BusinessDay

Five things to know to start your Saturday

Nigeria’s rising inflation consistent with global trend – Emefiele

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has said the gradual increase in headline inflation this year from 15.60 percent in January to 20.77 percent in September was consistent with global trends.

The governor made this statement during the 57th Annual Bankers Dinner, organised by the Chartered Institute of Bankers of Nigeria (CIBN), on Friday in Lagos.

The dinner, which had the theme “Radical Responses to Abnormal Episodes: Time for Innovative Decision-making,” provided a great opportunity for Emefiele to educate Nigerians about the successes achieved by the CBN in addressing some of the challenges facing the country.

He also stated that headline inflation rose to 20.77 percent in September, indicating an eight-month uptick, and that the upward momentum came after a period of decline in 2021 as a result of balanced monetary policy actions.

He added that pressure on consumer inflation re-emerged this year because of conditions on the global scene, which have complicated existing local imbalances and worsened price stability.

“Food remains the major component of the domestic consumer price basket. The annualised uptick in headline inflation mirrors the 6.21 percentage point surge in food inflation to 23.34 percent in September.

“During this period, core inflation also resumed an upward movement from 13.87 percent in January to 17.60 percent.

“In addition to harsh global spillovers, exchange rate adjustments, and imported inflation, inflation was also driven by local factors such as farmer-herder clashes in parts of the food belt region,” he said.

Read also:A Consideration of CBN’s guidelines on contactless payments

PDP reschedules campaign flag off in Nasarawa over police permit

Following alleged police disapproval, the Nasarawa State chapter of the Peoples Democratic Party (PDP) has rescheduled its campaign flag off ahead of the 2023 general election indefinitely.

The party had fixed Monday, Nov. 28, to begin their campaign in the Toto Local Government Area of the state but had to reschedule to Tuesday, Nov. 29, 2022.

NAN reported that Francis Orogu, chairman of the party in the state, confirmed the development at a press conference on Friday in Karu Local Government Area.

He said that the party had sought and gotten approval from the police to hold the rally on Nov. 28 in Toto LGA.

Orogu, however, said that while arrangements were being concluded for the event, the party got a letter from the Commissioner of Police, Maiyaki.

Mohammed-Baba announced on Friday, Nov. 25, that the rally would not be allowed to hold.

“He (CP) stated that the Toto Local Government Chairman informed him that he was unaware of our arrival.

“This is laughable and to us democratically mischievous because we know that the Commissioner of Police knows that the chairman of a local government has no space under the Electoral Act to be informed and secure permission to campaign in his local government,” Orogu said.

My presidential ambition is for Nigeria’s future – Peter Obi

Peter Obi, the presidential candidate of the Labour Party (LP), has stated that his presidential ambition is to save Nigeria’s future, irrespective of the country, tribe, and religion.

Obi said this in Enugu on Friday at the “Shape the Future” conference organised by a group called the Boys Champion (BC).

Obi urged the youths not to vote for tribes or religions, emphasising that no tribe or religion would make bread or rice cheaper than they were in the country at the time.

“I am an applicant seeking a job; that is why I appear before you, my employer (youths), and it is the turn of Nigerian youths to take back their country.”

“I am committed to the job; hold me responsible if I fail you. If you do the wrong thing today, the future will take revenge on you,” he warned.

Malawi’s vice president arrested over corruption, says graft watchdog

Malawi’s Anti-Corruption Bureau said on Friday that it had arrested and charged the country’s Vice President, Saulos Klaus Chilima, on graft charges.

His arrest comes after months of investigation into his actions.
Reuters reported that in a June national address, Malawi’s President Lazarus Chakwera stripped Chilima of his powers when the watchdog first accused him of corruption.

But at the time, the president, who has waged a crackdown on corruption, said he had no constitutional authority to suspend or remove the vice president from office. He barred Chilima, however, from carrying out his duties.

The corruption watchdog said that Chilima had been taken to court to face corruption charges.

Local media footage obtained by Reuters showed Chilima supporters and police squabbling as he was led into court for the formal reading of charges.
“I have no comment to make. We will let the court process run its course,” Chilima told reporters outside court after being granted bail, according to media reports.

China’s Shenzhen Energy signs long-term LNG contract with BP

China’s Shenzhen Energy Group has signed a long-term agreement with oil major BP to buy liquefied natural gas (LNG). The objective of the agreement is to increase supplies with gas-fired power generation, which is expected to surge in the world’s second-largest economy.
According to Reuters, the agreement is Shenzhen Energy’s first long-term international LNG contract and its first long-term contract with BP Singapore, which the Chinese company announced on Friday.

The statement did not specify details of the agreement, including the duration of the contract.
“To meet the demand of Guangdong Province and Shenzhen City for energy security and stability, Shenzhen Energy Group is making efforts to promote the construction of gas power plants,” it said.