AFOLABI

AFOLABI

Zamfara State Governor, Dauda Lawal, on Wednesday said the recent military airstrike in the North-Western state was not intentional.

Lawal stated this during an interview on Channels Television’s Politics Today, where he commiserated with the families of the incident.

“It was not intentional. It was in the process of fighting these bandits (that) they were struck,” he said.

“The Chief of Air Staff has set up a committee to commiserate with the state government as well as the people that were affected. They also went there yesterday to do on the spot assessment to see who was involved and what happened to guide against future occurrence.”

He said he was aware of the military operation before the tragedy occurred, saying that he personally invited the Air Force to neutralise some bandits who were attacking the area.

During the programme, he expressed hope that the military has all the capacity to tackle bandits activities within one month.

The governor said the days of notorious bandits leader, Bello Turji, are numbered, saying he would soon be eliminated just as other top bandits have been neutralised.

On January 11, over 16 residents were killed after a military air strike tore through the Tungar Kara community in the Maradun Local Government Area of Zamfara State.

Worried by the situation, the Nigerian Air Force deployed a fact-finding team deployed to investigate the recent military air strikes tragedy in the state.

The team met with Governor Lawal on Tuesday at the Government House in Gusau.

Security operatives have been battling bandits have been terrorising north-west and central states. The bandits raid villages, burn homes and kill and abduct residents for ransom.

Several accidental air strikes have occurred in recent months including a Christmas Day attack that killed at least 10 civilians in neighbouring Sokoto state.

In 2023, at least 85 civilians, mostly women and children, attending a Muslim religious gathering at a village in Kaduna state were killed after they were mistaken for bandits.

In January 2017, at least 112 people were killed when a jet struck a camp housing 40,000 people who had been displaced by jihadist violence in a town near the Cameroonian border.

Thursday, 16 January 2025 05:47

NNPCL Remitted ₦10tn In 2024 – Kyari

The Nigerian National Petroleum Company Limited (NNPCL) has remitted ₦10 trillion to the federation account, making it the highest taxpayer in the country and remains the only company in Nigeria that publishes 100% of its account statements annually.

This is according to the Group Chief Executive Officer (GCEO), Malam Mele Kyari, who stated this on Wednesday during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.

The NNPCL boss also called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.

“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply,” he said.

“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends.”

Regarding the company’s 2025 revenue projections, Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks. He assured the committee that the parameters for the 2025 budget were both realistic and achievable.

In a related development, the National Assembly raised the 2025 projected revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, underscoring the need for increased revenue generation across key government agencies.

AS Governor Seyi Makinde of Oyo State presented the staff of office to the 46th Alaafin of Oyo, Oba Akeem Abimbola Owoade, on Monday, tongues are still wagging why the selection process was so controversial and unnecessarily prolonged.

Though the same scenario played out in 1970 when Prince Lamidi Adeyemi, the successor to Alaafin Gbadegesin Ladigbolu 11 was announced by the defunct Western Region, no one in his wildest imagination thought the road to one of the foremost traditional stools, could be so chaotic, rough and bumpy. 

The Alaafin stool was vacant for almost three years after Oba Lamidi Adeyemi joined his ancestors.

 
 

The new Alaafin will understand, more than anyone else, that indeed, uneasy lies the head that wears the crown.

Presentation of Instruments of office

Immediately after the approval of the new Alaafin last Friday, the Oyo State Government moved swiftly to present the instrument of office to the new monarch.

The presentation, which took place at the Executive Chamber of the Governor’s Office, Oyo State Secretariat, Ibadan, was not given much publicity.

Alaafin stool not for sale —Gov Makinde

Apparently alluding to allegations that money exchanged hands among the kingmakers, who did the initial nomination of Prince Gbadegesin and presented same to him, he vowed that he would not sit by and watch the stool of Alaafin commercialized.

The governor went further to say that he would ensure that anyone found culpable of collecting money in the selection process would be prosecuted.

Oyo Mesi will be prosecuted — Makinde

The governor gave the estranged kingmakers an option if they don’t want to be prosecuted.

“Let me also say briefly that those that are still hell-bent on destabilising the traditional institution in Oyo, the government is not letting down. We will prosecute them. The money they collected; they will still be prosecuted except they go to Kabiyesi. If he forgives them, I will also forgive them,” the governor maintained.

“The Alaafin stool is very important not just to Oyo Town or Oyo State but the entire Yoruba race. So, under my watch, I made it very clear that the stool would not be for sale. It is not a stool for us to toy with.

“From today, we have an Alaafin. I congratulate the Alaafin of Oyoland, His Imperial Majesty, Oba Akeem Abimbola Owoade. I pray that your reign shall bring unity to Yoruba race wherever they may be around the world,” Governor Makinde said.

I met new Alaafin first time on Sunday— Gov Makinde

To further prove that he was very transparent in the whole affair, he explained that he was meeting him (Alaafin) for the first time.

“I met Prince Owoade for the first time in my life yesterday. I never spoke to him in my entire life until yesterday. I did not know his profile or the profile of any of the princes vying for the stool and it was deliberate because I did not want my opinion to influence the process.

“Let me say this clearly; when we came in 2019, we had challenges with the traditional institution in Ibadanland and it has been resolved to everybody’s satisfaction.

“When it was time for us to approve the selection of Okere, some people came to me and said: ‘This is our friend’. They said one person is APC and I said it does not mean anything to me whether you are PDP or APC. Why should my decision be based on political considerations? So, I approved the selection of the Saki kingmakers.

“I always tell people not to kill themselves over politicians, because we see ourselves in the night. We go to each other’s houses. Politics, electioneering is a game. It’s only when you have been elected, then governance becomes a serious business because you will make decisions that will affect millions of people. So, we will not play politics with governance.

“The Alaafin stool became vacant in 2022. We were moving towards the election and people said, you have to approve the appointment of Alaafin, otherwise, Oyo people would not vote for you. I said the people should not vote for me but that I would do what was right and Oyo voted for me massively. Oyo will continue to support me. The coronation would be in four weeks”

I will work for progress of Oyo Town, Nigeria .. Alaafin

While responding after the presentation of the staff of office, the new monarch promised to work relentlessly for the progress of the ancient city.

Process to select new Alaafin tantamount to subjudice —Kingmakers

Meanwhile, some members of Oyo Mesi, who are kingmakers, have distanced themselves from the appointment of the new Alaafin.

Through their counsel, Adekunle Sobaloju, SAN, the kingmakers distanced themselves from the appointment.
Those who opposed the move by the governor are High Chief Yusuf Akínade, Bashorun of Oyo; High Chief Wakeel Akindele, Lagunna of Oyo; High Chief Hamzat Yusuf, Akinniku of Oyo; Chíef Wahab Oyetunji, warrant chief and stand-in for Asipa of Oyo, and Chief Gbadebo Mufutau, warrant chief stand-in for Alapinní of Oyo.

The kingmakers in a letter signed by their legal representative, Adekunle Sobaloju, SAN said: “We have just been reliably ínformed by our clients that you have just through the Oyo State Commissíoner for Chieftaincy Affairs and Chairmen of Atiba and Oyo East Local Government appointed (i) Chief Odurinde Olusegun Alajagba of Ajagba) (ii) Chief Ganiyu Ajiboye (Alago-Oja of Ago Oja) as warrant kíngmakers to join High Chief Asimiyu Atanda (Agbaakin of Oyo) and High Chief Lamidi Oyewale (Samu of Oyo) to kick-start the process of selecting another candidate to fill the vacant stool of Alaafin of Oyo.

“Proceeding to commence a fresh process for the filling of the vacant stool of Alaafin of Oyo would be subjudice and tantamount to lawlessness and disregard of the superior courts of record an act which your Excellency ought to distance yourself from.

“We, therefore, once more request and urge your Excellency to suspend any plan to kick-start fresh process for the filling of the vacant stool of Alaafin of Oyo during the pendency of a motion for injunction pending appeal in obedience to law and integrity of our courts.”

 

How selection process turned controversial

After the death of Oba Adeyemi on April 22, 2022, about 198 contenders signified their interest to assume the revered throne.

But, the number was pruned from 65 to 10 by the Oyo Mesi, a council of kingmakers after a rigorous interview and consultation with Ifa Oracle.

After the nomination of Prince Gbadegesin by the estranged kingmakers, there was a row among the kingmakers over the sum of money allegedly offered them.

Vanguard gathered that it was the sharing formula that sowed the seed of discord. It was alleged that two of the kingmakers felt the larger portion of the cake was taken by one of them.

Inundated with complaints and alleged ‘greased palms’, the governor restrained himself from giving approval to the name forwarded to him by the kingmakers.

The governor insisted that due process must be strictly adhered to.

The governor, as reliably gathered instructed the kingmakers to go back to the drawing board by re-consulting Ifa Oracle which the kingmakers rejected.

Ifa Oracle consulted outside Oyo

In what could be termed an unprecedented move, the state government reportedly sought the services of Professor Wande Abimbola, the former Vice Chancellor of the University of Ife and the head of all Ifa oracle diviners to ask Ifa Oracle which of the aspirants he preferred.

Ifa picked Prince Owoade — Prof Abimbola

In a viral video last weekend, Prof Abimbola was heard saying that the Oyo State government contacted him on the divination process.

According to the Ifa diviner, the Oyo State Governor called him to ask Ifa who the right choice would be.
The Professor of Yoruba explained the rigour he went through before picking the new Alaafin.

He said: ”I spent ten days seeking the face of Ifá oracle and Ifá made its choice. Ifá chose Prince Owoade.”

The Ifa representative also alleged that the Oyo kingmakers tried to persuade him to stick to their initial nomination to which he said no.

The matter is in court— Head of Oyo Mesi

When Vanguard called the Head of Oyo Mesi, who is also the Bashorun of Oyo, Chief Yussuf Ayoola, he said he wouldn’t want to comment, the ball is in the governor’s court.

“I don’t want to say anything about it since the matter is in court. The Law is much more powerful than the person who made it. We shall be waiting for the court decision”, he said.

When asked if the ancient town had experienced a delay of this nature before in enthroning a new Alaafin, he answered in affirmative saying “Yes, it has happened before but I can’t remember the time. But, there is a difference between the delay that happened in the past and the delay being experienced now. Then, it was the people of Oyo that caused the delay but now it is the government that is responsible.”

 

We’re not happy about the delay — Afonja, head of princes

When Vanguard called the head of all princes in Oyo, Chief Afonja, he simply said the matter was now with the kingmakers.

Afonja said: “We are not happy too that it is taking this long. If you have the number of Oyo Mesi, call them and help us appeal to them to do the needful.

“We had a meeting on the issue last week Saturday. We said at the meeting that we don’t like how the selection process is foot dragging. The Oyo people are not happy that a new Alaafin of Oyo has not emerged.”

Prolonged delay is very disturbing —Residents

One of the indigenes of Oyo town, Mr Jayeola(other name withheld) told Vanguard that the selection process will “continue to drag until the state government hands off on the emergence of the new Alaafin. All that it is required to do is just to give approval. But, when the government is saying there’s a petition against the nominated candidate by the Oyo Mesi, it speaks volumes.”

“I think the state government should just give approval to whoever is presented to it and anyone who is aggrieved should go to court. Almost three years now, there’s nobody sitting on the Alaafin stool. This is not good. The people of Oyo have spoken through the Oyo Mesi; let the state government stop stalling the process.”

Another source said: “If I’m asked to say anything about the Alaafin stool, I will say it’s becoming evident who is preventing the installation of our new king.”

Thursday, 16 January 2025 05:12

Telecom tariff review: FG proposes 30-60% hike

The federal government has proposed a 30-60% increase in telecom tariffs to sustain the critical telecommunications sector while ensuring affordability for Nigerians.

 

The Minister of Communications and Digital Economy, Dr. Bosun Tijani, who disclosed this in an interview on Channels Television yesterday, stated that recommendations from independent consultants, including KPMG, had been received.

 
 

Rejecting demands by operators for a 100 per cent hike, Dr. Tijani explained that the government was considering a more moderate increase to strike a balance between affordability for consumers and the sustainability and continued growth of the sector.

He said: “The telecommunications sector contributes over 16 per cent to our GDP, employs thousands of Nigerians, and is essential to the nation’s digital economy. However, it is crucial to ensure that services remain accessible while maintaining the sector’s viability.”

Announcing key updates from the ministry, Dr. Tijani emphasized that the tariff review would prioritize consumer interests and sector sustainability.

He said the Nigerian Communications Commission, NCC, was overseeing the process, with recommendations based on data-driven analysis.

On rural connectivity investments, he said: “To address connectivity challenges in underserved areas, the government is deploying 90,000 kilometers of fiber-optic networks and building telecom towers in remote regions through Special Purpose Vehicles, SPVs.”

Dr. Tijani also addressed Nigeria’s leadership in global telecommunications infrastructure resilience, citing recent efforts to manage submarine cable disruptions.

He reiterated the government’s commitment to harmonizing taxes and declaring telecom infrastructure as critical national assets.

Assuring Nigerians of improved service delivery, the minister said operators would be held accountable for disruptions.

“We are implementing measures to ensure swift resolutions to service interruptions and better experiences for consumers.

“We are committed to ensuring meaningful connectivity for all Nigerians—25 Mbps in urban areas and 10 Mbps in rural areas—while fostering a sustainable environment for private and public investments,” he said.

Following the establishment of the Police Anti-money Laundering Units to checkmate terrorism Financing, operatives have arrested two suspects involved in counterfeit currencies in Kano and Nasarawa states with a total sum of over N129.54 million in Kano and $160,000 in Nasarawa State.

 

Force Public Relations Officer, ACP Muyiwa Adejobi made this known while disclosing the establishment of the Police Anti-Money Laundering Units of the Nigeria Police Force, and appointing, a renowned financial expert, CP Hyacinth Azuka Edozie with officers of the rank of Chief Superintendents of Police (CSPs) to lead the units in all State Criminal Investigation Departments (SCIDs) across the country.

 
 

The Force PRO said, “On December 8, 2024, at Gwale, Kano, operatives, acting on credible intelligence, apprehended Nura Ibrahim and discovered counterfeit currency, which included the sum of N129,542,823,000 in counterfeit currencies.

“A, breakdown showed 3,366,000 in Counterfeit US Dollars, 51,970 in Counterfeit CFA francs, and 1,443,000 in counterfeit Naira.

“Similarly, on January 13, 2025, the Force arrested 53-year-old Ephraim Barde in New Karu, Nasarawa State, with counterfeit U.S. dollar notes totalling $160,000.

He explained the initiative by IGP Egbetokun to establish terrorism Financing units, “is a strategic move to strengthen the Police’s role in national security, specifically in combating financial crimes.

‘It is also critical in countering the sophisticated methods used by terrorist organizations and other criminal entities to finance their activities.

“The establishment underscores the Force’s commitment to safeguarding national security by preventing and detecting illicit financial activities that could undermine the country’s stability.

“It also enhances the operational capacity of law enforcement agencies, especially the Nigerian Financial Intelligence Unit (NFIU) in furtherance of its global oversight functions, to address various security threats.

“As a testament to the zeal to curb financial crimes and boost national security, the Police recently made significant arrests in Kano and Nasarawa States.

“On December 8, 2024, at Gwale, Kano, operatives, acting on credible intelligence, apprehended Nura Ibrahim and discovered counterfeit currency, which included the sum of N129,542,823,000 in counterfeit currencies, with a breakdown of 3,366,000 in Counterfeit US Dollars, 51,970 in Counterfeit CFA franc, and 1,443,000 in counterfeit Naira.

“The arrest led to further arrests of accomplices Muhammed Muntari and Usman Abdullahi.

“Similarly, on January 13, 2025, the Force arrested 53-year-old Ephraim Barde in New Karu, Nasarawa State, with counterfeit U.S. dollar notes totalling $160,000.

“Following the arrest, further investigations are underway to determine the full scope of Barde’s involvement and identify any accomplices.

“The Police are committed to preventing further threats to the nation’s financial system.

“The Nigeria Police Force remains resolute in its efforts to combat financial crimes and ensure a secure economic environment to promote national security for the safety of all Nigerians and residents.

“The establishment of the Anti-Money Laundering Units is a vital step in this mission.

“The IGP calls on all citizens to play an active role in national security by reporting suspicious activities related to counterfeit currency and financial crimes.”

 

2 arrested in Kano, Nasarawa over terrorism financing, fake $160,000

President Bola Tinubu on Wednesday, met with the President of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed Al Nahyan.

Sharing details of the meeting, President Tinubu described the bilateral meeting as crucial to strengthening and expanding the relationship between Nigeria and the UAE.

 

According to the Nigerian leader, the discussions between the two leaders focused on key areas of mutual interest and exploring opportunities to deepen economic ties, and foster innovation.

 

Naija News reports Tinubu, who shared the details of the discussion on his X account, expressed confidence that the relationship between Nigeria and UAE will flourish and benefit the two nations.

“This evening, I joined His Highness, the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, for a crucial bilateral meeting to strengthen and expand the growing relationship between Nigeria and the UAE.

“Our discussions focused on key areas of mutual interest and exploring opportunities to deepen our economic ties, foster innovation, and enhance collaborative efforts that will benefit Nigeria and the United Arab Emirates.

“The UAE has proven to be a vital partner for Nigeria, and this bilateral meeting highlights our shared commitment to advancing strategic partnerships that promote sustainable development, trade and investments, regional stability, and prosperity for all.

“The Abu Dhabi Sustainability Week (ADSW) was an opportunity to reaffirm our commitment to global sustainability efforts, and I extend my congratulations on the remarkable success of this year’s ADSW and Zayed Sustainability Prize.

“We will keep building the groundwork for a future marked by cooperation, mutual respect, and shared progress between Nigeria and the UAE. I am confident that this relationship will continue to flourish, benefiting our nations and the global community,” the Nigerian leader shared.

Thursday, 16 January 2025 04:35

Tinubu mishandling economy - Sanusi

The Emir of Kano, Muhammadu Sanusi II, on Wednesday, criticised the handling of the economy by President Bola Tinubu’s administration, asserting that things are not being done correctly.

He also posited that the government lacked persons of pedigree to articulate its policies for Nigerians to understand.

Sanusi, however, said unlike in the past when he offered economic advice to the Federal Government, he would not do the same for the Tinubu’s administration because the government had not acted like a friend to him.

The former Governor of the Central Bank of Nigeria spoke in Lagos  at the 21st Memorial Lecture of Chief Gani Fawehinmi organised by the Nigerian Bar Association, Ikeja branch.

 

He chaired the lecture with the theme “Bretton Woods and the African Economies: Can Nigerians Survive Another Structural Adjustment Programme?”

The Tinubu-led Federal Government has faced intensed criticisms over its decision to remove fuel subsidy and float the naira, leading to mounting inflation and widespread economic hardship in the country.

Positing that the Federal Government had not handled the economy well, Sanusi remarked, “Is everything being done correctly? No. When I’m ready to discuss the economy, I will.”

 

Elaborating on his decision on his position not to offer economic advice to the government, Sanusi said, “I can provide insights into the challenges we face, how they were predictable, and even avoidable. But I won’t. I’ve chosen not to comment on the economy, reforms, or anything that could benefit this government. They are my friends, but if they don’t act like friends, I won’t act like one either.”

Sanusi was in 2020 deposed as the Emir of Kano by ex-governor Abdullahi Ganduje, who is now the National Chairman of the ruling All Progressives Congress.

Ganduje banished Sanusi and replaced him with Aminu Ado Bayero.

However, the incumbent Kano Governor, Abba Yusuf, sacked Bayero last year and reinstated Sanusi.

The development sparked a crisis in the ancient city, snowballing in court cases as Bayero refused to step down. He moved to a smaller palace where he enjoyed security protection, indicating he had federal support.

On Wednesday, Sanusi critised the government’s image makers, saying they lacked pedigree.

“They don’t even have people with the pedigree to articulate their policies to the public. Let them explain to Nigerians why they are implementing these measures. I started out helping, but I’ve stopped,” he said.

He attributed the current economic struggles partly to years of poor governance. “What we’re experiencing today is, at least in part, the result of decades of irresponsible management. People warned about the consequences of our actions, but those in power ignored them,” he noted.

Sanusi hinted that he might address the economy in the future but emphasised that now was not the time.

Efforts to get the reaction of the Presidency were unsuccessful as the presidential spokesmen, Bayo Onanuga, Sunday Dare  and Daniel Bwala, could not be reached. Calls placed to their mobile lines were not picked up and they had yet to respond to text messages as of the time of filing this report.

In addition to his comments on governance, Sanusi urged Nigerian lawyers to emulate the integrity and virtues of the late Gani Fawehinmi, a renowned human rights activist and legal icon.

He lamented the decline of ethical standards in the legal profession, describing Fawehinmi as a symbol of good character and moral excellence.

Also speaking at the event, the Minister of Aviation and Aerospace Development, Festus Keyamo, (SAN), lauded the enduring legacy of the late Fawehinmi, describing him as a symbol of courage and justice.

 Keyamo, who was represented by a Director in the Federal Airport Authority of Nigeria, Mr. Henry Agbebire, in his goodwill message, praised the organisers for ensuring Fawehinmi’s ideals remain a cornerstone of national discourse.

 

“The late Chief Gani Fawehinmi left an indelible mark on human rights advocacy, public service, and the legal profession. His legacy inspires us all with its courage, resilience, and unwavering commitment to justice for the common man,” he said.

Reflecting on his own legal journey, Keyamo acknowledged Fawehinmi’s mentorship as pivotal in shaping his activism and career.

“As someone whose human rights activism began under the mentorship of Gani Fawehinmi, I take pride in the continued relevance of issues he championed, including citizens’ rights, accountable governance, and equitable public policy. These principles guide my work today,” he remarked.

Keyamo also commended the lecture’s focus on Nigeria’s economic challenges, expressing confidence that the discussions would generate ideas to promote sustainable development and social justice.

“I trust the deliberations will offer solutions that can guide our nation towards economic progress and fairness,” he added.

While expressing regret for his absence, the minister assured attendees of his commitment to initiatives that uphold the values of justice, human rights, and socio-economic advancement.

Other prominent guests at the event were the NBA President, Afam Osigwe (SAN); Lagos State Attorney General and Commissioner of Justice, Mr Lawal Pedro (SAN), and human rights lawyer, Mr Femi Falana (SAN), amongst others.

 

The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has inaugurated the Police Anti-Money Laundering Units within the Nigeria Police Force.

Naija News understands that this strategic move includes the appointment of a seasoned financial expert, CP Hyacinth Azuka Edozie, alongside Chief Superintendents of Police (CSPs) to oversee operations in all State Criminal Investigation Departments (SCIDs) across the nation.

 

According to a statement released by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, on Wednesday, 15th January 2025, the initiative aims to fortify the Police’s capacity in safeguarding national security, particularly in tackling financial crimes.

 

The units will play a pivotal role in dismantling the complex mechanisms employed by terrorist organizations and other criminal entities to fund their operations.

This development reaffirms the Force’s dedication to combating illicit financial activities that threaten Nigeria’s stability.

It also aligns with efforts to enhance collaboration with the Nigerian Financial Intelligence Unit (NFIU), further empowering the country to address global and domestic security challenges effectively.

The Police have already demonstrated their commitment through recent operations in Kano and Nasarawa States. On December 8, 2024, in Gwale, Kano State, officers acting on credible intelligence apprehended Nura Ibrahim with counterfeit currency amounting to ₦129,542,823,000.

The seizure included ₦1,443,000 in counterfeit Naira, $3,366,000 in fake U.S. dollars, and CFA 51,970 in counterfeit CFA franc. This breakthrough led to the arrest of two accomplices, Muhammed Muntari and Usman Abdullahi.

In another operation on January 13, 2025, the Police arrested 53-year-old Ephraim Barde in New Karu, Nasarawa State, with $160,000 in counterfeit U.S. dollar notes. Investigations are ongoing to uncover the full extent of Barde’s activities and identify his associates.

The establishment of the Anti-Money Laundering Units underscores the Nigeria Police Force’s determination to protect the nation’s financial system and promote a secure economic environment.

 

These efforts are critical for ensuring national security and safeguarding the welfare of all Nigerians and residents.

The Inspector-General urged citizens to actively participate in combating financial crimes by reporting any suspicious activities involving counterfeit currency or related offenses.

A 27-year-old Nigerian woman, Patricia Masithela, tragically lost her life after being mauled by a pack of starving dogs in Latina, Italy.

The incident occurred late Monday night while Patricia was visiting a male acquaintance at his abandoned villa in the Lazio region, according to Mirror UK.

Her screams filled the night, alerting neighbours to the savage attack.

Patricia, who had recently moved to Lazio from Nigeria, reportedly visited the house unaware that her friend was not at home.

 

She was discovered critically injured, lying in a pool of blood with deep wounds across her body after the attack.

The police, however, intervened, “shooting two of the dogs to allow emergency responders to access the scene, while the rest of the pack fled after the gunfire.”

Emergency medics provided immediate treatment and rushed Patricia to Santa Maria Goretti Hospital, but despite their efforts, she succumbed to her severe injuries and blood loss.

 

She succumbed to severe bite wounds and excessive blood loss, despite their efforts to save her.

Patricia, a devoted mother to a five-year-old daughter, has left her family and friends in unimaginable grief, Mirror UK reports.

It was gathered that investigations into the incident are ongoing as local authorities work to determine how the reportedly starving dogs came to be in the area.

The incident has, however, sparked discussions about stray animals and public safety, with residents calling for stricter measures to prevent such devastating incidents.

The Organised Private Sector has expressed worry over the continued hike in the inflation rate in Nigeria, stressing that this will further raise the cost of production, raw materials, logistics, and machinery, among others.

On Wednesday the National Bureau of Statistics reported that Nigeria’s inflation rate rose to 34.80 per cent in December 2024, reflecting a slight increase from the 34.60 per cent recorded in November.

According to the latest Consumer Price Index report, the marginal rise of 0.20 per cent was attributed to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 per cent in December 2023.

 

This highlights a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.

According to the NBS report, the average inflation rate for the 12 months ending December 2024 stood at 33.24 per cent, up from 24.66 per cent recorded during the same period in 2023.

The report read, “In December 2024, the headline inflation rate was 34.80 per cent relative to the November 2024 headline inflation rate of 34.60 per cent.

 

“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.

“On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).”

The rise reflects sustained pressures on the cost of living throughout the year, affecting both urban and rural areas.

The report highlighted that food and non-alcoholic beverages accounted for the largest share of the inflationary pressure, contributing 18.02 per cent to the overall figure.

Other key contributors included housing, water, electricity, gas, and other fuels, which added 5.82 per cent, and transport, which contributed 2.26 per cent.

Smaller contributions were noted from sectors such as health and communication, which accounted for 1.05 per cent and 0.24 per cent, respectively.

Urban inflation was higher than rural inflation during the period under review.

 

The urban inflation rate for December 2024 stood at 37.29 per cent on a year-on-year basis, representing a rise of 6.30 percentage points from 31.00 per cent recorded in December 2023.

On a month-on-month basis, urban inflation dropped slightly to 2.56 per cent from 2.77 per cent in November.

Rural inflation, on the other hand, rose to 32.47 per cent year-on-year, 5.37 percentage points higher than the 27.10 per cent recorded in December 2023.

However, the month-on-month rural inflation rate also experienced a marginal decline, dropping to 2.32 per cent from November’s 2.51 per cent.

The report further revealed that food inflation continued to surge, reaching 39.84 per cent on a year-on-year basis in December 2024, compared to 33.93 per cent in December 2023.

The rise was attributed to increases in the prices of staples such as yams, rice, maize, and dried fish.

Despite this, food inflation on a month-on-month basis eased slightly to 2.66 per cent from 2.98 per cent in November, driven by price reductions in items like local beer, soft drinks, and tubers.

 

Core inflation, which excludes volatile agricultural produce and energy, stood at 29.28 per cent year-on-year in December, up from 23.06 per cent in December 2023.

The NBS noted that the sharpest price increases were observed in transport fares, meals at local restaurants, and personal grooming services.

OPS reacts

The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the continuous upward trend in the inflation rate means that the cost of production would be going higher.

He said, “The cost of raw materials, logistics, machinery, and other important inputs of manufacturing will be going up. This means that the prices at which such products will be sold will become higher. People’s ability to pay for those goods, especially the locally manufactured ones, will be reduced, leading to higher inventory. And it’s a vicious cycle.

“The danger there also is that if the cost of imported goods is cheaper than those that are made locally, people will tend to buy the imported products. And that may mean more business closures. It is, however, ironic.”

“Let me observe that despite the continuous hike in interest rates, which is supposed to fight inflation, inflation still keeps going up. What that means is that the Nigerian economy is defying economic theories.”

 

On his part, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the rising inflation has negatively impacted the private sector and the economy as a whole.

He said, “This is because inflation has led to a loss of consumers purchasing power, increased production costs, and a reduction in profitability. Inflation has made our businesses less attractive for investors and by extension, the economy.

“It has also led to reduced exports as it has made our exports less competitive in the international market. On the economy, it has reduced our economic growth, Increased unemployment, and led to a fall in our national income, ultimately leading to increased poverty.

“Rising Inflation has eroded the value of our savings and investment in the private sector and the economy. It has significantly increased the cost of governance.”

The Director-General of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Olusola Obadimu, said the hike in inflation in December will be difficult to contain, especially given the cost-push inflation type.

“It will be difficult to contain inflation given the present realities as what we’re experiencing arises from cost-push effects,” Obadimu stated.

He observed Nigeria’s inflation continued to rise despite the Central Bank of Nigeria’s repeated monetary policy rate hike, explaining it was never going to effectively cushion inflationary pressures.

The NACCIMA DG submitted, “Continual increment in MPR rates wouldn’t work in this situation. It can only work in a demand-pull inflation environment where prices are going up as a result of excess demand over supply and you then increase rates to tame consumption. That is not our case here.”

Obadimu explained inflation thrives with any cost input actions in the economy, using the manufacturing sector – which has repeatedly lamented bearing the brunt of inflation – as an example.

He stressed, “For Manufacturers, ex-factory prices are rising as a result of rising costs of inputs/ factors of production. Interestingly, capital accessible through loans is also an input cost. “So, an increase in interest rates for accessible capital will automatically further propel rising costs of products and services.”

NACCIMA urged inflation-lowering policy directions to focus on addressing input costs so prices would come down.

He explained the steps to achieve such input cost reduction, including increasing local business competitiveness and imbibing fiscal discipline, especially in the public sector.

“We need to make our businesses competitive, particularly in our quest to drive exports of value-added non-oil products and services,” the NACCIMA DG declared. “We need to also control our consumption taste for foreign goods and exhibit greater fiscal discipline, particularly as it concerns the cost of governance.”

He also encouraged paying more attention to infrastructure to ensure increased ease of doing business and fostering an environment that encourages startup ideas and business growth.

“That’s where more employment will come from and that’s where more tax revenue will come from,” Obadimu added

The Director of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf noted that while the increase in December headline inflation was marginal at 0.2 per cent compared to November’s figures, the inflationary trend is still troubling.

However, Yusuf observed the inflation outlook for 2025 promises tends to be positive due to “Sustained moderation in exchange rate volatility, improvements in foreign reserves, the prospects of easing geopolitical tensions with the inception of a (second Donald) Trump presidency (of the USA) in a few days and a strong base effect, given the high inflationary pressures experienced in 2024.”

The CPPE recommended pausing further monetary policy rate hikes, reducing public sector debt, and fixation on revenue generation of ministries, departments, and agencies, to ensure a further moderation in inflationary pressures.

The CPPE director advised, “Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs and reduce fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt.

“Excessive pressure on MDAs to boost revenue and increase Internally Generated Revenue has profound inflationary implications.”

Yusuf further denounced what he described as “arbitrary revenue targets for MDAs,” explaining that the “reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges etc (whose) outcomes are in conflict with government aspirations to boost investment, curb inflation and create jobs.”

 

Rather, Yusuf suggested, the government’s revenue targets should be based on empirical studies, the absorptive capacity of the economy and due consideration of the wider economic implications.

“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty and impede economic growth. There should be a careful balance act between revenue growth aspirations, desire to boost investment and commitment to moderate inflation,” the economist maintained.