction reversals, and security interventions, the banks were able to prevent or recover about ₦8.16 billion, leaving actual losses at approximately ₦2.13 billion.

Among the banks, Access Holdings recorded the highest direct loss to fraudsters, losing an estimated ₦1.24 billion within the financial year.

United Bank for Africa reported over 26,400 fraud-related incidents, with actual losses totalling approximately ₦621.57 million, while Guaranty Trust Holding Company recorded approximately ₦269.44 million in losses tied to fraudulent activities.

Industry analysts say the figures reflect the increasing sophistication of cybercriminals targeting Nigeria’s rapidly expanding digital banking ecosystem.

Most of the fraud cases were reportedly connected to electronic banking channels, including unauthorised transfers, mobile banking compromise, phishing schemes, identity theft, and other forms of digital payment fraud.

The development comes as Nigerian banks continue to accelerate the country’s transition toward a cashless economy through mobile banking platforms, internet banking services, agency banking networks, and digital payment systems.

Despite the losses, the financial institutions significantly increased investments in technology infrastructure and cybersecurity measures during the year under review.

Collectively, the banks reportedly spent over ₦280 billion on technology upgrades, fraud monitoring systems, customer authentication processes, and transaction security enhancements aimed at reducing cyber threats and protecting customer funds.

Meanwhile, the Central Bank of Nigeria has also intensified regulatory efforts to curb financial fraud across the banking industry.

The apex bank recently introduced stricter compliance measures requiring financial institutions to strengthen fraud detection systems, improve transaction monitoring, and respond more rapidly to suspicious activities and customer complaints.

Financial experts have warned that as digital banking adoption continues to rise across Nigeria, banks and customers alike must remain vigilant against increasingly advanced cybercrime tactics targeting the financial sector

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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