Business

The Nigerian fish market where gods and commerce meet

The all-women fish market appoints a ‘mother of wealth’ to pray for their good fortune – and in this recession-hit country the role is more important than ever

Folasade Ojikutu wears a traditional white lace dress for her work at the lagoon dock behind Oluwo market in Epe. The small town is home to one of the largest and most popular fish markets in Lagos – and almost all 300 traders are women. Many are from families who have sold fish here for generations, and Ojikutu, 47, is their “Iya Alaje”, meaning the mother or carrier of wealth.

As she strides past a small waterfront shrine, dozens of women fishing waist-deep in the water chant and hail her, calling out “Aje”- in part a reference to the Yoruba goddess of wealth. Every day, hundreds of people travel, sometimes for hours, to buy fish at Epe market, as it is commonly known, where the spiritual and commercial merge. And the mainly women traders look to Ojikutu– who acts as an intercessor, praying for good fortune, alongside managing affairs at the market.

The women that you see here, they do it all. When we sell, we eat, we feed our children
Bola Ajakorin, market seller

“It was the Ifá [Yoruba priest] that chose me, in 2016. He is the one that chooses the Iya Alaje,” Ojikutu says. Most markets in Lagos have an Iya Alaje, she explains, a market leader that is in some cases chosen by a priest, according to Yoruba tradition. “The day the Ifa came, I wasn’t here but he told them my name, my appearance, then they came and found me. I was panicking, weeping. I didn’t want it, I saw it as a burden. But the women insisted and here I am.”

In Nigeria’s complex religious landscape, blends of indigenous religions with Islam and Christianity are often demonised by mainstream clerics. Yet the enduring importance of traditional religious beliefs are seen in markets like Epe. For Ojikutu, a Christian in belief, and a Muslim by marriage who keeps two shrines in the market, there is harmony in her prayers to God and to Aje.

“The Bible says your faith will make you whole. When I get to the Aje, I pray for good favour for the women. When I get to the mosque, I pray to God that our prayers will be answered. We call God here. We call God at the mosque, too. So we don’t need to criticise this at all, it’s our heritage.”

“This morning, [Ojikutu] prayed for us. That we will sell, that we will make enough to eat, to drink, to spend, to progress,” she says. “She will pray, and then we will shout, ‘ajeee oooooh’.” The women around echo her chant.

Ajakorin has sold fish at Epe for 30 years, taking over from her mother, whose parents were fishers, too. “It’s in our family to be here,” she says.

Like many of the women, she is the main breadwinner, supporting seven children and her retired husband.

“The women that you see here, they do it all. When we sell, we eat, we feed our children. Those of us that have mothers, fathers, we’re feeding them. Our siblings. That’s what we do.

“This job has been great for us, but it’s hard,” she says, describing how Africa’s largest economy has suffered in recent years.

Two recessions since 2016, rising food prices and the cost of living have pushed millions of Nigerians into poverty. “Things that people bought for 10,000 naira [£18] in Lagos are now 20,000 or 30,000 naira. Everything is expensive, so people have less money for fish than before,” says Ajakorin.

Mrs Abdullahi, 54, wears a green T-shirt and yellow wrapper and displays a fish almost as big as herself on her chopping board. “This one is even small,” she laughs.

Along the aisles, women cut and carry, some sitting high on top of freezers, peering down on their trays of fish and shrimp. They talk about how working at the market is in their blood.

“Since the time that I’ve been in school, I’ve been here, following my mother to the market,” says Abdullahi. “We’ve sent our kids to school, to university. And the little [money] that’s left, we’ve used for our car, our food, our home. You know the situation of the country. But we manage and we thank God.”

Mrs Abdullahi holds a large ‘Barakuta’ fish. She followed her mother into working at the market

Abdullahi says women have become the dominant traders because men demean the work, seeing fishing as more respectable.

“Men go and kill the fish, even women go and kill, too, but mainly men. But it’s the women that buy it from them. Men look at it like it’s dirty work, but for us, it’s not dirty work.

“If I get my fish, I can sell it here. I can drive my car and take it to Ijora [a settlement in Lagos], call my customers and tell them what’s on the ground – orange fish, yellowtail, catfish, tilapia. I have that freedom to go here and go there.”

The hundreds of market women with deep roots to the area form a support network, says 50-year-old Lawal Bolanle, who has sold fish at Epe since she was 15. “We do many things,” she says, including ‘ajo’ – a communal saving system, where people put a monthly sum into a shared pot, and one person receives that amount on rotation. “We join hands and help each other in different ways.

“Among us, there are some who have other businesses. Let’s say a shop. They’ll open their shop. Then come here and sell fish, then go back, close their shop and go home. But most women in the market, we work and we don’t have anything else.

“Some have a baby but no husband. Or a husband who is sick or has died. But then you’ll come here, God will perform wonders, you’ll find food to eat, go home and attend to your children,” says Bolanle.

We support each other. You can find money and say to a woman, here, take a bit, source fish to sell, to help yourself
Lawal Bolanle

“We support each other. When an elder sister here comes to us and says she has a situation that is pressing, we will quickly call each other and say, look, we don’t want this situation to pull her to the grave. You can find money and say to a woman, here, take a bit, source fish to sell, to help yourself,” she says

Oluwakemi Sanwo, 45, has a modest display on wooden trays. She has cared for her seven children alone since her husband died of heart problems five years ago. “I don’t have parents, my mother has died, my father has died. My husband’s family stopped coming after he died. For my children, it’s me that is the mother, it’s me that is the father.”

The market women have been a strength, she says. “For example, my friend here, when she sells a lot, they will give me 4,000 naira, 5,000 naira. I’ll feed my children and keep some to buy fish to sell. Gradually, things are improving.”

Islamic prayer beads, bibles open to psalms, candles wrapped with palm leaves, are laid on top of freezers and tucked in corners, behind trays or buckets of live seafood across the market. While at a shrine kept at the quieter far end of the market, a sacrifice is made in a small ceramic pot as Ojikutu kneels on a mat to pray.

“Of course, many pastors, imams, will say this is an evil practice,” Ojikutu says. “It’s the same God that we are worshipping. Everyone has a spirit. For some, their spirits will match together. Those with clean hearts, that work together, it’s from that which good things happen. That’s what we believe.”

Business

Dangote refinery commits to petrol price stability, reduction in Nigeria

Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to premium motor spirit price stability despite the fluctuations in global crude oil prices.

The 650,000 barrels per day refinery disclosed this in a statement on Monday by its spokesperson, Anthony Chiejiena.

This comes as crude oil prices dwindled around $63 to $65 per barrel while local petrol went between N910 per litre and N930 nationwide.

Reacting in a statement, Dangote Refinery said it is committed to alleviating the burden of fuel cost on Nigerians.

The company added that to the implementation of the Nigeria First Policy recently approved by President Bola Ahmed Tinubu.

“This decision reflects our unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

“It underscores our dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.

“Our approach aligns with the objectives of the federal government’s Nigeria First policy, which promotes the prioritisation of locally produced goods and services.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians. We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians.

“We assure all stakeholders—consumers, partners, and the government—of our continued dedication to operational excellence and national service.

“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” the statement reads.

Recall that Tinubu approved the implementation of the Nigeria First Policy and ban on foreign goods.

Business

FAAC: FG, States, LGAs share N1.681tr in April

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.681 trillion, being April 2025 Federation Account Revenue to the Federal, States and the Local Governments at the May 2025 meeting held in Abuja.

The N1.681 trillion total distributable revenue comprised distributable statutory revenue of N962.882 billion, distributable Value Added Tax (VAT) revenue of N598.077 billion, Electronic Money Transfer Levy (EMTL) revenue of N38.862 billion and Exchange Difference N81.407 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2,848.721 trillion was available in the month of April 2025.

Total deduction for cost of collection was N101.051 billion while total transfers, interventions, refunds and savings was N1066.442 billion.

According to the communiqué, gross statutory revenue of N2,084.568 trillion was received for the month of April 2025.

This was higher than the sum of N1,718.973 trillion received in the month of March 2025 by N365.595 billion.

Gross revenue of N642.265 billion was available from the Value Added Tax (VAT) in April 2025. This was higher than the N637.618 billion available in the month of March 2025 by N4.647 billion.

The communiqué stated that from the N1,681. 228 trillion total distributable revenue, the Federal Government received total sum of N565.307 billion and the State Governments received total sum of N556.741 billion.

The Local government Council received N406.627 billion, while the sum of N152.553 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N962.882 billion distributable statutory revenue, the communiqué stated that the Federal Government received N431.307 billion and the State Governments received N218.765 billion.

The Local Government Councils received N168.659 billion and the sum of N144. 151 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N598.077 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N89.712 billion, the State Governments received N299.039 billion and the Local Government Councils received N209.327 billion.

A total sum of N5.829 billion was received by the Federal Government from the N38.862 billion Electronic Money Transfer Levy (EMTL).

The State Governments received N19.431 billion and the Local Government Councils received N13.602 billion.

From the N81.407 billion Exchange Difference, the communiqué stated that the Federal Government received N38.459 billion and the State Governments received N19.507 billion.

The Local Government Councils received N15.039 billion, while the sum of N8.402 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Bawa Mokwa Director (Press and Public Relations) said in April 2025, Petroleum Profit Tax(PPT), Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies increased significantly while Companies Income Tax (CIT) decreased considerably.

Business

‘We Will Keep Crashing Rice Prices,’ BUA Chairman Rabiu Warns Hoarders

The Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further lower the prices of rice and other food items, which he said have already decreased over the past year.

He commended President Bola Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country.

In July 2024, the Tinubu administration announced the suspension of customs duties on imported food items to stem food inflation.

Speaking to State House Correspondents after meeting with President Tinubu on Thursday, Rabiu said BUA Foods keyed into that policy and was able to import quite a lot of wheat, maize and rice.

“And the moment the shipment started coming, we started processing, we crushed the prices of some of these commodities. And today I’m happy to inform you that the price of rice is about N60,000 from what it was last year at N110,000. Flour is today N55,000 Naira per 50 kilo bag.

“Maize is about N30,000. And this happened because of Mr President’s foresight and vision by introducing that one-off duty waiver for a period of six months, and with that, we’ve been able to bring down the prices of these commodities,” Rabiu said.

The billionaire businessman further explained the causes of the food price increases and how the President’s policy helped to curb the trend.

“So, what has been happening and a lot of people probably don’t know this, is that Nigerians, a lot of companies in Nigeria usually buy a lot of paddy. That is rice paddy. Rice Paddy is what you use to process rice. So, the moment the harvest season starts, a lot of people will now buy a lot of these paddy and hold it for a period of three to four months. The moment the season finishes, then the price will double. So a lot of people don’t know that, but that has always been the problem.

“That does not really in any way affect the farmer, because the farmer is getting his four to N500,000 per ton of paddy. But the people that are buying and holding for three to four months, once the season finishes, it goes back up to N800,000. Hence why you are getting N110,000 per bag.
“So, what that intervention did at the time when we brought in was to create an issue for those hoarders. Because the moment we imported, we were selling, and those orders had a lot of paddy, they could not sell, and the price now came down, and it is still down.
So a lot of those holders are actually crying now and losing money.”

He said that the Rice Millers Association has come together to address the issue of hoarding by some companies, adding that the association will not allow any of its members to hoard rice.

“What we are doing as rice Millers is that we want to ensure that rice Millers are not buying and hoarding Paddy, although at the end of the day, it’s quite difficult to stop that. But what is happening is that once they know that there is rice availability imported, because BUA has imported enough rice to last us until the end of the year, for example.

“So, they know that if they try to hot rice and try to take it up, Bucha is there and will crash the price. So I am hopeful that at the end of the day, the price of rice going forward is not going to go any higher than what it is today.

“And I’m sure as soon as the season starts, the farmers will get the price they’ve always gotten, and the price of rice is going to stay the same, because people will be wary of hoarding, because if they hoard it is going to be a problem for them, because they might lose money. So that is on rice.

“And again, let me use this opportunity to thank His Excellency, for his foresight, for his vision, because I actually didn’t see that. I didn’t know that that was going to work, but we keyed in. We imported and we have supported, and now prices are down. So that is what we did, and we will continue to do to support the efforts of the government to ensure that food prices continue to come down. And I’m sure prices will come down.

“It is quite interesting that when prices were quite high, N100,000 everybody was shouting, now that prices are down or are coming down, it is like, nobody is coming out to say, look, food prices are coming down, but I’m happy to say that food prices are coming down, and they will continue to come down. That is what BUA foods is doing to support the efforts of the government in ensuring that food prices are down,” Rabiu said