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NBS Rebases January Inflation Basket to 24.48%

The bureau put food inflation at 26.08 percent year-on-year.

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The National Bureau of Statistics (NBS) has stated that Nigeria’s Headline Inflation dropped to 24.48 percent for the month of January 2025, from 34.80 percent in December 2024.

The bureau put food inflation at 26.08 percent year-on-year.

Speaking during a press briefing on Tuesday in Abuja, the Statistician of the Federation and the CEO of NBS, Prince Adeyemi Adeniran, said the new figure was as result of the rebasing of Nigeria’s inflation basket to keep it updated to international standard.

He stated that the country last rebased its inflation in 2009, thus using prices of goods prominent during the period.

“This rebasing process also allows Statistical Offices to introduce methodological enhancements to their computation procedures and align with global best practices.”

“Under this process, NBS is not only bringing the base year closer to the current period, from 2009 to 2024, but we have also introduced some critical methodology changes to improve the computation processes and quality of the estimates.

“Under the CPI, important enhancements have been made to the methodology.

Some of the improvements include the transition to the latest version of the classification method, the Classification of Individual Consumption.

According to Purpose (COICOP) 2018 version, from the 1999 version of COICOP, the new version has 13 divisions, bringing in household expenditure on Insurance and Financial Services, which now has a weight of 0.5% relative to the total household expenditure.

Another important improvement is the exclusion of own-production, imputed rents, and gifted items from the aggregates used to come up with the weights.

This is because CPI is a monetary phenomenon. Hence, the computations should only include monetary expenditure.

Also implemented under this rebasing is the movement of expenditures on meals away from home to the appropriate divisional class.

These changes are quite significant and appropriately align expenditures to their respective classes, enabling price changes to be measured properly.”

Crime

UPDATE: Court Remands Former AGF Abubakar Malami, Son, and Associate in Kuje Prison Over Money Laundering Charges

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A Federal High Court in Abuja has ordered the remand of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), his son Abdulaziz Malami, and an associate, Hajia Bashir Asabe, at the Kuje Correctional Centre pending the hearing of their bail applications on January 2, 2026.

The defendants were arraigned on Tuesday before Justice Emeka Nwite on a 16-count charge of alleged money laundering filed by the Economic and Financial Crimes Commission (EFCC). All three pleaded not guilty to the charges, which involve conspiracy to conceal, retain, and disguise proceeds of unlawful activities amounting to billions of naira.

The alleged offences, said to have occurred between 2015 and 2025, include using corporate entities and bank accounts to launder funds, retaining large sums of cash as collateral for loans, and acquiring high-value properties in Abuja, Kano, Kebbi, and other locations.

Some of the acts are alleged to have taken place during Malami’s tenure as Nigeria’s chief law officer, contravening the Money Laundering (Prohibition and Prevention) Acts of 2011 (as amended) and 2022.

Specific counts include the concealment of over ₦1.014 billion in a Sterling Bank account through Metropolitan Auto Tech Limited between July 2022 and June 2025, and the use of illicit funds to purchase luxury properties in Abuja districts such as Maitama and Asokoro.

Following the not-guilty pleas, defence counsel Joseph Daudu (SAN) made an oral application for bail. However, EFCC prosecutor Ekele Iheanacho (SAN) opposed it, noting that a written bail application had been served on the prosecution late the previous night and requesting time to respond.

Justice Nwite ruled that pursuing both oral and written applications simultaneously would undermine fair hearing principles and potentially “ambush” the prosecution.

He declined the oral request and adjourned the matter to January 2, 2026, for the formal bail hearing, ordering the defendants’ remand in Kuje Correctional Centre in the interim.

Malami had been in EFCC custody since early December following investigations into the allegations.

The case marks a significant development in the anti-graft agency’s probe into suspected financial irregularities linked to the former minister.

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Updated: Malami, son plead not guilty in alleged money laundering case, denied bail till January 2 hearing

Among the charges are large-scale money laundering and the illegal acquisition of properties worth over N8.7 billion.

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•Abubakar Malami in the FHC Abuja, Tuesday, 30 December 2025.

Trial Justice Emeka Nwike issued the remand order after he rejected an oral bail application the defendants made through their team of lawyers led by Mr J. B. Daudu, SAN.

The court stressed the need to allow the Economic and Financial Crimes Commission (EFCC), which opposed the release of the defendants on bail, to file its counter-affidavit.

The former Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, his son, and one other person pleaded not guilty to alleged money laundering on Tuesday.

Malami and the others were arraigned before the Federal High Court in Abuja after the Economic and Financial Crimes Commission (EFCC) had filed a 16- count charges against him, his son, Abubakar Abdulaziz Malami, and an associate, Hajia Bashir Asabe.

Among the charges are large-scale money laundering and the illegal acquisition of properties worth over N8.7 billion.

The EFCC’s witnesses include investigators, bank officials, bureau de change operators, and company representatives.

Consequently, the court ordered that Malami, alongside his son, Abdulaziz, and an accomplice, Hajia Bashir Asabe, should remain in Kuje prison till January 2, 2026, when their formal request for bail would be considered.

The Trial Justice Emeka Nwike issued the remand order after he rejected an oral bail application the defendants made through their team of lawyers led by Mr J. B. Daudu, SAN.

The court stressed the need to allow the Economic and Financial Crimes Commission (EFCC), which opposed the release of the defendants on bail, to file its counter-affidavit.

Details later…

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NISO restores national grid after nationwide blackouts

The previous day,there was a nationwide blackout as the Nigerian Electricity Supply Industry (NESI) recorded 0Mw total energy generation at 16:00 hour.

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• A power generation site

The Nigeria Independent System Operator (NISO) has restored the national grid to 2,126 megawatts (Mw) total energy generation at 20:00 hour.

The previous day,there was a nationwide blackout as the Nigerian Electricity Supply Industry (NESI) recorded 0Mw total energy generation at 16:00 hour.

NISO also raised the total energy sent to the 11 electricity Distribution Companies (DisCos) to 1,895Mw at 21:02 hours.

The grid developed issues that the NISO was yet to report its cause and restoration measures at press time, leading to the cut in the supply to the 11 electricity Distribution Companies (DisCos) from the average of 4,000MW on a normal day.

According to the NISO website dashboard, the system dipped from 148.30MW at 15:00 hour.

On its distribution profile, the NISO revealed that total energy sent to the 11 electricity Distribution Companies (DisCos) at 16:46hour was 305MW.

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