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Nigerians suffer unbearable cost of living as inflation reaches record high

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Nigeria’s cost of living crisis is heaping misery on the citizens with inflation soaring amidst failing efforts by the monetary and fiscal authorities to stabilise the national currency’s exchange value and to review workers’ wages.

 

Rising prices have taken many essential items, including food and housing, beyond the reach of millions of citizens across the country, as highlighted by market survey.

 

Record Inflation
In April, Nigeria’s inflation rate surged to 33.69 per cent, according to the National Bureau of Statistics (NBS) marking the 11th consecutive increase on President Bola Tinubu’s watch. The 0.49 per cent increase over the figure recorded in March is the highest since 1999 and the fourth-highest since Q1 1996.

 

Year-on-year, the rate jumped by 11.47 per cent compared to April 2023, while month-on-month, April 2024 saw a 2.29 per cent increase, slightly lower than March’s 3.02 per cent.

 

The surge was driven by rising prices of food, non-alcoholic beverages, housing, utilities, clothing, and transportation.

 

Food inflation in March hit 40.53 per cent, with Kogi, Kwara, and Ondo experiencing the highest rates, and Nasarawa, Adamawa, and Bauchi seeing slower increases.

 

Urban inflation reached 36.00 per cent, while rural inflation stood at 31.64 per cent in April.

 

Food prices in Minna
A market survey in Minna, Niger State indicated a continuing nearly daily rise in food prices.

 

A “mudu” (bowl measure) of rice, which cost N1,200 last month, was selling at N1,900 when our reporter visited the central market in the state capital on Monday. Similarly, the same quantity of beans sold for N1,700, with traders noting that the price was N800 last month.

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Millet has also experienced a substantial hike in price, from N350 to N900-N950 per mudu and N48,000 per bag over the month.

The prices of palm oil, groundnut oil, garri, maize and sugar have all seen significant increases within the period, underscoring the economic challenges facing the residents of Minna.

 

Residents decry rising prices
Halima Abubakar, a classroom teacher in Minna, said her salary no longer covers her basic needs.

 

“A teacher’s salary is so small that it doesn’t cover one’s needs,” she lamented. She said she has been affected most by the rising food prices.

 

“Sometimes the prices of food items change twice in a day,” she lamented.

Leonard Ogwezi, a building materials dealer in the city, said rising prices had left him unable to replenish his stock.

 

“Inconsistency in prices causes losses in business,” he said. “I normally buy three bags of nails, but now it’s two.”

 

A civil servant in the state, Abubakar Kuta, said his living standards have fallen. “We buy 10 measures of rice for N7,000 or less, but now the same quantity costs as much as N23,000.”

 

Mr Kuta said he used to visit his hometown every weekend but has now reduced his visits to twice a month “due to high transportation costs.”

 

Nigerian workers struggling
Workers across Nigeria are angry that wages have remained static despite the hyper-inflationary trend, with the government and labour yet to agree on a new national minimum wage.

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Evans Emmanuel, a Facebook user, expressed his exasperation on the situation, saying: “I read yesterday that inflation in Nigeria is at a massive 33.69%, and the Federal government is offering 48,000 Naira per month minimum wage to their workers.

 

“I had thought the first people you should be concerned with should be your own workers. Other institutions in the private sector had at that time reviewed upward their staff remuneration except the very government that caused the hardship through that off-hand policy.”

 

Other Nigerians are also groaning. “As a student, the price changes have hit hard,” Eniola Brown, a student at the University of Ilorin, Kwara State, lamented. “What used to cost N150 now demands N300, doubling my daily expenses, including transport and other things.”

 

Miss Brown, who is also an entrepreneur, said inflation has affected her sales. “Low sales plague my business,” she said in a Facebook post. “Customers demand refunds due to sudden price hikes caused by currency fluctuations.”

 

She said the economic squeeze has forced her to reassess her lifestyle. “Luxuries are a thing of the past, I’m cautious with spending, prioritising essentials over indulgences.”

 

Food crisis threatens millions across Africa
Recent findings by the Cadre Harmonisé (CH) report, a collaborative effort involving the International Rescue Committee (IRC) and other international organisations, depict a grim scenario for millions across West and Central Africa.

 

Noting that 52 million people face the risk of food insecurity during the upcoming lean season from June to August, the report called for urgent action to avert catastrophic consequences.

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A particular concern cited by the report on Nigeria is where it said 31.8 million people, constituting 16 per cent of the analysed population, are at the risk of hunger and malnutrition.

 

The situation is further exacerbated in the northern states of Sokoto and Zamfara, where over 15 per cent of children endure acute malnutrition.

 

This looming crisis stems from a confluence of factors including insecurity, climate change and deteriorating macroeconomic conditions.

 

Inflation rates, which soared to 21 per cent across the region in January 2024, have also compounded the challenges, pushing essential goods beyond the reach of many.

 

Expert calls for economic diversification
Samuel Nzekwe, a former president of the Association of National Accountants of Nigeria (ANAN) said Nigeria needs to “diversify the economy and cultivate an environment conducive to the growth of crucial sectors.”

 

Mr Nzekwe, who spoke at a gathering of accountants in Ota, Ogun State, earlier this year, said it is a practical means of combatting the inflationary trend.

 

“Reducing our reliance on oil and broadening the scope of our economy would enable the productive sector to thrive, thereby curbing inflation and alleviating pressure on our currency.”

 

“With sufficient security measures in place, food production could increase, potentially leading to exports and earning foreign exchange, consequently significantly reducing the nation’s inflation rate.

 

“To slow the upward trajectory of inflation and stabilise the Naira, the nation must focus on cultivating other areas where it possesses a competitive advantage.”

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From Global Prestige to Grassroots Patriotism: The Inspiring Saga of Kayode Ajulo – A Life Dedicated to Service Over Self

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Kayode Ajulo

Imagine a man who rises from the bustling streets of Ibadan, Akure & Abuja armed with nothing but unyielding determination and a passion for justice, to become a beacon of hope for the oppressed across Nigeria.

This is the electrifying story of Olukayode Abraham Ajulo, OON, SAN—better known as Kayode Ajulo—a trailblazing Nigerian lawyer, civil rights activist, arbitrator, lecturer, and public servant whose life is a masterclass in blending professional brilliance with heartfelt advocacy and unshakeable political courage.

His journey isn’t just a resume; it’s a rallying cry for anyone dreaming of turning personal triumphs into collective victories, proving that true greatness lies in lifting others as you climb your own peaks.

Called to the Nigerian Bar in 2001, Ajulo didn’t waste a moment. He kicked off his professional journey at the Federal Ministry of Justice, gaining invaluable insights into the machinery of national governance. A brief but transformative tutelage at Afe Babalola’s prestigious Emmanuel Chambers in Abuja followed, sharpening his legal acumen under one of Nigeria’s finest.

Barely two years at the bar, he rose to become the Head of Chambers at Dr Tunji Abayomi & Co.‘s Abuja office, where his innovative style of practice—particularly his generous pro bono services for the vulnerable—won hearts and built unbreakable bonds with people from all walks of life.

This compassionate approach didn’t just endear him to the masses; it propelled him into the political arena, where he boldly contested for the Senate seat in Nigeria’s, Federal Capital Territory, Abuja, under the Labour Party banner.

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Ajulo’s political star continued to rise as he became the youngest National Secretary of the Labour Party, a master strategist who also chaired the Ondo State Radio Vision Corporation, amplifying voices and ideas across the airwaves. Yet, in a move that showcased his integrity, he resigned from his national role, declaring his need to refocus on his legal practice and dedicate himself fully to serving humanity.

Building on his solid foundation, Ajulo pursued advanced studies: a Master of Laws in 2006 and a PhD in Workers’ Rights and Corporate Social Responsibility in 2017. These credentials fueled a career that spans continents and impacts lives profoundly. As the founder and managing partner of Kayode Ajulo & Co., Castle of Law—a high-end law firm specialising in litigation, arbitration, corporate law, and workers’ rights—he’s established a global footprint with offices in Nigeria and affiliations abroad, including the United Kingdom, his second home and where he invests wisely.

An Oxford-trained arbitrator with a Diploma in International Commercial Arbitration, Ajulo’s elevation to Fellow of the Chartered Institute of Arbitrators in the UK cements his status as a global dispute resolution expert.

His courtroom triumphs are the stuff of legends: picture him leading a pro bono defence in 2021 that overturned a death sentence for teenager Adeolu Bamiteko, accused of stealing a phone, by exposing glaring prosecutorial flaws.

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His accolades shine bright: Ondo State Advocate of the Year in 2017, the Knight of the Order of St. Paul, the prestigious national honour of Officer of the Order of the Niger (OON) in 2022 from President Muhammadu Buhari, and numerous traditional titles like Bamofin of Akure Kingdom (elevated from Bamofin-Lewe) and Mayegun Aare Ona Kakanfo of Yorubaland.

At the heart of his mission is the Egalitarian Mission Africa, his NGO championing equality in social, political, and economic realms through bold initiatives like Free-A-Prisoner-A-Day since 2003, freeing the innocent and restoring dignity, which boasts of freeing over five thousand inmates from the gulag.

As a consultant to the Nigerian Governors Forum (NGF), Ajulo played a starring role as a recovery consultant, spearheading the refund of Paris Club debt deductions—recovering billions of dollars for states, correcting historical over-deductions, and fueling development projects nationwide. Though media scrutiny occasionally arose, Ajulo’s clarifications have always underscored transparency and justice.

A vocal critic of corruption and a staunch advocate for rule-of-law independence, Ajulo’s political journey with the All Progressives Congress (APC) reflects his fearless spirit. His oratory prowess and mentorship have earned him monikers like “legal colossus” and “pathfinder,” inspiring peers with his confidence and grace.

On a personal level, Ajulo’s legacy blooms in his family: he is happily married to Lady Kofoworola Ajulo and he’s the proud father of three female lawyers—aged 23, 21, and 20—who are carrying the torch of legal excellence forward.

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Appointed Ondo State’s Attorney General and Commissioner for Justice in February 2024 under Governor Lucky Aiyedatiwa, he has unleashed reforms like the Anti-Land Grabbing Law, a Criminal Records Database, and digital legal services, while securing court victories for the state and his principal.

What truly sets Ajulo apart is his patriotic pivot: forsaking lucrative opportunities in Abuja, New York, Atlanta, Chicago, Lagos, or London to return to Ondo State. Inspired by Ondo icons like Chief Gani Fawehinmi, SAN, GCON, he chose grassroots impact over global glamour, applying his blessings—wealth, honours, mentorship, and recoveries—to uplift his people.

He’s the epitome of a “rooted cosmopolitan”: world-class yet homebound, proving that patriotism fuels progress.

Ajulo’s saga is more than a biography; it’s an exhilarating call to action.

In a world fixated on wealth and comfort, he reminds us that our talents are divine trusts for the greater good. By sacrificing ease for service—through pro bono heroics, billion-naira recoveries, and state-level reforms—he shows that true fulfilment comes from bridging divides, defending the vulnerable, and mentoring tomorrow’s leaders.

Let his story ignite your own: step beyond your comfort zone, wield your blessings boldly, and build a legacy that echoes eternity. In serving others, we discover our highest selves.

Kayode Ajulo this is your life!

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Culture minister Musawa speaks on failed marriage to billionaire businessman Samad Rabiu

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The minister of art, culture and creative economy, Hannatu Musawa, has spoken out about her failed marriage to Abdul Samad Rabiu, billionaire industrialist and BUA Group chairman. 

Hannatu, in an interview on MIC ON, said she maintains a close relationship with her ex-husband. She explained that their shared roots and long-standing ties between both families have made it natural for them to remain connected and respectful.

The minister praised Rabiu, adding that she deeply admires him and is proud to remain associated with him.

“Abdul Samad is my ex-husband. However, we happened to come from a background where once you’re joined together, you continue to participate in each other’s lives. We were married, and now we are family, brother and sister, best of friends,” she said.

“I think it has a lot to do with the kind of families that we come from. His father and my father come from the same community, so the families all knew each other even before we were born, and we were joined.

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“His grandmother, Hajia Bua, the matriarch of the family, is somebody that I continue to love very deeply. My daughter Hadiza is named after her, and of course his mother is like my mother.

“His mother is one of the sweetest, most wonderful, purest, genuine souls I have ever known. So we continue to share a deep respect, love, and support for each other.”

She painted a picture of a relationship built on profound admiration and active encouragement. She hailed Rabiu’s character beyond his public persona as a business titan, highlighting his kindness and philanthropy.

“He’s my greatest cheerleader and supporter in my career, and I continue to also be his greatest cheerleader,” she said.

“I shall continue to be proud to see the way he flourishes and to be proud to be associated with someone who has the kind of philanthropy and heart that Abdulsamad has.

“People see him as a businessman, but I know him as a person who is the kindest person that I know. He is just a genuinely kind-hearted, good human being, so it’s really very difficult not to continue to have a good relationship.”

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Reflecting on their past marriage, Musawa expressed no regrets, framing it as a foundational chapter that led to lasting personal and professional growth.

“…To think about it, I’m not sure I would change anything about my marriage to Abdulsamad. I’m quite happy with the way things worked out, and I still maintain my friend and family, and I still have my career as well, and the ability to inspire other women to be greater than perhaps what they would have thought they would be,” she added.

“Abdulsamad will always have my heart, no doubt about that. He is one of the greatest experiences that I’ve ever had, but no regrets whatsoever, absolutely just happiness and pride in him as a member of my family.”

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Champion Extraordinaire: Aisha Achimugu Blazing onward at 52

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By Adebayo Adeoye

Today, Thursday, January 22, Aisha Achimugu, Group Chief Executive Officer of Felak Group, will once again have cause to celebrate and count her blessings as she marks her 52nd birthday in grand style.

 

Contrary to the thinking in some quarters, the elegant Achimugu is showsing no signs of slowing down.

 

If anything, she appears more focused, more intentional, and more driven than ever, continuing to inspire with her passion, purpose, and unwavering commitment to excellence.

 

Achimugu, a graduate of Accounting from the University of Jos, Plateau State, has remained remarkably restless. She just doesn’t find any appeal in remaining in comfort zones.

 

As a result, she is still looking ahead, seeking new frontiers, refining her strategies, and aiming higher.

 

It is a fact that Nigeria’s business landscape is filled with several individuals who exemplify the virtue of diligence, which is the most reliable predictor of enduring success. Yet, even within this elite circle, she stands out.

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Since Achimugu, who obtained a Master’s degree in Business Management from the University of Belize, ventured into business, she has sustained her relevance, while expanding her influence, redefining leadership, and blazing forward with the quiet confidence of someone who understands both the power of vision and the discipline required to sustain it.

 

Those who have followed her trajectory with unalloyed interest would readily acknowledge that it reflects deliberate evolution. Although she is frequently characterized as a business mogul possessing poise, power, and purpose, her distinction lies not in privilege or acclaim but in a sustained commitment to growth, innovation, and meaningful contributions to Nigeria’s economic and social development.

 

Her rise within the Nigeria’s corporate ecosystem has been anything but accidental. With strategic interests spanning civil, structural and transportation engineering, consultancy/ transaction advisory services, maritime and environmental waste management and catering, Achimugu, who hails from Kogi State, has built a reputation for incisive decision-making and long-term thinking.

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Industry watchers often note her uncommon ability to read the business climate and position her ventures ahead of the curve. That foresight has earned her global recognition and cemented her status as one of the most influential female entrepreneurs in Africa today.

 

Achimugu commands respect without theatrics. Her profile may be intimidating to some, but it is built on substance: years of disciplined execution, an unshakeable belief in her purpose, and a faith-driven approach to life and business.

 

Over the years, she has become something of a reference point within the entrepreneurial circles. She is a living repository of lessons on how to build sustainably in Nigeria’s complex business terrain. Her career reflects patience as much as ambition, marked by steady, intentional steps rather than impulsive leaps.
But Achimugu’s influence extends well beyond boardrooms and balance sheets. She is equally recognized for her humanitarian work, which has become a defining pillar of her public life.

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To her, philanthropy is not an afterthought or a public relations exercise; it is a moral responsibility and a strategic tool for social stability.
The entrepreneur and philanthropist par excellence is blessed with a deep pocket, a large heart and even deeper is her passion for humanity who loves to see others succeed. She has an innate belief that behind every success story are others helping to make it happen.

 

Her philosophy aligns closely with the words of Mother Teresa: “Let no one come to you without leaving better and happier.”

 

Her targeted interventions, support for sustainable enterprises, and direct assistance to vulnerable individuals, have earned her deep affection across communities.
By supporting visionary ideas and investing in people as much as profits, she continues to shape a legacy that transcends personal achievement.

 

In business, in philanthropy, and in leadership, she represents a powerful reminder that greatness is not a destination—but a discipline sustained over time.

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