By Abdul Jelil Adebayo
The workers of NIGERIA COMMODITY EXCHANGE (NCX) are not happy. And they have every reason not to be because according to them Mr. Anthony Atuche the Chief Executive Officer (CEO) of the NCX needs to sit up or ship out.
The workers of NCX under its parent union, the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE), is accusing the management of high handedness and possible collapse of the organization if something is not done about workers’ welfare and management lackadaisical attitudes to grievances.
AUPCTRE on its part said it stands with the workers of the Exchange and therefore called on President Bola Ahmed Tinubu, to save the entire institution from imminent collapse.
At a media briefing in Abuja, the Chairman of FCT council of AUPCTRE, Comrade (Dr.) Aliyu Maradun listed some of the infractions by the Managing Director, MR. ANTHONY A. ATUCHE as including the violation of Public Sector Rules and Ethical Standards:
“The NCX management’s actions, including attempts to circumvent established public sector rules and ethical standards, threaten the institution’s credibility and the public trust in government entities.”
According to him, the PriceWater Cooper PwC report on workplace welfare has identified several areas for improvement. Still, the Managing Director of the Nigeria Commodity Exchange (NCX) has vehemently refused to pursue its implementation, thereby subjecting NCX’s workers/staff to untold hardship.
These he said include the Non-payment of 28th Day’s Allowance in lieu of hotel accommodation to transferred Staff since June 2024
Also the employees of Nigeria Commodity Exchange (NCX) are facing severe career stagnation, ranging between eight (8) and nine (9) years on a particular grade level, because promotions were not conducted to advance their growth.
Painfully, the union alleged that some staff retired without receiving their promotions, thereby enhancing their pensions and gratuities, while serving staff are demoralised as their counterparts in other Agencies advance in their careers.
The union also accused the management of Non-Payment of National Minimum Wage / Wage Award which was enacted in March 2024, and which is considered as the lowest legally approved wage that employers MUST pay all employees for their labour.
“To our dismay, there has been no move or plan by NCX management since 2024 to discuss with their employees how and when to commence payment of their Minimum Wage, arrears, and Wage Award, as assented to by President Bola Ahmed Tinubu. “
The union also listed the Non-Payment of Death Benefits as one of the several infractions of the management
“We demand the immediate payment of death benefits in line with the Extant Rules and NCX Condition of Service to the families of staff who died while in active service”
Over the years, the management of NCX has refused to remit deductions from employees’ salaries, such as Tax, Pension, NHF, and Union Dues, to the appropriate authorities.
The union also said within a short period of his appointment, the Exchange has become enmeshed in multiple litigations and avoidable disputes, further weakening institutional stability and investor confidence.
According to the union, after the Federal Government appointed Mr Anthony Atuche, the CBN immediately ceased funding the NCX, and the Exchange has been in a precarious financial condition, with the situation only deteriorating.
The union is therefore asking the government to return CBN to Nigeria Commodity Exchange (NCX)
“The Union emphatically request Mr. President immediate consideration to approve the return of CBN to take over full responsibility of managing Nigeria Commodity Exchange operations.”
In light of the above, the Union humbly request President Tinubu’s urgent intervention and investigation into the NCX crisis.
In its prayers, the union said there was the need to establish an inter-agency task force comprising representatives from the Ministry of Finance, Ministry of Justice, Central Bank of Nigeria (CBN), Ministry of Industry, Trade and Investment and relevant security agencies to conduct a comprehensive audit and inquiry into NCX operations.
Clarify the legal status of the NCX and review its governance structure to ensure compliance with established regulations and best practices.
Ensure the immediate implementation of the PriceWater Cooper report and address staff welfare concerns in line with established labour laws and regulations.
Foster greater stakeholder engagement and transparency in NCX operations through regular updates and consultations with relevant government bodies and stakeholders.
Given the multiplicity of allegations—spanning staff welfare, statutory remittances, governance concerns, and growing litigation exposure—the Union requests that the Managing Director should step aside/suspend pending the conclusion of an independent, time-bound investigation.
This is to prevent interference with records, protect staff from victimisation, and restore confidence while due process is carried out.
But in his swift defence, the Managing Director Anthony Atuche in a letter to the union said it was important to place the current situation of the Nigeria Commodity Exchange (NCX) in proper
context.
According to him, on assumption of office in October 2023, the NCX had already been removed from the
Federal Government budgeting framework, effective January 2022, following a decision of the Central
Bank of Nigeria (CBN) Board of NCX.
“At that time, the Board assumed direct responsibility for
funding and managing the affairs of the Exchange.
Subsequently, funding challenges escalated, particularly as the current CBN Management expressed no
interest in continuing financial support for NCX.
“Despite concerted efforts,
reintegration into the Federal Budget has not been achieved. However, the Federal Government
approved substantial operational funding for NCX, and Management has been actively engaging
relevant authorities to secure the release of these funds, which we anticipate in due course.”
He said NCX has relied largely on proceeds from trade facilitation to
remain operational and meet salary obligations-despite receiving zero budgetary allocation from the
Federal Government.
“Notwithstanding prevailing financial and governance constraints, the Management has continued
to meet its obligations to staff, including payment of salaries (inclusive of the palliative
allowance approved by the previous Board in 2023) as well as health insurance coverage.”
He reiterated that the PwC report was never officially received by NCX and did not form
part of the handover documents he received.
On the purported dismissal of Staff, he explained that “The matter concerning the dismissal of a staff member after over 50 days of unauthorized absence from duty is currently subjudice, as the individual has
instituted legal action against the Office and the Ministry. Management is therefore
constrained from making further comments.”
He said the claims of non-payment of the National Minimum Wage
or wage award since 2024 are incorrect. “In 2023, the erstwhile Board approved a 40%
salary increase pending the planned revitalization of the Exchange. Additionally,
Management commenced payment of the N35,000 wage award until Federal Auditors
advised that such payments should cease. It bears emphasis that the least-paid staff
member of NCX earns above the national minimum wage.”
The issue of non-remittance of statutory deductions, he further explained arose from the abrupt
closure in 2025 of Bento, the HR consulting firm appointed by the erstwhile Management
to handle payroll administration.
In the light of the foregoing, , the managing director said it was evident that NCX has been navigating exceptionally turbulent
conditions, with its primary focus being institutional survival—particularly as trading activity. has declined significantly since November 2025.
“While Management is fully cognizant of staff
morale challenges, these constraints are largely driven by funding limitations beyond Management’s immediate control.”
Consequently, he pleaded that while Management respects the rights of organized labour, “we believe that
picketing at this critical juncture may be counterproductive. Our collective priority should be to
support ongoing efforts toward the release of approved operational funds, rather than actions that
could further disrupt operations and undermine the long-term viability of the Exchange.
It will be recalled that the Nigeria Commodity Exchange (NCX) was incorporated as “Abuja Stock Exchange” in 1998 by the Central Bank of Nigeria and other shareholders, with the CBN having the majority shareholding of 59.74%.
Other shareholders were NICON Insurance (14.64%), Nigeria Industrial Development Bank (Now Bank of Industry) (8.78%), NICON Lekki Limited (7.32%), and Nigeria Re-Insurance Corporation (5.86%).
The shareholding in NICON was transferred to the Ministry of Finance, which held it in trust through the Ministry of Finance Incorporated (MOFI) when NICON insurance was privatised.
On August 8th, 2001, the Federal Executive Council, at its 32nd meeting, directed that the Abuja Stock Exchange be converted to a Commodity Exchange. The NCX came under the supervision of the Federal Ministry of Commerce (FMC) in 2002.
In 2004, the Minister inaugurated a project Steering Committee, chaired by the Permanent Secretary of FMC, to steer the affairs of the NCX.
Attempts by the Exchange to have an Establishment Act over the years failed and have since lacked adequate funding, necessary infrastructures such as silos, warehouses, a legal framework, and government support to achieve its mandate of commodity price moderation.
In the meantime the two parties are awaiting the intervention of the ministry of commerce.
*Abdul wrote in from Abuja via abduljelil2001@gmail.com