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Food prices rise as Nigeria’s Inflation hits 34.6% in Nov 2024

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More pressures on pockets as food inflation rises to 40%
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Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024, the National Bureau of Statistics (NBS) said Monday.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%).

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),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

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

The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sadine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

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Bretton Woods institutions like the World Bank and the International Monetary Fund had advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.

After his inauguration in May 2023, President Bola Tinubu removed petrol subsidy and floated the naira. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country.

The naira also took a nosedive, wobbling from around N700/$ to N1,600.

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Troops rescue 18 kidnapped victims, kill many criminals in Plateau

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No fewer than three septuagenarians and 15 other kidnapped victims have been rescued by Troops of the Three Division Nigerian Army and Operation Safe Haven in Plateau State.

Briefing newsmen about the latest developments in Jos, Operation Safe Haven Information Officer, Major Samson Zhakom, revealed that the rescue operation was carried out between the borders of Taraba and Plateau States while the rescued victims have been reunited with their families after profiling and documentation by relevant agencies.

Zhakom revealed that some of the criminals were apprehended with ammunition and firearms recovered during the counter-terrorism operations.

In a related development, Troops of Sector Five on Golden Peace Operations said they captured five bandits at a criminal hideout in the Tarangol In Bokkos Local Government Area of Plateau with several items recovered from the criminals which include fabricated rifles, rounds of 7.62 mm (special), cartridges and daggers.

Similarly, the troops intercepted bandits at Jannaret in Mangu local government area while attempting to cause mayhem in the general area.

He said the released victims have been reunited with their families after profiling and documentation by relevant agencies.

Also, troops of Sector Five on Golden Peace Operations said they captured five bandits at a criminal hideout in the Tarangol In Bokkos Local Government Area of Plateau with several items recovered from the criminals which include fabricated rifles, rounds of 7.62 mm (special), cartridges and daggers.

The troops intercepted bandits at Jannaret in Mangu local government area while attempting to cause mayhem in the general area.

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The apprehended suspects will be handed over to the appropriate authority for prosecution while investigations are ongoing.

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Alleged N12.3b fraud: EFCC to arraign Chairman of Honeywell Group, Otudeko, ex-First Bank MD, Onasanya

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EFCC arrests Edo Accountant General, others days to Obaseki’s handover
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The Economic and Financial Crimes Commission will on Monday arraign the Chairman, Honeywell Group, Chief Oba Otudeko, over alleged N12.3bn fraud.

The suit also names a former Managing Director of First Bank, Olabisi Onasanya; an ex-Honeywell board member, Soji Akintayo and Anchorage Leisure Ltd as defendants.

In a suit marked: FHC/L/20C/2025, the anti-graft agency filed 13 charges against the defendants at the Federal High Court in Lagos, bordering on fraud and forgery among others.

They will be arraigned alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on Jan. 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2b, N6.2b, N6.150b, N1.5b and N500million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank including Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola and Adeeyo David all of whom are expected to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents.

The EFCC will also rely on the testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

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Also included in the EFCC’s list of witnesses are one Farida Abubakar and Adaeze Nwakoby.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

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BREAKING: Retired AIG’s wife kidnapped from her residence

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Retired AIG Hakeem Odumosu
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The wife of retired Assistant Inspector General of Police, Hakeem Odumosu, has been kidnapped from her residence in the Arepo area of Ogun State.

The police confirmed that the abduction no occurred in the early hours of Friday when heavily armed men stormed her home and forcibly took her away.

Thr kidnappers shot sporadically into the air while carrying out the attack.

In response to the incident, the Ogun State Police Command has deployed operatives to secure her release and apprehend the perpetrators.

A police spokesperson stated that efforts are underway to gather intelligence and locate the victim, assuring the public of their commitment to ensuring her safe return.

This incident has sparked concern among residents of Arepo, a community known for its relative calm.

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