Business
BREAKING: Interest Rate, Increase to 15-Year High – Bank Of England

The Bank of England on Thursday lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year.
The BoE hiked the rate by a quarter-point to 4.5 percent — its 12th increase in a row with UK annual inflation stuck above 10 percent, fuelling a cost-of-living crisis across Britain.
Global policymakers are battling elevated inflation caused largely by runaway energy bills following last year’s invasion of Ukraine by major oil and gas producer Russia.
Following a regular policy meeting, the BoE warned of “considerable uncertainties” on when UK inflation would return to its two-percent target, as soaring food prices offset sharp drops to energy costs.
At the same time, the central bank made a record upgrade to its British GDP forecast, adding there would be only a small impact from recent turmoil in the commercial banking sector.
“Six months ago, we were expecting a shallow but long recession,” BoE governor Andrew Bailey told a press conference.
“Since then, energy prices have fallen substantially and economic activity is holding up much better than expected.”
– ‘Modest but positive’ growth –
Bailey said the UK would this year experience “modest but positive economic growth and a much smaller increase in unemployment.
“We think inflation will fall quite sharply over the coming months,” he added.
Official data Friday is expected to show the UK economy grew during the first quarter of this year after narrowly avoiding recession in the last three months of 2022.
The rate decision comes one week after UK Prime Minister Rishi Sunak’s Conservative government suffered a drubbing in local elections, as voters gave their verdict over rampant living costs despite government efforts to partly subsidise energy bills.
The nation has been plagued by strikes as high inflation erodes the value of wages. Train staff will walk out again on Friday following months of industrial action across the private and public sectors.
The latest BoE hike is set to deepen the crunch in living standards as retail banks pass on the increase, resulting in higher repayments on loans, including mortgages.
At the same time, those who can afford to save will benefit for increased fixed returns on investments.
“Although it is good news that the Bank of England is no longer forecasting recession, today’s interest rate rise will obviously be very disappointing for families with mortgages,” said British finance minister Jeremy Hunt.
– Highest inflation in G7 –
Thursday’s news took British borrowing costs to a level last seen in October 2008, before rates were slashed during the global financial crisis.
The BoE has ramped up borrowing costs from a record-low of 0.1 percent in December 2021.
Its latest hike came one week after the European Central Bank and the Federal Reserve implemented quarter-point rate increases as inflationary pressures ease only slightly in the eurozone and the United States.
UK annual inflation stood at 10.1 percent in March, the highest level in the Group of Seven richest nations.
Sunak and the BoE blame the high level in part on rises to pay and have urged employers to show restraint.
BoE chief economist Huw Pill recently stated that Britons need “to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices via higher wages”.
AFP
Business
Nigeria Strongly supports BRICS – Tinubu
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.

•Photo (L-R) : Brazil’s President Luiz Inacio Lula Da Silva , welcome Nigeria’s President Bola Tinubu, to the summit.
President Bola Tinubu said that Nigeria strongly believes in the South-South cooperation, and supports the BRICS position on the need to focus on collective, fair, and equitable global development.
Nigeria officially became the ninth partner country of BRICS in January 2025.
President Tinubu , in his address during the 17th meeting of the Global South and the Emerging Economies bloc, BRICS, on Saturday in Rio de Janeiro, Brazil, said :
” Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.
“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria.
Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.
“President Bola Tinubu also called for a reevaluation of the current global governance structure and the financial and healthcare systems, urging greater equity and inclusion for low-income and emerging economies, particularly in Africa.
President Tinubu stated that environmental degradation, the climate crisis, and healthcare inequalities should receive more attention, as they contribute to slowing growth and development.
“Nigeria, therefore, associates with what I have heard today and all that has happened in BRICS.
“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”
Meanwhile, other BRICS partner countries include: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
The 16th BRICS Summit in Kazan in October 2024 created the partner-country category.
These countries participate in BRICS activities, benefiting from cooperation in areas like trade, investment, and technology.
The partner country category was introduced during the 2024 BRICS Summit in Kazan, Russia, allowing nations to engage with BRICS without committing to full membership.
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.
BRICS is a grouping of these five major emerging economies that cooperate on economic, political and social issues.
Business
Court backs NIBSS’ right to manage BVN database
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

A federal high court in Abuja has ruled that the Nigeria Inter-Bank Settlement System (NIBSS) has the legal right to manage the country’s bank verification number (BVN) database.
Justice James Omotosho delivered the judgment on Friday, declaring that NIBSS operations comply with the Central Bank of Nigeria (CBN) Act and other relevant financial laws.
BusinessDay reported that the case arose after NIBSS, represented by senior advocate Wolemi Esan, took legal action to confirm its authority over the BVN system.
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.
NIBSS wanted the court to declare that its management of BVN data does not violate Nigerians’ constitutional right to privacy or break any existing laws.
The company also sought a permanent court order preventing anyone, including the Digital Rights Lawyers Initiative, from challenging its role.
The bank settlement system argued that it has the power to develop and regulate nationwide infrastructure for electronic payments and fund transfers, which includes the BVN system.
Business
Nigeria fines MultiChoice ₦766m for violations of data protection
The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.

he Nigeria Data Protection Commission (NDPC) has imposed a fine of N766,242,500 on MultiChoice Nigeria, citing violations of the Nigeria Data Protection Act (NDP Act), including alleged breaches of subscriber privacy and illegal cross-border transfer of personal data.
This was disclosed in a statement issued on Sunday by Babatunde Bamigboye, Head of Legal, Enforcement and Regulations at the Commission.
The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.
According to the Commission, the probe revealed that MultiChoice processed personal data of not only its subscribers but also their associates without due consent or lawful justification.
The Commission also found that MultiChoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria,” the statement read.
“The depth of data processing by MultiChoice is patently intrusive, unfair, unnecessary, and disproportionate.”
The NDPC described the data practices as a violation of Section 37 of the 1999 Constitution, which guarantees the right to privacy, as well as a contravention of data sovereignty obligations under national and international law.
The Commission noted that it had previously issued standard remediation directives to the company, but found MultiChoice’s response inadequate.
“For want of cooperation, the Commission has directed MultiChoice to pay N766,242,500 for violating the Nigeria Data Protection Act,” the statement added.
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