Nigeria Commodity Exchange Workers Accuse CEO Anthony Atuche, Formerly Linked To Money Laundering, Of Mismanaging Institution

Workers of the Nigeria Commodity Exchange (NCX), under the aegis of 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.

The disgruntled workers warned that the Exchange is on the brink of collapse due to alleged maladministration, funding withdrawal, and multiple infractions by current management.

In a press release dated January 27, 2026, and signed by Comr. (Dr.) Aliyu Maradun, Chairman, FCT Council and Comr. Jubril S. Adebanjo, Secretary, FCT Council, the union said it “stands with the workers of the Nigeria Commodity Exchange (NCX) and calls on our dear President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, to SAVE the entire institution from imminent collapse.”

The statement traced the origin of NCX to 1998, when it was incorporated as Abuja Stock Exchange by the Central Bank of Nigeria (CBN) and other shareholders, with the apex bank holding majority shares.

It noted that in August 2001, the Federal Executive Council directed that the Abuja Stock Exchange be converted to a Commodity Exchange, and the NCX subsequently came under the supervision of the Federal Ministry of Commerce.

However, workers lamented that despite its strategic importance to national food security, the Exchange has over the years lacked “adequate funding, necessary infrastructures such as silos, warehouses, a legal framework, and government support to achieve its mandate of commodity price moderation.”

They stated that the NCX “is supposed to be used by the government as a Special Purpose Vehicle (SPV) to improve the livelihood of the farmers, guarantee year-round food availability and food affordability, and bring down food inflation.”

The union recalled that in January 2022, the CBN appointed a Transition Management Team and a new board to reposition the Exchange, after developing a Strategic Execution Plan and proposing a N50 billion investment to revive NCX operations.

But according to the workers, the Nigerian Government’s appointment of Mr. Anthony Atuche as substantive Chief Executive Officer in October 2023 reversed that effort.

They described the decision as “antithetical to the initiative of the CBN to reposition the NCX and bring in funding to the tune of N50 billion that could have institutionalized the NCX and the agro commodities market value chain in Nigeria.”

The union further alleged that following Atuche’s appointment, “the CBN immediately ceased funding the NCX, and the Exchange has been in a precarious financial condition, with the situation only deteriorating.”

Alleged Infractions

In the statement, workers accused the Managing Director of “violation of public sector rules and ethical standards,” saying attempts to circumvent established rules “threaten the institution’s credibility and the public trust in government entities.”

They also cited a PricewaterhouseCoopers (PwC) report on workplace welfare, alleging that the Managing Director “has vehemently refused to pursue its implementation, thereby subjecting NCX’s workers/staff to untold hardship.”

Other allegations include: Non-payment of 28th day allowance in lieu of hotel accommodation to transferred staff since June 2024, career stagnation, with employees spending “between eight (8) and nine (9) years on a particular grade level,” and some retiring without promotions, and non-payment of National Minimum Wage, arrears, and wage award since 2024.

Other allegations are non-payment of death benefits to families of deceased staff, non-payment of benefits and repatriation allowance to retired staff and non-remittance of statutory deductions such as PAYE tax, pension, National Housing Fund, and union dues.

The union warned that employers who fail to remit such deductions face penalties under the Nigerian Tax Administration Act 2025, Pension Reform Act 2014, and other statutes.

Litigation And Governance Concerns

Workers also raised the alarm over “escalating litigation and legal exposure,” listing multiple court cases involving alleged maladministration and claims of diversion of over ₦200 million belonging to Exchange clients, as well as another case involving ₦30 million allegedly paid for commodities not supplied.

They said these cases “reflect profound weaknesses in internal controls, procurement discipline, stakeholder management, and dispute resolution mechanisms—issues that demand urgent scrutiny.”

Additionally, the union recalled “staff protests reportedly occurred in 2024 following allegations of unilateral employment decisions, irregular appointments, and actions perceived as punitive transfers of staff who advised compliance with due process.”

The statement added that allegations of changes to key account signatories had “removed senior internal oversight previously instituted, thereby heightening governance and financial control concerns.”

The workers are now urging President Tinubu to urgently intervene, investigate the allegations, restore funding, and rescue the NCX from collapse in the interest of staff welfare, farmers, and Nigeria’s food security.

It will be recalled that in 2021, the Lagos State High Court in Ikeja heard the case involving Francis Atuche, the convicted former Managing Director of the defunct Bank PHB. The case concerned assets and funds worth N19.17 billion that were allegedly held by Atuche across 24 banks.

The EFCC stated that its investigation revealed that 15 individuals, including Anthony Atuche, were allegedly used by Francis Atuche to launder the funds.

The agency listed the suspects as: Anthony Atuche, Emeka Atuche, Paul Okobi, Felix Oyiana, Moruf Adisa, Olatunji Abiodun, Daniel Enebeli, Aina Olugbenga, Augustine Nwabueze, Omonua Benedict, Oliver Nduaaron, Chris Ogbechie, Murat Bektaslar, Attah Olukemi, and Thomas Etuh.

Efforts to obtain a response from the Managing Director of NCX, Mr Anthony A. Atuche, proved unsuccessful, as he neither replied to WhatsApp messages nor answered calls placed to his phone as of press time. (SaharaReporters)