News
NBS Rebases January Inflation Basket to 24.48%
The bureau put food inflation at 26.08 percent year-on-year.
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.”
News
JUST IN: Anthony Joshua escapes death in Ogun auto crash
An eyewitness disclosed that there were four occupants in the Lexus at the time of the crash, with Joshua seated behind the driver. While the boxer sustained minor injuries, two occupants of the vehicle reportedly died on the spot.
World heavyweight boxing champion, Anthony Joshua, narrowly escaped death on Monday after being involved in a road accident along the busy Lagos–Ibadan Expressway at Makun area of Ogun State.
Eyewitnesses said the accident occurred at about 11:00 a.m., just before Danco Filling Station, Makun, inward the Sagamu Interchange on the Ibadan axis of the expressway.
Joshua was reportedly travelling in a Lexus SUV with registration number KRD 850 HN, which collided with a stationary truck under circumstances that are yet to be fully ascertained.
The Lexus was said to be part of a two-vehicle convoy, alongside a Pajero SUV conveying his security detail.
The Lexus was said to be part of a two-vehicle convoy, alongside a Pajero SUV conveying his security detail.
An eyewitness disclosed that there were four occupants in the Lexus at the time of the crash, with Joshua seated behind the driver. While the boxer sustained minor injuries, two occupants of the vehicle reportedly died on the spot.
News
Industrialist Nuel Ojei, dies at 74, Governor Oborevwori mourns
Ojei was an outstanding entrepreneur, visionary leader and committed Deltan whose contributions to business development, job creation and philanthropy left an enduring legacy in the state and Nigeria at large,” said Oborevwori.
• Nuel Ojei.
The Founder, Executive Chairman, and Chief Executive Officer of Nuel Ojei Holdings Ltd, Emmanuel Ojei, has died at the age of 74.
Fondly and popularly known as Nuel Ojei, the businessman died on Saturday night at his hometown, Issele-Uku, in Aniocha North Local Government Area of Delta State.
His son, Chuks Ojei, confirmed the development in a statement issued on Sunday on behalf of the family.
He described the loss as a profound shock and an irreplaceable personal tragedy.
Reacting to the obituary announcement, the Delta State Governor, Sheriff Oborevwori, describes Nuel Ojei’s death as a major loss to the state and the nation.
“Ojei was an outstanding entrepreneur, visionary leader and committed Deltan whose contributions to business development, job creation and philanthropy left an enduring legacy in the state and Nigeria at large,” said Oborevwori.
In a statement issued by his Chief Press Secretary, Festus Ahon, the governor recalled that Chief Ojei, the founder of Nuel Ojei Holdings and Nuel Auto Distributors, began his business career at Rutam Motors in 1973 before he established his own companies that later became major players in Nigeria’s automotive and allied industries.
“Under his leadership, Nuel Auto Distributors, founded in 1981, emerged as the sole agent for Mazda vehicles in Nigeria and later partnered with Mercedes-Benz for authorised vehicle servicing.
“Through Nuel Ojei Holdings, he led a large indigenous conglomerate with investments in automotive, banking, construction and other sectors, providing employment opportunities for hundreds of Nigerians.“
In recognition of his contributions to business development, Delta State University awarded him an honorary Doctorate in Business Administration in 2003.
“The late Ojei was a generous philanthropist whose Nuel Ojei Foundation touched many lives through educational, health and social interventions.”
Oborevwori extended his condolences to the Ojei family, the people of Issele-Uku and the business community, praying that God would comfort them in their grief.
Crime
JUST IN: DSS Arrests Gang Leader, Accomplice in 2023 Murder of Prof. Ekanem Philip Ephraim
Operatives of the Department of State Services (DSS) have arrested the alleged leader of a kidnap gang and an accomplice responsible for the 2023 abduction and murder of renowned neurology professor, Ekanem Philip Ephraim.
A credible security source confirmed that 23-year-old Patrick Essien Etim, identified as the gang leader, and 40-year-old Bassey Antiha Asuquo were apprehended on December 27 at a medical facility in Cross River State.


The duo were reportedly plotting to kidnap another prominent medical professional when DSS operatives swooped in.
The arrests bring a major breakthrough in the case that has haunted the medical community for over two years. Prof. Ephraim was abducted on July 13, 2023, by gunmen posing as patients at her private clinic on Atimbo Road, Calabar.

Her kidnapping triggered widespread protests and an indefinite strike by the Cross River State chapter of the Nigeria Medical Association (NMA), which paralyzed the health sector for over a week as doctors demanded government action for her rescue.
According to the source, the DSS had been intensively tracking the syndicate since the professor’s abduction. The suspects have confessed to killing Prof. Ephraim after receiving multiple ransom payments from her family. They also admitted to involvement in other kidnappings and the vandalism of electricity cables, with a third suspect, Isaac Ekpeyong, arrested in connection to these crimes.
“It has been two years of torment for her loved ones, not knowing what happened to the professor. I believe that with this arrest, her family and loved ones will finally have some peace and the much-needed closure they deserve,” the source stated.
The development underscores the DSS’s renewed focus on covert operations and restoring public safety, the source added.
Investigations are ongoing, with the suspects expected to face prosecution.
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