Business
Updated: Fuel crisis pushed inflation to 15.7% in February – NBS
Nigeria’s inflation rate in February rose to 15.7 per cent from 15.6 per cent recorded in the previous month, the National Bureau of Statistics has said.
This represents a 0.1 percentage point increase over the 15.5 per cent recorded in January 2022 as contained in the consumer price index report released by the NBS on Tuesday.
The rise in Nigeria’s inflation rate is attributed to the increase in the price of goods and services, following the fuel scarcity across the country in February.
The Statistician General of the Federation, Dr Simon Harry, stated this on Tuesday during a monthly press briefing at the bureau’s headquarters in Abuja.
The increase in Nigeria’s inflation rate means that Nigerian’s purchasing power is being eroded by the rise in the prices of goods and services.
Money is now worth lesser than it was in the previous month.
Analysts predicted an uptick in the inflation figures for the month of February 2022, owing to the ripple effect of fuel scarcity on cost of transportation, operation cost, food prices amongst others.
The consumer price index rose by 15.7% year-on-year from 366.8 index points recorded in February 2021 to 424.4 points in February 2022.
On month-on-month basis, the headline index increased to 1.63% in February 2022, which is 0.16% rate higher than the rate recorded in January 2022 (1.47%).
The urban inflation rate increased to 16.25% (year-on-year) in February 2022 from 17.92% recorded in February 2021, while the rural inflation rate increased to 15.18 per-cent in February 2022 from 16.77 per cent in February 2021.
Core inflation also rose to its highest level in over 4 years at 14.01%, while food inflation dropped to 17.11% in the review period from 17.13% recorded in January 2022.
The food inflation rate, which is a closely watched index dropped to 17.11% in February 2022 from 17.13% recorded in the previous month. This represents the lowest food inflation rate recorded in Nigerian since September 2020.
According to the NBS report, the highest increases in food prices were of Bread and cereals, Food product, Potatoes, yam and other tuber, Oils and fats and fruit.
On month-on-month basis, the food sub-index increased to 1.87% in February 2022, up by 0.25% points from 1.62% recorded in January 2022.
The average annual rate of change of the Food sub-index for the twelve-month period ending February 2022 over the previous twelve-month average was 19.69%, which is 0.4% lower than the average annual rate of change recorded in January 2022 (20.09$).
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 14.01% in February 2022, up by 0.14% when compared to 13.87% recorded in January 2022.
This is the highest core inflation rate in over four years, since April 2017, largely attributed to the significant increase in price of petroleum product due to the scarcity.
According to the report, the highest increases were recorded in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels, cleaning, repair and hire of clothing, garments, shoes and other foot wear, other services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories, and other services.
In February 2022, the all-item inflation on year-on-year basis was highest in Cross River (18.84%), Gombe (17.70%) and Abuja (17.68%), while Kwara (13.82%), Sokoto (13.93%) and Anambra (14.43%) recorded the slowest rise in headline year-on-year inflation.
On the other hand, food inflation on a year-on-year basis was highest in Kogi (21.04%), Enu-gu (20.31%) and Kwara (20.03%), while Sokoto (13.89%), Anambra (14.18%) and Bauchi (14.43%) recorded the slowest rise in year-on-year food inflation.
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Aviation
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
The Federal Government has grounded a private aircraft and suspended its operator’s permit following a dramatic incident in which the aircraft made an emergency landing on a road under construction near Asaba and later departed without regulatory clearance.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the development in a statement posted on his X account, describing the incident as a serious breach of aviation regulations and security protocols.
According to Keyamo, the aircraft carried out a missed approach while attempting to land at Asaba Airport at about 7:43 a.m. local time on Wednesday, June 10, 2026, before diverting and landing on a concrete road under construction in the Ogwashi-Uku area of Delta State. He said eyewitness reports confirmed that all four crew members on board safely exited the aircraft and were later transported to Asaba by road, with no injuries recorded. A short video that surfaced online showed the aircraft stationary on the concrete road before taxiing along the road being reconstructed and taking off.
Keyamo expressed concern over the aircraft’s subsequent departure from the scene at about 11:02 GMT (12:02 p.m. local time) without obtaining the required regulatory approval. He said Air Traffic Control was only notified after the aircraft had already taken off, noting that the aircraft had no clearance for departure. “In other words, the aircraft had no clearance to take off again,” he said. The Nigerian Civil Aviation Authority (NCAA) , in a statement signed by its Director of Public Affairs and Consumer Protection, Michael Achimugu, confirmed that the action constituted a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation.
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Following the incident, the NCAA immediately grounded the aircraft upon its arrival in Lagos, pending the outcome of investigations. The Authority also placed the flight crew under regulatory review while inquiries continue into both the initial occurrence and the unauthorised departure. As part of enforcement actions, the NCAA suspended the operator’s Permit for Non-Commercial Flight (PNCF) and ordered a comprehensive audit of its operational, maintenance, airworthiness, and flight records. “The NCAA will take further enforcement action in accordance with applicable aviation regulations,” Keyamo stated. The regulator has formally notified the Nigerian Safety Investigation Bureau (NSIB) of the occurrence and is coordinating with relevant aviation stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA) , to establish the full circumstances of the incident.
Keyamo confirmed that security agencies had taken custody of the crew members for questioning as part of ongoing investigations. “I have also spoken to relevant security agencies and I have been assured that the crew are in their custody and they are assisting them with their investigation,” the minister said.
Authorities say the incident will be thoroughly reviewed to prevent future breaches of aviation safety and regulatory procedures. The NCAA reiterated its commitment to maintaining the highest standards of aviation safety, security, and regulatory compliance within the Nigerian aviation sector. “No individual or operator, irrespective of status, will be permitted to circumvent established aviation procedures designed to safeguard lives and maintain the integrity of Nigeria’s airspace system,” the ministry stated.
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
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Business
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Energy Plc has announced a major leadership transition that will see businessman and investor Tony Elumelu become chairman of the company from January 1, 2027, while industry veteran Effiong Okon takes over as chief executive officer from August 1, 2026.
The appointments are part of a succession plan approved by the board to ensure continuity and support the company’s next phase of growth.
Current Chairman, Senator Udo Udoma, will retire on December 31, 2026, while Chief Executive Officer Roger Brown will step down on July 31, 2026 after more than a decade with the company.
Confirming Elumelu’s appointment, Seplat said he was elected by the board to succeed Udoma. Elumelu, Founder and Chairman of Heirs Holdings, joined Seplat’s board in January 2026. Heirs Holdings holds a 20.07 per cent stake in the energy company.
Reacting to his appointment, Elumelu said he was honoured by the confidence reposed in him by the board.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” he said.
Elumelu stressed the importance of indigenous energy companies in driving economic development across the continent, noting that “the critical role indigenous resources play in the economic transformation of Nigeria and Africa” remains central to his vision for the company.
He also commended the outgoing chairman and chief executive for their stewardship, saying he looked forward to working with the incoming CEO to deliver greater value to shareholders.
The board also appointed Okon as CEO and Executive Director. Okon, who has more than 35 years of industry experience, has held several leadership positions within Seplat since joining the company in 2018. Most recently, he served as Managing Director of the ANOH Gas Processing Company, where he led the project to first gas production in January 2026.
Expressing his readiness for the role, Okon said: “My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”
Seplat said Brown leaves behind a strong legacy, having helped steer the company through significant expansion, including its dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.
Brown described his time at the company as a privilege, saying he was proud to have helped build a business known for financial resilience, strong governance and shareholder value.
Udoma, meanwhile, praised Brown for his outstanding contribution to the growth of Seplat into one of Africa’s leading independent energy companies.
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Railway
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
Three passengers reportedly died and many others injured on Monday following the derailment of a train operating on the Warri–Itakpe Train Service (WITS), raising fresh concerns about safety and operational challenges on one of Nigeria’s most important standard-gauge railway corridors.
The accident occurred at Agbor, Delta State, along the Warri–Itakpe route, according to the Nigerian Railway Corporation (NRC).
In a statement signed by the Managing Director and Chief Executive Officer of the NRC, Dr. Kayode Opeifa, the corporation disclosed that rescue and emergency operations were ongoing while efforts were being made to determine the full extent of the accident.
“The Nigerian Railway Corporation confirms that an incident involving the Warri–Itakpe Train Service occurred today. Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the statement said.
The NRC said it was closely monitoring developments and promised to provide further details as investigations progress.
Although the corporation did not immediately state the number of casualties or injuries, sources familiar with the incident said three passengers lost their lives in the derailment.
Monday’s accident is the latest setback for the rail corridor, which has experienced a series of operational disruptions in recent years.
In April 2025, the NRC suspended train operations on the Warri–Itakpe route for 72 hours after a major technical failure left hundreds of passengers stranded in a remote forest area in Kogi State for several hours.
The disruption sparked public outrage and renewed scrutiny of the reliability and maintenance of the service.
The corporation attributed the incident to multiple engine failures and subsequently launched investigations while carrying out repairs before resuming operations.
The Warri–Itakpe line has also faced vandalism of railway infrastructure and security concerns along parts of the corridor.
Commissioned as Nigeria’s first standard-gauge rail line dedicated initially to freight movement before passenger services were introduced, the route links Warri in Delta State with Itakpe in Kogi State, serving thousands of passengers and facilitating the movement of goods across several states.
Transportation stakeholders have repeatedly called for stronger safety measures, improved maintenance culture and increased investment in rail infrastructure to prevent recurring incidents and enhance public confidence in the country’s rail transport system.

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