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Nigeria’s inflation drops massively to 24.48% after CPI rebase

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Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.

The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.

Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.

He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.

Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.

Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.

In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.

“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.

“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.

This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.

In November 2024, MPC raised interest to 27.50 percent to bring down inflation.

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Afriland Fire: United Capital Confirms Death of Six Staff, Death Toll Rises to 10

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Financial services firm, United Capital Plc, has confirmed the death of six of its employees in the tragic fire that engulfed Afriland Towers on Broad Street, Lagos Island, on Tuesday, September 16, 2025.

This announcement brings the official death toll to ten, following an earlier confirmation by the Federal Inland Revenue Service (FIRS) that four of its staff also died in the incident.

The fire, which broke out just before 1:00 p.m. on Tuesday, tore through the six-storey commercial building, housing several offices and businesses, leaving widespread devastation and loss in its wake.

In an official statement released on Thursday, United Capital expressed deep sorrow over the loss of its staff.

“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers,” the statement read.

“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void.”

The company extended its heartfelt condolences to the families, friends, and loved ones of the deceased, assuring them of continued support during this difficult time. Plans are underway for a memorial service to honour the victims.

United Capital also expressed appreciation to emergency responders for their swift intervention during the incident.

“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace.”

Authorities are continuing investigations to determine the cause of the fire.

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Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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