As experts see further pressures from festive season demand

There are indications that food inflation would exceed 40 percent mark this month as November inflation shows further rise in consumer prices.

Economy experts have cited structural constraints on food production in the northern part of the country as well as the festive season demand  pressures and increased transportation activities as main drivers of current inflationary pressure.

The National Bureau of Statistics, NBS, in its Consumer Price Index, CPI, report for November 2024 released yesterday said food inflation rose by 0.77 basis point to 39.93 percent    from 39.16 percent in October 2024 due to increase in the prices of yam, water yam, coco yam, guinea corn, maize grains, rice among others.

Also the report said headline inflation rate rose by 0.72 percentage point to 34.6 percent  in November from 33.88 percent in October.

The Bureau stated: “In November 2024, the Headline inflation rate was 34.6 percent relative to the October 2024 headline inflation rate of 33.88 percent.

“Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage  points compared to the October 2024 Headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 6.4 percent points higher than the rate recorded in November 2023 (28.2 percent).

“This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.6 percent, which was 0.002 percentage  points lower than the rate recorded in October 2024 (2.64 percent).

“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.”

On food inflation, NBS said: “The food inflation rate in November 2024 was 39.93 percent on a year-on-year basis, 7.08 percent points higher than the rate recorded in November 2023 (32.84 percent).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; yam, water yam, coco yam, etc (potatoes, yam & other tubers class), guinea corn, maize grains, rice, etc (bread and cereals class), beer, pinto (tobacco class), and palm oil, vegetable oil, etc (oil and fats class).

“On a month-on-month basis, the food inflation rate in November 2024 was 2.98 percent which shows 0.05 percentage points increase compared to the rate recorded in October 2024 (2.94 percent).”

Commenting on the development in their ‘Macroeconomic Update’, analysts at Cardinalstone Limited, a Lagos-based finance and investment firm, said: “True to our expectation, the food basket materially skewed the inflation print for November, rising by 77bps to 39.92 percent.

“This escalation was attributed to ongoing security challenges in key agricultural regions in northern states, coupled with seasonal, festive-driven demand for staple food items. Similarly, the core basket rose by 37bps to 28.75 percent year-on-year, YoY, a consequence of sustained energy prices.

“In December, we anticipate continued upward pressure on the food index due to festive demand and structural constraints on food production in the north.

“The core index is also expected to remain elevated, driven by heightened transport activities during the holiday season. “Overall, we estimate inflation to settle at 35.09 percent in December.”

As associates call for activist’s release

DETAINED human rights lawyer and activist, Mr Dele Farotimi, has stated that he did not send anyone to plead with elder statesman, Chief Afe Babalola, SAN, who took him to court for defamation.

This came as some associates of the detained human rights lawyer, yesterday, called for his release, saying his rights had been violated.

Farotimi is currently standing trial in Ekiti State following a petition by Babalola regarding his book, ‘Nigeria and Its Criminal Justice System.’

Recall that the 2023 presidential candidate of the Labour Party, Peter Obi, recently paid a visit to Afe Babalola, with sources suggesting that the visit was to make a plea on behalf of Farotimi.

But speaking on the Sunday edition of Inside Sources with Laolu Akande, Mr Tope Temokun, a lawyer for Dele Farotimi, stated that during a prison visit on Friday, Farotimi denied asking Peter Obi to appeal to Afe Babalola or seek an out-of-court settlement.

Temokun said: “I visited Mr Dele Farotimi in a correctional service in Ado-Ekiti, Ekiti State, yesterday afternoon.

“The events of the recent days; the visit of Mr Peter Obi, the (2023) presidential candidate of the Labour Party, to Aare Afe Babalola; his visit to Mr Dele Farotimi, created some lack of clarity; people are not so clear about some things; people are not clear about what is going on. It is based on this that I had to visit him yesterday, and we sat together and had a good discussion.

“After Peter Obi left Ekiti, the news that filtered through the town to the issue of the conditions for release, the issue of apology, the issue of whether Mr Dele Farotimi can do this or that to come out.

“I told him (Farotimi): the reason I am here is to confirm from you, ‘What do you think should be done?’ The visit of Mr Peter Obi to you in person and the subsequent visit to Aare Afe Babalola: What do you know about it? What is your message to Aare Afe Babalola? What is your message to the people outside? What is also your message to me as part of your legal team?

“He (Farotimi) said if anybody who is familiar with his antecedents, with his principles, with his philosophy over time should join anybody to believe that in a matter where he had written a book that he had published and that had been in circulation, that if anybody, or somebody should join others to believe that he has sent anybody to beg anybody, he said he will be so disappointed in that person.

“He told me categorically that even you, Tope, if you join anybody to believe that I could beg anybody or that I have sent anybody to beg anybody, I will be so disappointed in you.”

Associates call for activist’s release

Meanwhile some associates of Dele Farotimi, in a statement by Mr Taiwo Akinlami, stated that the recent arrest and detention of Farotimi reflect a troubling disregard for procedural fairness and the rule of law.

The group, however, insisted that there were irregularities in the arrest procedures of the activist.

The statement, titled ‘Unlawful arrest and detention of Mr Dele Farotimi: A call for justice’, reads: “We, the associates of Mr Dele Farotimi, a distinguished author and legal practitioner, are deeply troubled by the blatant violations of his rights following his recent arrest and detention. This press release is issued to highlight the irregularities surrounding his case and to demand his fair treatment and prompt release by the law.

“Mr Dele Farotimi, author of ‘Nigeria and its Criminal Justice System’, has become the target of criminal and civil litigations tied to his book. Despite his willingness to address these issues legally, his recent arrest and detention reflect a troubling disregard for procedural fairness and the rule of law.

“These events have significantly disrupted Mr Farotimi’s ability to prepare for multiple civil suits filed during his detention. As associates, we are also concerned about the toll this situation is taking on his family, particularly his 76-year-old mother, who has already suffered the loss of one child.”

While condemning the misuse of state resources, the associates called for an investigation into the irregularities in his arrest and detention.

Akinlami said: “We condemn the misuse of state resources and apparatus to persecute Mr Farotimi and call on the Nigerian authorities to facilitate the immediate release of Mr Farotimi on bail; investigate

“This case is a test of the integrity of Nigeria’s justice system. We urge all individuals and organizations committed to justice, fairness, and the rule of law to join us in advocating for Mr Farotimi’s rights and freedom.”

The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend.

However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,550 per dollar from N1,540 per dollar last weekend, indicating N10 depreciation for the naira.

Data from FMDQ showed that the indicative exchange rate depreciated to N1,545.1 per dollar from N1,533 per dollar last week Friday.

Consequently, the margin between the parallel market and NFEM rate narrowed to N110 per dollar from N122 per dollar last week Friday.

Pastor Tobi Adegboyega, the founder of Salvation Proclaimers Anointed Church, SPAC Nation, has revealed that his ministry does not collect tithes and offerings from members.

Adegboyega disclosed this while opening up on his source of income which he linked to businesses and managing companies in the United Kingdom, UK.

Speaking on Channels TV’s Politics Today, the flamboyant pastor said: “I have brought people from prisons and made them multi-millionaires and the testimonies are public.

“I have raised people and they became CEOs of black corporations in the UK.

“I’m not a person that believes in wealth, I believe in people and I have raised a lot of people.

“If anybody knows us around the world, they will know us for having people, I have supported 250 SMEs in Nigeria with one million each over the past two years and they are doing well.

“We started businesses, we raised companies here. What we do is that we invest in little businesses and watch them grow, that is what sustains us here.

“Even as a church, we don’t take tithes and offerings, we watch these businesses grow.”

The founder of Salvation Proclaimers Anointed Church, SPAC Nation, Pastor Tobi Adegboyega, has opened up his lifestyle and source of income.

Naija News reports that the controversial pastor in an interview with Channels TV’s Politics Today, linked his flamboyant lifestyle to businesses and managing companies in the United Kingdom, UK.

Adegboyega said he does not believe in wealth but he is passionate about raising people who have turned multi-millioniares.

He also disclosed that his church does not collect tithes and offerings.

He said, “I have brought people from prisons and made them multi-millionaires and the testimonies are public.

“I have raised people and they became CEOs of black corporations in the UK.

“I’m not a person that believes in wealth, I believe in people and I have raised a lot of people.

“If anybody knows us around the world, they will know us for having people, I have supported 250 SMEs in Nigeria with one million each over the past two years and they are doing well.

“We started businesses, we raised companies here. What we do is that we invest in little businesses and watch them grow, that is what sustains us here.

“Even as a church, we don’t take tithes and offerings, we watch these businesses grow.”

Nigeria and Nigerians had a good outing at the 2024 Confederation of African Football (CAF) Award, scooping several laurels at the event, which held on Monday night in Marrakesh, Morocco.

The CAF awards which celebrates football brilliance and outstanding achievements across the continent, celebrated many talents on the African continent both at individual and team levels.

Nigeria’s Ademola Lookman was the star of the night as he won the coveted CAF Men’s Footballer of the Year Award after a brilliant year for club and country.

In the women’s category, Zambia’s Barbra Banda emerged as the CAF Women’s Footballer of the Year Award.

There were wins for Nigeria in other categories, including the goalkeeper of the year, won by Chiamaka Nnadozie, National Team of the Year and representations in the Best XI for both men and women categories.

Below is the full list of winners of the 2024 CAF Award.

Men

Player of the Year

Ademola Lookman (NGR)

Club Player of the Year

Ronwen Williams (Mamelodi Sundowns/RSA)

Goalkeeper of the Year

Ronwen Williams (RSA)

Young Player of the Year

Lamine Camara (SEN)

Coach of the Year

Emerse Fae (CIV)

National Team of the Year

Ivory Coast

Club of the Year

Al Ahly (EGY)

Best X1

Andre Onana (CMR); Achraf Hakimi (MAR), Kalidou Koulibaly (SEN), Chancel Mbemba (COD); Mohammed Kudus (GHA), Sofyan Amrabat (MAR), Franck Kessie (CIV), Yves Bissouma (MLI); Mohamed Salah (EGY), Victor Osimhen, Ademola Lookman (both NGR)

Women

Player of the Year

Barbra Banda (ZAM)

Club Player of the Year

Sanaa Mssoudy (FAR Rabat/MAR)

Goalkeeper of the Year

Chiamaka Nnadozie (NGR)

Young Player of the Year

Doha El Madani (MAR)

Coach of the Year

Lamia Boumehdi (TP Mazembe/COD)

National Team of the Year

Nigeria

Club of the Year

TP Mazembe

Best XI

Andile Dlamini (RSA); Michelle Alozie, Osinachi Ohale (both NGR), Lebohang Ramalepe, Karabo Dlamini; Linda Motlhalo (all RSA), Rasheedat Ajibade (NGR), Ghizlane Chebbak (MAR); Barbra Banda (ZAM), Asisat Oshoala (NGR), Tabitha Chawinga (MAW).

President Bola Ahmed Tinubu has congratulated Super Eagles forward Ademola Lookman on winning the 2024 CAF Men’s African Footballer of the Year.

In a statement on Monday night by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu also hailed Super Falcons goalkeeper Chiamaka Nnadozie for clinching the CAF Women’s Goalkeeper of the Year award and the Super Falcons for being named the Women’s National Team of the Year.

The awards were announced Monday night at the Palais des Congrès in Marrakech, Morocco.

The President joined millions of Nigerians in celebrating these athletes, describing them as worthy ambassadors for showcasing their talent and bringing honour to the country on the continental and world stage.

The President express belief that this recognition by Africa’s highest football authority will inspire other upcoming athletes to remain steadfast in pursuing their dreams.

He affirmed that their determination, discipline and confidence underscore the administration’s resolve to build a better Nigeria where everyone thrives and succeeds.

‘‘These athletes embody the essential Nigerian Spirit. They signpost the best in us as a nation. Let no one ever write us off. I am incredibly proud of them.

‘‘Thank you for making Nigeria proud and keeping our flag flying.

‘‘Thank you for winning medals for Nigeria both at home and abroad. You will win more in the future,’’ the President said.

Former National Vice Chairman, North West, of the All Progressives Congress (APC), Salihu Lukman, has stated that former president Olusegun Obasanjo and other past leaders are responsible for the challenges plaguing Nigeria.

He insisted that the decision of Obasanjo and others to produce “anointed successors” makes them part of the problem.

Lukman stated this while reacting to Obasanjo’s remark that even Satan produces leaders but such are bound to fail, while those chosen by God will succeed.

Speaking via an open letter titled “Satanic Leadership and Nigeria’s Boiling Point,” Lukman urged Obasanjo to accept his past mistakes as Nigeria seeks solutions to its challenges.

He charged the former President to stop dwelling on the “vain glory” of his past and recognise that all Nigerian leaders since independence share responsibility for the leadership crises plaguing the country.

According to him, “Your Excellency inadvertently institutionalized the practice of imposition of candidates in our political parties.

“Without going into details, you will recall how in PDP, ahead of the 2007 elections, under Your Excellency’s leadership, the practice of imposition of candidates became the political robe of the PDP.

“Eventually, being the ruling party for sixteen years, the imposition of candidates became an acceptable political rule.

“With imposition, basically, our democracy lost its bearing and became a shadow of the worst authoritarian system.

“The major challenges faced by Nigeria since independence are a result of attempts by past leaders, including Your Excellency, to produce ‘anointed’ successors.

“This has contributed to the political crises and the resulting social and economic challenges, which have worsened under successive administrations.”