General News
Inflation Rises for fifth Consecutive Month to 8.3%

The National Bureau of Statistics (NBS) yesterday released the Consumer Price Index (CPI) for the Month of July stating that increases in the prices of bread, meat and cereals have pushed up the country’s inflation rate to 8.3 per cent
This is the fifth consecutive month of year-on-year increases in the inflation index.
The CPI report noted that the 8.3 per cent recorded in July represents an increase of 0.1 percentage point over the 8.2 per cent recorded in June.
Since a decline of the headline index in January, prices continue to trend upwards, however, at a slow pace increasing by 0.1 percentage points (year-on-year) each month between February and July.
The report said on a month-on-month basis, the highest price increases were recorded in bread and cereals, fruit, and meat groups.
It said, “In July 2014, the CPI which measures inflation, edged higher from the previous month.
“Prices rose by 8.3 per cent (year-on-year), up by 0.1 percentage points from 8.2 per cent recorded in June
“This is the fifth consecutive month of year-on-year increases in the Headline index. The faster pace of price increases recorded in the Headline index were as a result of an increase in multiple divisions that contribute to the Headline index.”
It added however that on a month on month basis, the increases in urban prices eased as Urban Headline index in July increased by 0.70 per cent, indicating 0.1 percentage points lower from the June
Similarly, the NBS noted that rural prices also exhibited the same trend over the period, increasing by 8.1 per cent from eight percent in the preceding month.
As was the trend with urban prices, the Rural All-items index rose at a slower pace by 0.60 percent in July, down from 0.74 percent in June.
The Governor of the Central Bank of Nigeria (CBN) had last month identified pressure from food/core inflation inflation and the risks that could emanate from the likely increase in aggregate spending in the run-up to the 2015 general elections as pressures points to monetary policy stability.
“We are monitoring the situation, monitoring the liquidity situation in the money market; monitor the spending of Nigerians and government to the run up to the elections.
“And as we begin to see that the macro economic variables are moving in the direction that we expect, you will begin to see the reversal in interest rates in the direction where we want to be,” he had said.
General News
Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker

Young Nigerian tech genius, Oluwatobi Oyinlola, has developed the world’s smallest GPS tracking device, a prototype measuring just 22.93 x 11.92 mm.
Recognised by the Guinness World Records, the device was created at the prestigious Massachusetts Institute of Technology (MIT), USA, on April 27, where he is employed as a researcher.
It has been hailed for its potential across industries, from logistics and personal safety to medical devices and wildlife monitoring.
Nigeria’s President Bola Ahmed Tinubu celebrated the feat in a post on X, praising Oyinlola for showcasing the ingenuity of the West African country’s youth. “You have just shown the world that Nigerian youth can!” he wrote.
Adding to the accolades, Minister of Communications, Innovation and Digital Economy, Bosun Tijani, lauded the innovation as a symbol of national pride and technological potential.
He commended Oyinlola’s journey, noting his early support for the young inventor’s IoT startup. “Long before this global recognition, I had the privilege of backing Oluwatobi. His journey, now continuing at MIT, is a powerful reminder of the extraordinary potential of our people,” Tijani said.
The prototype not only marks a leap in miniaturised technology but also highlights Nigeria’s growing footprint in global innovation. Bosun added that as Nigeria intensifies efforts to nurture homegrown tech talent, Oyinlola’s success is a beacon for the next generation of innovators.
“The world is only beginning to see what you’re capable of,” said the Minister.
General News
Africa Looks to Solar Amid Electricity Challenges

Africa is becoming a global hub for solar energy development. The commercial and industrial sectors are driving this trend, with photovoltaic systems being installed on-site at businesses, educational institutions, and government facilities to meet energy demands.
This is according to CBi-electric: low voltage, which manufactures and supplies low voltage electrical distribution, protection, and control equipment.
2.5 gigawatts-peak (GWp) of solar capacity was built across Africa in 2024, with 194.34 GWp expected in 2025, according to the company.
Dr. Andrew Dickson, engineering executive of CBi-electric: low voltage, outlines how several reasons are hastening the continent’s transition to solar. “Energy poverty remains a major issue across Africa, with reliable grid electricity reaching only 14% of Zimbabweans, for example.”
He goes on to say that inconsistent power supply is another significant contributor, stating that “Persistent nationwide blackouts are affecting countries like Botswana, disrupting day-to-day operations. And in hydro-electric dependent countries such as Zambia, climate change is reducing water levels, leading to lower electricity generation and higher prices.”
Dickson believes that strategic system design and management are critical to realising the full potential of solar energy on the continent.
He said: “As Africa’s solar energy market continues to expand in 2025, organisations have an opportunity to capitalise on its long-term benefits. With the right technologies and safeguards in place, solar is not only a clean energy solution it’s a strategic asset that pays off.
“By combining surge protection, DC breakers, and monitoring tools, businesses can reduce unexpected costs, minimise downtime, and extend the life of their investment.”
General News
FCMB Group Posts ₦35bn Q1 Profit as Revenue Surpasses Forecast

FCMB Group Plc reported a profit before tax of ₦35 billion for the first quarter ended March 31, 2025. Gross revenue grew 41.1% year-on-year to ₦252.7 billion, surpassing its Q1 forecast of ₦226.9 billion, driven by a 58% increase in net interest income.
The Group recorded a 5% growth in total assets from ₦7.05 trillion in December 2024 to ₦7.40 trillion as at March 2025. Loans and advances also grew by 3.4% over the same period to ₦2.44 trillion, supporting business and economic activity.
The Banking Group accounted for 81.4% of profits, followed by Consumer Finance, 11.7%, Investment Management, 5.0%, and Investment Banking, 0.7%.
Net interest margins grew to 8.3% from 5.4% in Q4 2024, driven by a 200 basis points drop in the cost of funds and a higher yield on earning assets of 20.2%.
The Group linked the improvement to early benefits of the capital raised in 2024 and an improvement in the low-cost deposit liabilities.
Group Chief Executive Ladi Balogun said that the diversified financial services group will continue to leverage its group structure to drive an ecosystem that will foster inclusive and sustainable growth.
Analysts say FCMB Group’s diversified revenue structure and strengthened capital position provide a positive outlook for the rest of the financial year.
FCMB Group Plc is a financial services holding company listed on the Nigerian Exchange and headquartered in Lagos.
The Group has strategic interests in businesses serving over 14 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology.
Together, these businesses are building an integrated ecosystem that supports inclusive and sustainable growth across Africa, its diaspora, and the United Kingdom.
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