By Adedapo Adesanya

The National Bureau of Statistics (NBS) said it would release two inflation readings for December after a methodological change led the headline rate to more than double.

This was disclosed during a virtual stakeholders engagement convened by the NBS and the Nigerian Economic Summit Group (NESG) on Monday.

The stats office explained that the expected spike in inflation is driven by technical base effects linked to the recent rebasing of the inflation series rather than changes in economic fundamentals.

According to the Statistician-General and chief executive of the NBS, Mr Adeyemi Adeniran, the inflation data due on Thursday, January 15 are projected to show an artificially spiked rate of 31.2 per cent last month, from 14.5 per cent in November. However, to provide transparency, the agency will take the unusual step of publishing both the headline rate that reflects economic fundamentals and the inflated figure.

Mr Adeniran explained that the projected December spike stems from the rebasing of the Consumer Price Index (CPI) which adopted 2024 as the new base year after a 15-year gap from the previous 2009 base.

He emphasised that base effects are a common feature of statistical practice, particularly in index-based measurements.

“Following the rebasing exercise and the methodology adopted for December 2025, a significant artificial spike in the inflation rate is expected, as some analysts have already projected. This spike arises from the base effect, with December 2024 equated to 100 following the rebasing.

“Base effects are common in statistical practice, particularly when comparing data across periods with unusually high or low prices. They are neither unexpected nor unusual.

“However, when such effects occur, especially when they are artificial and arithmetic rather than reflective of structural changes in the economy, it is essential to clearly communicate and explain them to users,” he stated.

“Transparency requires that we provide a clear picture of actual price changes rather than simply reporting an artificial spike that does not reflect economic realities. This is why we convened this meeting to inform our critical stakeholders and users of our data,” he added.

By Adedapo Adesanya

Terrahaptix, a Nigerian autonomous systems startup, has raised $11.75 million in a round that will see it boost drone manufacturing to tackle violent extremism spreading across Africa.

The funding round was led by 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investors including Mr Meyer Malka — the managing partner of Ribbit Capital.

Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, will use the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.

The company based in Abuja produces long- and mid-range drones, autonomous sentry towers and unmanned ground vehicles to help secure infrastructure assets valued at about $11 billion across Africa, including hydropower plants in Nigeria, as well as gold- and lithium-mining operations in Ghana.

In June last year, the firm beat an Israeli company to secure a $1.2 million security contract to deploy AI-powered drones and sentry towers at two hydroelectric power plants in Nigeria, awarded by a private security firm, Nethawk Solutions.

According to Mr Nwachukwu, the CEO of Terrahaptix, the rising spate of insecurity must be tackle as the continent continues to industrialize its economy.

“Africa is industrializing faster than any other region, with new mines, refineries and power plants emerging every month,” he said, “But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”

“Our mission is to give Africa the technological edge to protect its industrial future and defeat terrorism.” Mr Nwanchuku added.

On his part, Mr Maduka, the company’s co-founder and CTO, also reinforced the company’s commitment to the continent by saying, “This is African technology, built by African engineers, for African infrastructure. We are creating skilled jobs, building advanced manufacturing capacity, and ensuring the intellectual property behind Africa’s security stays on the continent.”

The need for security has risen in recent years as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.

By Aduragbemi Omiyale

The credit ratings of Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, have been upgraded by Agusto & Co.

The improved ratings underscore the company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.

In a statement, Stanbic IBTC Insurance said its long-term and short-term ratings of A and A1 were raised by the rating agency. It was added that the two ratings were given a stable outlook, reflecting stronger confidence in the company’s financial resilience, governance standards, and long-term sustainability.

Agusto also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.

As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.

In terms of claims settlement, Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants.

Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash.

Additionally, it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.

“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.

“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders.

“This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.