News
Price of tomatoes crashes amid glut, post-harvest losses
The price of tomatoes has crashed in Lagos and some other parts of the country over what farmers attributed to the glut being experienced due to the harvest season.
A tomato glut, which occurs annually from January to March in Nigeria, is a situation where there is an excess of tomatoes, often leading to a fall in price. This can happen when tomato plants produce more fruits than can be sold.
Tomatoes sell for as low as N10,000 to 12,000 for a 50kg basket, depending on the species. A 25kg plastic crate of tomatoes sells between N6,000 and N7,000 up North.
A big basket of tomatoes in Lagos goes for between N13,000 and N15,000 against N140,000 and N150,000 in May 2024.
Rabiu Zuntu, the chairman, Tomatoes Growers and Processors Association of Nigeria, Kaduna State chapter, attributed the development to harvest season.
“One of the problems we face in the tomato sector is that the period from January, February, and March is the tomato glut (excess harvest of tomatoes).
“During this glut period, households can buy it at a cheaper price and preserve it for the time when the price goes up,” Mr Zuntu said.
Some tomato vendors in Lagos State also acknowledged the price drop and the need for households to preserve the produce now that it is in surplus.
Queen Oloyede, a trader in the Surulere area of the state, said, “Since a week ago, a basket of 50kg tomatoes sells at the Mile 12 market for between N15,000 and N20,000.
“I advise customers to begin to stock up for the time the produce will be scarce in the market.”
Another trader, Judith Amen, said the current price of the highest quality of tomatoes is still a bit expensive.
“Presently, the highest quality of tomatoes at the Mile 12 market sells between N35,000 and N37,000 for a 50kg basket. People should preserve the quantity they can buy,” Ms Amen said.
Similarly, some consumers shared their experiences with journalists on the price of the produce and their preservation efforts.
Catherine Eigbedion, a resident of the Agege area of the Lagos State, said the inconsistent electricity supply hinders her preservation efforts.
“If I know how to preserve tomatoes without freezing them, I will buy more,” Ms Eigbedion said.
On her part, Ebere Dudu, a housewife in the Dopemu area, admitted that the price of tomatoes was affordable presently but unpredictable.
“I bought a small basket at N3,000 recently. That same quantity used to sell for as high as N8,000 or N9,000 months back. If you have the ability to preserve tomatoes, this is the time to use that ability,” Ms Duru said.
Also, Queen Akpan said if she could afford the price, she would preserve the produce for future use.
“If I can afford to buy in bulk, I will do so and save funds for the days it will become expensive,” Ms Akpan said.
(NAN)
News
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
By Kayode Sanni-Arewa
The Economic and Financial Crimes Commission (EFCC) has taken Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, to court over alleged money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Jude Okoye, along with his company Northside Music Ltd, was arraigned before Justice Alexander Owoeye of the Federal High Court in Lagos on Wednesday, facing a seven-count charge related to financial crimes.
One of the charges states: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022 in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful acts, thereby committing an offence contrary to Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge alleges that Jude Okoye and his company used a Bureau de Change operator to convert $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars, eighty-seven cents) domiciled in Access Bank Plc into naira and remitted the funds into various accounts with the intent to conceal the source of the money, in violation of the Money Laundering Act.
Jude Okoye pleaded “not guilty” to the charges.
Following his plea, EFCC counsel Larry Peters Aso applied for a trial date and requested that the defendant be remanded in a correctional facility pending trial.
However, defence counsel Inibehe Effiong informed the court of a pending bail application and urged the court to keep Okoye in EFCC custody until the application is heard.
The prosecution opposed the request, citing congestion in EFCC facilities and urging the court to remand him to a correctional centre instead.
Justice Owoeye subsequently adjourned the case to February 28 for a bail hearing and fixed April 14 for trial commencement.
The judge also ordered that Jude Okoye be remanded at the Ikoyi correctional facility pending the determination of his bail application.
By Kayode Sanni-Arewa
Prince Funso Ayeni, an Ikole born philanthropist and politician has donated the sum of N1,000,000 for the support of one Esther Fisayo Aluko Medical needs.
Fisayo Aluko, an Indigene of Ikole LGA part of Ekiti State is currently in need of fund running to millions of Naira to carry out a kidney transplant.
Prince Funso Ayeni made his support known via a Whatsapp platform created for the Indigenes of the LG.
“Good afternoon great citizens,
I am Prince Funso Ayeni (PhD)
I am deeply touched by the condition of Esther Fisayo Aluko, a young lady from Ikole Ekiti, battling kidney issue.
On behalf of myself, my family, and the entire Funso Ayeni Foundation (FAF), I have donated ₦1,000,000 (one million naira) towards her medical treatment ( receipt attached).
“I also appeal to our brothers and sisters from Ikole Local Government, both in and out of government, to rally their contacts and resources to support this urgent cause.
“Together, we can give Esther a chance to live a healthy life again.
By Kayode Sanni-Arewa
The naira is exchanging for ₦1,498 to 1 US Dollar at the parallel market (black market) in Nigeria.
This means that for every one dollar, you can get the equivalent in naira of ₦1,498 on February 26, 2025.
The black market rate signifies the value at which individuals can trade their dollars for naira outside the official or regulated exchange channels.
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government
Today’s February 26 exchange shows that the naira has improved against the dollar, as it strengthened compared to what it traded on Tuesday, February 25, when the naira exchanged ₦1,499.
The value of any nation’s currency is determined by aggregate supply and demand.
The forces of supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics
Court Remands P-Square’s Brother, Ex-Manager Jude Okoye IOver Alleged N1.3B, $1M, £34,000 Fraud
Funso Ayeni donates N1m, appeals to citizens to support Fisayo Aluko medical needs
Naira again falls against Dollar – February 26
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