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Nigeria’s Inflation Hits 14.23 Percent As Food Prices Skyrocket

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Nigeria’s inflation continued its upward trend in October, rising to 14.23 percent, 0.52 percentage points higher than the 13.71 percent recorded in September.

According to the latest data released by the National Bureau of Statistics on Monday, the core food index rose by 17.38 percent majorly driven by increases in food items.

Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

Meanwhile, inflation was highest in Zamfara, Sokoto, and Ebonyi, with Lagos, Abuja, and Cross River recording the lowest in October.

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Bismarck Rewane resigns as a director from the Board of Guinness Nigeria Plc

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Bismarck Rewane

The Board of Guinness Nigeria Plc has announced the resignation of Mr Bismarck Jemide Rewane.

This announcement was made in a notification issued by the Company Secretary, Mr. Rotimi Odusola.

According to Mr Odusola, the resignation of Mr Rewane as a Non-Executive Director on the Board of Guinness Nigeria Plc became effective on 31st December 2020.

Mr. Rewane was appointed to the Board of Guinness Nigeria Plc as a Non-Executive Director in 2008. Until his resignation, he served as the Chairman of the Finance, Audit and Risk Committee of the Board.

However, it is important to note that as of 30th June 2020, he owns 36,384 ordinary shares of Guinness Nigeria Plc, worth N691,296.

The Board of Guinness Nigeria extended its appreciation to the outgoing Director, for his leadership, focus and commitment to the success of the Company and wishes him the best in his future endeavours.

About Mr Bismarck Rewane

  • Bismarck Rewane was also with the First National Bank of Chicago, Barclays Bank of Nigeria and Barclays Bank International Plc, United Kingdom. An Associate of the Institute of Bankers, England and Wales.
  • Mr. Rewane has served on the Board of several organisations, including Navgas (a Vitol Group subsidiary); NLNG Prize Award Foundation; UNIC Insurance Plc, Nigeria; Economic Summit Group; UBA Custodian Limited; Virgin Nigeria Airways Limited; Fidelity Bank Plc; First City Monument Bank Plc; and Top Feeds Nigeria Limited.

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Traders Count Loses In Lagos Plank Market Fire

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With millions of goods and items burnt to ashes, the inferno which engulfed a plank in Lagos on Sunday has added salt to the financial injuries which COVID19 has already inflicted on many businesses in Nigeria and around the world.

No human loss has been recorded in the fire at Ketu Plank Market on Demurin Street, Ketu, Lagos though almost every structure was razed down.

LASEMA Response Team and the Lagos State Fire Service who responded to the emergency are yet to give release an official statement on the actual cause of the fire.

Traders told newsmen that over 20 sawing machines, generating sets, several bundles of planks and foams were destroyed.

One of the traders who reportedly lost several bundles of foams worth millions of naira was said to be hospitalized when our correspondent visited.

A trader, Abifarin Lateef aka Sanjay said the fire started at 10:00 a.m, stating that he was at home when he received a call about the fire incident at exactly 10:33 am.

He disclosed that the impact of the fire would reduced if it had happened on a working day.

“We could not salvage anything. All our goods such as planks, foams, sawing machines are all gone. We have been rendered helpless. Where do we start from? By our estimate, what we lost here is more than N200m. We would appreciate any form of assistance from government,” he said.

He also commended the emergency responders, saying four firefighting trucks were mobilized to quench the fire which prevented the inferno from spreading to residential buildings.

Another trader said he lost three sets of chairs, several 6×6 beds to the inferno.

Director-General of the LASEMA, Dr. Olufemi Oke-Osanyitolu also confirmed that the fire caused “extensive damage with valuable goods having been destroyed.”

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