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FRC Refutes Hyperinflation Status of Nigeria’s Economy

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According to the Financial Reporting Council (FRC), Nigeria’s economy does not meet current criteria for being considered hyperinflationary.

Rabiu Olowo, the CEO of the FRC, stated in a statement on Wednesday that local businesses will not use the international accounting standard (IAS) 29 in their financial reports for 2024.

Financial reporting is governed by a set of guidelines called the IAS.

According to Olowo, the FRC determined that the standard does not apply after evaluating Nigeria’s economy using the five indicators in “IAS 29: Financial Reporting in Hyperinflationary Economies.”

According to him, IAS 29 defines accounting standards for hyperinflationary economies, citing signs including pricing in stable currencies, reliance on non-monetary assets, and a cumulative three-year inflation rate that is close to or more than 100%.

Nigeria does not match the majority of the criteria, according to the CEO, who summarized the five IAS 29 factors.

He stated that the majority of people would rather hold their wealth in non-monetary assets or in a foreign currency that is comparatively stable.

“To preserve purchasing power, the amount of local money held is promptly invested.

The general public views monetary quantities in terms of a comparatively stable foreign currency rather than the local currency. That currency may be used to quote prices.

Even if the credit duration is brief, sales and purchases made on credit are made at prices that make up for the anticipated decline in purchasing power.

“A price index is linked to prices, wages, and interest rates.”

But according to Olowo, Nigeria satisfies the requirement for a three-year cumulative inflation rate that is close to or higher than 100%.

Read Also: NLC Condemns 50% Telecom Tariff Hike as ‘Assault on Workers’

According to him, Nigeria’s economic prospects would improve and inflation would be lessened with the operationalization of the Dangote refinery as well as the Port Harcourt and Warri refineries.

The FRC stated that the improved trajectory would also be supported by import policies, agricultural initiatives, increasing crude oil output, and structural reforms.

Olowo went on to say that the FRC will keep an eye on economic developments and, if needed, revise its position for the fiscal year 2025.

NLC Condemns 50% Telecom Tariff Hike as ‘Assault on Workers’

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coic
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The federal government’s approval of a 50% hike in telecommunications charges has drawn criticism from the Nigeria Labour Congress (NLC).

The Nigerian Communications Commission (NCC) approved a 50 percent pricing rise for telecommunications companies (telcos) on Monday.

The NLC’s president, Joe Ajaero, described the decision as a “clear assault” on the welfare of Nigerian workers in a statement released on Wednesday.

“This decision, coming at a time when Nigerian workers and the masses are grappling with unprecedented economic hardship, is a clear assault on their welfare and an abandonment of the people to corporate fat cats,” the statement reads.

“Everyday communication, work, and information access all depend on telecommunication services.

However, the typical Nigerian worker already spends almost 10% of their income on telecom costs.

“For a worker earning the current minimum wage of N70,000, this means an increase from N7,000 to a staggering N10,500 per month, or 15 percent of his salary—a cost that is unsustainable.

This increase is a perfect example of how easily the government seems to put corporate profits ahead of the welfare of its constituents.

It is astonishing that, despite the fact that inflation and the growing cost of living are reducing purchasing power, the government took almost a year to approve the recent minimum wage for workers while only approving a 50% rate rise for telecom companies in less than a month.

This stark discrepancy highlights a concerning fact: the government seems to be more concerned with the needs of powerful corporations than with the needs of the people and workers it is supposed to represent.

Read Also: Shettima Joins African Leaders in Pushing for AfCFTA Rollout at WEF

We need to know when the government will defend those it pledged to defend. When will the national assembly step up and demand accountability from the executive branch for policies that clearly jeopardize the interests of the majority?
When will the average Nigerian breathe a sigh of relief?

‘NLC IS NOT OPPOSED TO TARIFF REVIEW’
Ajaero clarified that the labour body is not opposed to tariff reviews but is not in support of the approved rate of increase.

“We therefore call on the government, the NCC, and the national assembly to stop the implementation of this ill-advised hike to allow a reasonable conversation around it,” he said.

“If the dialogue agrees on the need for the hike, then, we can all seek a more humane increase and definitely not this 50 percent hike.

“The NLC calls on all Nigerian workers and masses to reject this unjustifiable tariff hike.”

He called on citizens to prepare for collective action, including a possible nationwide boycott of telecommunication services.

Ajaero said the initiative would push for the reversal of the tariff increase, describing it as essential for “our dignity, our rights, and our survival” as a people.

Shettima Joins African Leaders in Pushing for AfCFTA Rollout at WEF

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coic
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With the goal of increasing the continent’s GDP to $29 trillion by 2050, Vice-President Kashim Shettima has joined other world leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA) accord.

At a summit titled “Friends of AfCFTA,” the world leaders announced their countries’ stances on Wednesday.

The event took place in Davos, Switzerland, during the World Economic Forum’s (WEF) current 2025 annual meeting.

Shettima reportedly reiterated during her remarks that Nigeria is prepared to lead the AfCFTA and capitalize on the market potential for digital transformation and African economic unity.

According to a statement released by his spokesperson, Stanley Nkwocha, the vice president also reiterated Nigeria’s dedication to the AfCFTA as a means of achieving shared prosperity.

Citing a Korn Ferry report that predicts a global human skill shortage of over 85 million people by 2030, Shettima was quoted as saying, “Africa stands in a unique position to take advantage of global talent deficits.”

“With 440 million inhabitants, Nigeria will overtake the United States as the world’s third most populous country by 2050.”

Nigeria’s technology prowess is driving it into the knowledge era, Shettima added, citing Africa’s expanding digital ecosystem.

“In Nigeria alone, we currently have 163 million internet users and 220 million telecom subscribers,” he continued.

“This gives us a ton of chances to empower our workers. India made roughly $120 billion from outsourcing alone last year, compared to our greatest oil export profits of $35 billion in 2011.

“The African Continental Free Trade Area is a bold declaration of our common destiny as much as an economic agreement.

“Africa is well-positioned to prosper in the post-industrial knowledge age, despite having missed the agricultural and industrial eras.”

The WEF president, Borge Brende, reportedly claimed that Africa’s population advantage offers the continent enormous economic potential.

Brende, while welcoming Shettima and other African leaders to the forum, pointed out the transformative potential of the AfCFTA — projecting that its full implementation could boost Africa’s economy to $29 trillion by 2050.

Brende said while most nations face workforce challenges, Africa’s young population positions it for unprecedented growth.

“If the secretary-general of AfCFTA, Wamkele Mene, is given all the support he deserves, we can boost intra-African trade by a staggering 50%,” the WEF leader was quoted as saying.

“As of today, $29 trillion represents one-third of the global GDP. Africa is such a growing continent, and one of its key promises is demography.”

Brende also said the major challenge in Africa is creating new jobs for the youth population.

Court Clears INEC Chairman, Former APGA Chairman of Contempt

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coic
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On Wednesday, Ustice Mohammed Madugu of the Federal Capital Territory (FCT) High Court in Bwari revoked his previous ruling that found Prof. Mahmood Yakubu, the chairman of the Independent National Electoral Commission (INEC), and Victor Ike-Oye, the immediate former chairman of the All Progressives Grand Alliance (APGA), in contempt.

Otunba Camaru Ogidan and Alhaji Rabiu Mustapha, the applicants, requested that Justice Madugu revoke the order.

Recall that on November 9, 2023, the court found that Yakubu and Oye had disregarded his prior decision from May 10, 2023, which required them to acknowledge Chief Edozie Njoku as the National Chairman of the APGA, and therefore were found guilty of contempt of court.

On July 11, 2024, the INEC head, through his attorney Ahmed Mohammed, told the court that he had recognized Njoku as the National Chairman of the APGA, in accordance with the order.

However, Oye disregarded the ruling and filed an appeal, requesting a stay of the lower court’s order and delaying his scheduled sentencing, which the court subsequently rescheduled for January 22, 2025.

The top court recognized Sly Ezeokenwa as the National Chairman of the APGA in a ruling on November 27, 2024, prior to the rescheduled sentence date.

When the case was brought up for hearing on Wednesday, Michael Ajara, the applicants’ attorney, pointed out to the court the Supreme Court’s ruling on the topic from November 27, 2024, and stated that his clients had made the decision to drop the complaint.

Read Also: Fed Govt Plans Q2 2025 Launch of Cargo Tracking Note at Seaports

In a brief decision, the court dismissed the previous committal order, granted the application, and dismissed the matter.

“Being law-abiding, our clients have since expressed their willingness to abide by the Supreme Court judgment on the issue,” Ajara explained in reference to his clients’ stance.

They told us to withdraw this case because they didn’t see any reason to pursue it further, and we did just that.
The judge agreed with us after observing the rationale behind our actions.

Chief Njoku, who was present in court with a few high-ranking officials from his new party, the National Rescue Movement (NRM), praised Justice Madugu for the way he handled the matter.

He said the judge was a brave and hardworking guy who showed guts when it counted most.

According to Chief Njoku, who officially took over as the National Chairman of the NRM on Tuesday, the judge in this case displayed extraordinary bravery given the current state of affairs in Nigeria.

“We pray that God will be with him.” If he hadn’t been so brave, I might have ended up behind bars.

“We are grateful that our case was heard by a judge who possesses integrity, conscience, and the courage to act when called upon,” Njoku continued.

Fed Govt Plans Q2 2025 Launch of Cargo Tracking Note at Seaports

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coic
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It was learned that during the second quarter of this year, the federal government will start implementing the International Cargo Tracking Note (ICTN) throughout the country’s ports.

Pius Ukeyima Akutah, the Executive Secretary/CEO of the Nigerian Shippers Council (NSC), made this announcement yesterday in Ibadan.

The topic of Akutah’s speech was The Future-Transition from Nigerian Shippers Council to Nigeria Port Economic Regulatory Agency (NPERA) during the Five Year Strategic Management Retreat in Ibadan, Oyo State.

According to the NSC scribe, the Council’s 2025 budget is primarily based on the 1% freight stabilization fee, and it intends to start collecting it as soon as the NPERA Bill is approved by the president.

“With great honor, I welcome you to this transformative management retreat,” he said. As the Nigerian Shippers’ Council (NSC) evolves into the Nigerian Port Economic Regulatory Agency (NPERA), we are starting a crucial journey today to determine its destiny.

The development of a thorough five-year strategy plan for 2025–2029 that aims to develop the maritime industry through increased productivity, flexibility, and innovation is greatly aided by this retreat.

According to him, the Nigerian Shippers’ Council has a strong history of tenacity and influence, upholding the rights of shippers, encouraging ethical business practices, and promoting competition in our ports.

“The Council has accomplished several noteworthy things in the last year, such as signing the Minimum Standards of Conditions of Service for Workers in the Shipping Industry; holding the 17th International Maritime Seminar for Judges and releasing the Operational Manual for Inland Dry Ports; launching the Online Registration Portal for customers and providers of regulated port services; creating the Confirmation of Reasonableness of Demurrage, Freight Rate, and Charter Party Fees (CRD) Portal and the E-Regulatory Process Portal (ERPP); establishing a Leadership Development Program to enhance institutional capacity through succession planning and recovering billions of naira through strong complaint handling procedures.

These successes demonstrate our steadfast dedication to providing value to stakeholders and guaranteeing a smooth transition to NPERA.

“Notably, the International Cargo Tracking Note (ICTN) is set to be implemented in the second quarter of this year under the direction of the Federal Ministry of Marine and Blue Economy, laying the groundwork for improved revenue generation and operational oversight.”

“The 1% freight stabilization fee is strategically anchored on the Council’s 2025 budget, with plans to commence its collection upon Presidential assent to the NPERA Bill,” he stated.

Four strategic priorities will be the focus of this retreat: enhancing operational efficiency to ensure a smooth transition to NPERA; promoting transparency and fairness through predictable regulatory policies; strengthening stakeholder engagement to promote inclusivity and collaboration; and advancing sustainability by balancing environmental responsibility with economic growth.

He claims that this retreat “is not just a planning session but a collaborative platform for crafting actionable solutions and building a solid framework for regulatory excellence.” We can create a more competitive, inclusive, and sustainable marine industry by combining our knowledge, ingenuity, and commitment.

Each Directorate has a distinct responsibility as outlined in the program, which emphasizes the practical approach necessary for NPERA’s successful implementation. Let’s take advantage of this chance to mold a future of creativity, quality, and advancement,” Akutah stated.

APC Leader Rallies Behind Lagos Speaker Meranda

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coic
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A well-known All Progressives Congress (APC) member in Apapa Ward 1, Hon. Bamidele Lateef Atoyebi, has urged party members to support Hon. Mojisola Meranda, the recently appointed Speaker of the Lagos State House of Assembly.

Speaking in Lagos, Atoyebi emphasized that the Speaker’s success depends on the party’s unity.

I’m urging everyone in our fantastic party to back Hon. Mojisola Meranda, the unstoppable new Speaker. Together, there is strength and achievement. If we work in one accord, she will achieve great feats for Lagos and our party,” he said.

Atoyebi also highlighted the 44-year-old Speaker’s impressive track record, including her tenure as Deputy Speaker and Chief Whip in the ninth Assembly.

He praised her philanthropic contributions and leadership skills, asserting, “Women possess natural leadership abilities. I am confident that Hon. Meranda will lead with distinction and flourish in her role.

As a committed lawmaker and community development advocate, Hon. Mojisola Meranda’s political career got underway.

A member of the APC, Meranda rose steadily through the ranks, serving as Chief Whip and Deputy Speaker before her historic election as Speaker of the Lagos State House of Assembly.

Her emergence marks a significant milestone, making her one of the few women to hold such a prestigious position in Lagos politics.

Known for her pragmatic approach, Meranda is celebrated for championing policies on gender inclusion and grassroots development.

Her ascendancy reflects the growing influence of women in Nigerian politics, a testament to her hard work and the party’s confidence in her leadership.

Sanwo-Olu Backs JAMB’s Plan to Expand Exam Centers in Lagos

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coic
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Mr. Babajide Sanwo-Olu, the governor of Lagos State, promised Tuesday that his administration will work with the Joint Admissions and Matriculation Board (JAMB) to increase the number of exam centers that can accommodate students taking computer-based matriculation exams.

He made this statement during a courtesy call at the Lagos House in Alausa with the Board’s top management team, which was led by its Registrar, Prof. Is’haq Oloyede. He emphasized that the intervention would improve the performance of admissions applicants in Lagos.

Following the Board’s experience with a lack of test centers, the governor addressed in an effort to ensure a flawless test.

Lagos applicants make up 15% of all applicants who sit for matriculation exams each year, according to information gathered, however the Board typically has trouble administering the test to applicants in the state.

The Board said that applicants in the impacted communities took their matriculation exams for ten days longer than the normally permitted time, with the mainland of Lagos being the most affected.

The state government is eager to assist the Board in expanding the capacity of its testing centers, according to Sanwo-Olu, who called Prof. Oloyede a “outstanding Nigerian” who serves with unusual enthusiasm and honesty.

Read Also: Ekweremadu’s Wife Released from UK Jail, Arrives in Nigeria

“The least we can do after learning about the subpar testing facilities that JAMB in Lagos is facing is to collaborate with the Board to increase the current capacity for our own advantage. We will investigate the requests and give the Board substantial property parcels in Ojo and Ikorodu.

Our indigenous people will be the primary beneficiaries of this intervention, as they will take the matriculation examinations in settings that will improve their performance and support their abilities.

Sanwo-Olu declared, “As a sub-national Government, we are prepared to continue the conversation with the Board; we will search for land in designated locations to construct testing facilities.”

Prof. Oloyede expressed gratitude to Governor Sanwo-Olu for taking the Board’s proposals into consideration and for committing to cooperation, stating that the new testing facilities, if authorized, will also be used by respectable government agencies in Lagos to administer hiring exams to their staff.

Ekweremadu’s Wife Released from UK Jail, Arrives in Nigeria

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coic
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The wife of former Nigerian deputy Senate President Ike Ekweremadu, Beatrice Ekweremadu, was released from prison in the United Kingdom.

The development was revealed on Wednesday by a former adviser to Mr. Ekweremadu.

In March 2023, a UK court found Mr. Ekweremadu, his wife, and a physician guilty of organ trafficking.

Read Also: Transgrid Enerco Finalizes Landmark Deal to Acquire Eko DisCo

They were convicted of helping a young guy travel to Britain with the intention of exploiting him following a six-week trial at the Old Bailey.

His wife received a four-year, six-month prison sentence, while Mr. Ekweremadu received a nine-year, eight-month sentence.

Indeed. She is now free. The former staffer, who wished to remain anonymous, stated, “She is currently in Nigeria.”

According to the UK court’s ruling, Beatrice has not yet served out her four-year, six-month jail sentence.

Whether she received a pardon in the European nation is still unknown.

“I don’t possess that knowledge. However, her departure signifies her final departure. The former aide declared, “She will not return to the UK.”

Transgrid Enerco Finalizes Landmark Deal to Acquire Eko DisCo

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coic
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Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to purchase a 60% equity position in Eko Electricity Distribution Company (Eko DisCo), marking a significant milestone for Nigeria’s energy industry.

This deal marks a daring new era for Nigeria’s energy distribution and is the first market-driven purchase in the power industry.

North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF) have partnered to form Transgrid Enerco.

Each participant contributes a plethora of knowledge to this revolutionary endeavor. SIIF is Nigeria’s largest infrastructure-focused fund, offering strong financial strategies for large-scale projects; Axxela focuses on gas infrastructure and energy solutions; and NSP is a leader in hydroelectric power generation.

Currently, Eko DisCo provides service to the Agbara village in Ogun State and the southern portion of Lagos State, two areas vital to Nigeria’s industrial and commercial development.

Within the next five years, Transgrid Enerco plans to modernize Eko DisCo’s operations, improve customer service, and increase its power distribution capacity from 513MW to 1,500MW.

“Today’s signing marks more than a transaction—it is a commitment to addressing Nigeria’s energy challenges,” said Mr. Olubunmi Peters, Chairman of Transgrid Enerco, who spoke at the signing event, underscoring the importance of this milestone. Transgrid Enerco is well-positioned to spearhead the revolution in electricity distribution with this acquisition by providing dependable, environmentally friendly, and creative solutions. We will work together to enhance access, update infrastructure, and promote economic expansion.

Transgrid Enerco’s objective to empower communities, improve sustainability, and spur economic growth via dependable electricity supply is in line with this acquisition.

The company wants to raise the bar for efficiency and environmental responsibility in the electricity industry by using renewable energy sources like hydropower and solar.

Read Also: Ondo Man Sentenced to 21 Years for Church Property Theft

Additionally, the transaction shows a mutual dedication to cooperation. Transgrid Enerco hopes that with the help of stakeholders, regulators, and the general public, Nigeria’s energy infrastructure would be able to support its industries and populace in the future.

The deal, which is expected to be completed by April 2025, emphasizes how crucial private sector investment is to changing Nigeria’s energy landscape.

Transgrid Enerco’s leadership has committed to a customer-first strategy, operational excellence, and transparency as top priorities going ahead.

Ondo Man Sentenced to 21 Years for Church Property Theft

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coic
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In Akure, Ondo State, a magistrate court sentenced 38-year-old bricklayer Olushola Olatunde to 21 years in prison for breaking into a church and taking N1,340,900 worth of goods, including an iron tithe box.

Olatunde was charged with breaking and entering without permission and stealing, among other six counts. Although he entered a guilty plea to the charges, he requested leniency.

Olatunde committed the offenses in Akure at various times and places between December 24, 2024, and January 8, 2025, according to the state prosecutor, D.S. Msonter-Shagba, who testified in court.

On December 24, 2024, Olatunde broke into the Revelation of God Miracle Church at No. 17 Plaza Road, Isolo, Akure, according to Msonter-Shagba. He took a public speaker system priced at N250,000 and a 16-channel live series audio mixer worth N250,000.

Similar to this, on December 8, 2024, he broke into the Garden of Faith (CAC) Church at No. 7 Ore-Ofe Street, Oke Ijebu, Akure, and took N534,600 worth of goods, including an iron tithe box worth N35,000, two lengths of 12mm rods worth N19,600, a 6.5kV generator worth N250,000, and an amplifier worth N230,000.

The prosecutor further disclosed that Olatunde stole 33 bags of cement worth N306,900 from Shasha Market, Kilometre 12, Owo highway, Akure, on December 24, 2024. N1,340,900 was the total worth of the stolen goods.

Sections 383, 390(9), 415, and 413(2) of the Criminal Code, Laws of Ondo State, 2006, were violated, according to Msonter-Shagba, who asked the court to convict the defendant.

In light of this, Magistrate Damilola Sekoni found Olatunde guilty and sentenced him to 21 years in prison without the possibility of a fine.

Read Also: UBEC Aims to Enhance Student Retention in Primary and Secondary Schools

“The convicted individual is sentenced to four years imprisonment in counts one, two, three, five, and six, and one year imprisonment in count four,” Sekoni said.

Olatunde will spend four years behind bars, though, as the sentences will be served concurrently.

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