Workers of the Nigeria Commodity Exchange have urged President Bola Ahmed Tinubu to urgently intervene and rescue the Exchange from imminent collapse, warning that the institution has been pushed to the brink by funding withdrawal, governance lapses and unresolved staff welfare issues.

In a statement dated January 27, 2026, titled ‘Save Our Soul: An Appeal from Workers of Nigeria Commodity Exchange to President Bola Ahmed Tinubu’, the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees said the situation at the Exchange had become critical.

In a statement signed by AUPCTRE Chairman, FCT Council, Aliyu Maradun, and the Secretary, Jibril Adebanjo, the union said, “The Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees stands with the workers of the Nigeria Commodity Exchange and calls on our dear President of the Federal Republic of Nigeria, President Bola Tinubu, to save the entire institution from imminent collapse.”

The workers recalled that the Exchange was incorporated in 1998 and later converted to a commodity exchange to serve national economic and food security objectives.

They said the NCX is supposed to be used by the government as a special purpose vehicle to improve the livelihood of the farmers, guarantee year-round food availability and food affordability, and bring down food inflation.

However, they added that government intervention was required to keep the Exchange afloat, saying, “The government needs to make investments in the NCX or direct its shareholders, especially the CBN, to revisit its earlier proposed N50bn investment in the NCX through InfraCo to ensure the Exchange lives up to expectations.”

According to the workers, the crisis deepened after the Federal Government appointed a substantive chief executive officer in October 2023.

“Needless to say, 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,” it was stated.

The statement accused the current management of allegedly violating public sector rules and undermining staff welfare, saying, “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.”

On the PricewaterhouseCoopers report about workplace welfare, the union said, “The PwC report on workplace welfare has identified several areas for improvement. Still, the Managing Director of the Nigeria Commodity Exchange has vehemently refused to pursue its implementation, thereby subjecting NCX’s workers/staff to untold hardship.”

The workers also complained of prolonged career stagnation, saying, “Employees of the Nigeria Commodity Exchange are facing “severe career stagnation, ranging between eight and nine years on a particular grade level, because promotions were not conducted to advance their growth.”

On wages, the statement read, “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 Tinubu.”

The union further alleged non-payment of benefits, saying, “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,” and “We therefore demand immediate payment to all retired staff.”

Raising concerns over statutory deductions, the workers said, “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 workers urged the president to approve urgent structural changes, saying, “The union emphatically requests Mr President’s immediate consideration to approve the return of CBN to take over full responsibility of managing Nigeria Commodity Exchange operations.”

They also called for accountability, adding, “Given the multiplicity of allegations, spanning staff welfare, statutory remittances, governance concerns, and growing litigation exposure, the Union respectfully requests that the Managing Director step aside/suspend pending the conclusion of an independent, time-bound investigation.”

Our correspondent contacted the CEO on Thursday for his reaction. Atuche did not respond to calls and messages to his number.