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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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CBN removes restriction on forex receipt through domiciliary accounts

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Beneficiaries of Diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in the foreign currency (US Dollars) through the designated bank of their choice, the Central Bank of Nigeria (CBN) has directed.

The central bank stated this in a circular titled: “Amendment to Procedures for Receipt of Diaspora Remittances,” dated November 30, 2020, that was signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji

The policy is part of efforts to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.

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Jimoh Ibrahim Seeks Reversal Of Assets Seized Over Alleged N69.4bn Debt

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The Federal High Court sitting in Lagos has fixed Tuesday to hear an application by businessman, Jimoh Ibrahim, seeking to set aside an interim order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his properties over an alleged N69.4 billion debt.

Justice Rilwan Aikawa adjourned the case on Monday after hearing arguments from Mr Ibrahim’s counsel and a Senior Advocate of Nigeria (SAN), Niyi Akintola.

The judge had made the seizure order in a ruling on November 4 while AMCON announced on November 18 that it had effectively taken over 12 properties belonging to the businessman and his firms.

The properties include the NICON Investment Limited building (Plot 242, Muhammadu Buhari Way, Central Business District, Abuja), NICON Hotels Limited building (Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja), and the building of NICON Lekki Limited (No 5, Customs Street, Lagos).

AMCON’s action is against Ibrahim, NICON Investment Limited, and Global Fleet Oil and Gas Limited.

Displeased with the seizure of his assets, Ibrahim and his firms, through Akintola, approached the court with a motion on notice, seeking to discharge the interim seizure order.

They contended that the court made the seizure order in error because AMCON allegedly concealed material facts in its ex-parte application leading to the seizure order.

The applicants urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

They also prayed the court to order AMCON to pay them N50 billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

Ibrahim and others described the move by AMCON leading to the seizure order as an abuse of court processes.

But AMCON, through its lawyer and SAN, Kemi Pinheiro, vehemently opposed the defendants’ motion on notice and prayed the court to dismiss same.

A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

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