Nigeria’s headline inflation rate dropped from 15.91 per cent in June to 15.43 per cent in July 2026, according to newly released data by the National Bureau of Statistics (NBS).

In its Consumer Price Index (CPI) report released on Monday, the NBS noted that the July 2026 headline inflation rate “showed a decrease of 0.48 per cent compared to the June 2026 headline inflation rate.”

“On a month-on-month basis, the headline inflation rate in July 2026 was 1.57 per cent, which was 0.09 percentage points lower than the rate recorded in June 2026 (1.66 per cent),” the bureau said.

“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026.”

Meanwhile, the NBS noted that the food inflation rate stood at 20.31 per cent in July 2026 on a year-on-year basis.

The rise in food inflation was attributed to increases in the prices of rice, water yam and plantain.

“On a month-on-month basis, the Food inflation rate in July 2026 was 5.56 per cent, up by 1.82 percentage points from June 2026 (3.75 per cent),” the NBS added.

“The food inflation rate in July 2026 was 20.31 per cent on a year-on-year basis and stood at 26.20 per cent in the same month of the preceding year (July 2025),” the bureau said.

The NBS attributed the month-on-month change in food inflation to variations in the average prices of products including crayfish, fresh pepper, fresh onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour, among others.

On a month-on-month basis, the NBS said food inflation was highest in Adamawa (17.02 per cent), Lagos (13.48 per cent), and Borno (13.26 per cent), while Jigawa (-3.68 per cent), Kebbi (-3.67 per cent), and Bauchi (-1.85 per cent) recorded declines.

Food inflation on a year-on-year basis was highest in Adamawa (51.36 per cent), Katsina (30.84 per cent), and Zamfara (30.65 per cent) in July 2026.

Meanwhile, Borno (-0.31 per cent), Nasarawa (6.88 per cent), and Kebbi (12.50 per cent) recorded the slowest increases in food inflation on a year-on-year basis.

Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”—the latter for the second consecutive year—at the prestigious Euromoney Awards for Excellence 2026, clinching the highest and most coveted continental and national honours in banking.

The awards were presented to the Bank on Thursday, July 16, 2026, at The Peninsula London Hotel, London. The dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected honours in the global financial industry, evaluating banks based on criteria including strategy, profitability, risk management, digital transformation, and stakeholder impact. Winning a Euromoney Award is widely regarded as one of the highest distinctions in global banking.

This year’s edition attracted a record 770-plus entries from leading financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank, and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said:

“We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD also commended regulators across the various jurisdictions where the Bank operates for providing the enabling regulatory environment that has supported Zenith Bank’s achievements.

She dedicated the awards to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision, leadership, and commitment to excellence, which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by 6 per cent year-on-year to ₦4.19 trillion and recorded a profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent.

In line with its dividend policy, Zenith Bank rewarded shareholders with a record-breaking total dividend of ₦10.00 per share, amounting to ₦410.69 billion, for the 2025 financial year. This represents a 100 per cent increase over the ₦5.00 per share paid in 2024.

The Bank has also deepened its pan-African presence and expanded its trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is a leading authority on global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, further cementing its position as one of Africa’s leading financial institutions.

The Bank’s consistent track record of excellence has earned it numerous awards, including being recognised as the Number One Bank in Nigeria by Tier 1 Capital for the 17th consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker, as well as “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025.

Zenith Bank was also named Bank of the Year (Nigeria) at The Banker‘s Bank of the Year Awards in 2020, 2022, and 2024, and Best Bank in Nigeria in the Global Finance World’s Best Banks Awards in 2020, 2021, 2022, 2024, and 2025.

Other recognitions include Best Bank for Digital Solutions in Nigeria at the Euromoney Awards 2023, and inclusion among the World Finance Top 100 Global Companies in 2023.

Further accolades include Best Commercial Bank, Nigeria, for six consecutive years (2021–2026) at the World Finance Banking Awards, and Most Sustainable Bank, Nigeria, at the International Banker Banking Awards in 2023, 2024, and 2026.

Additionally, Zenith Bank has been recognised as Best Corporate Governance Bank, Nigeria, at the World Finance Corporate Governance Awards for five consecutive years (2022–2026), and Best in Corporate Governance – Financial Services, Africa for four consecutive years (2020–2023) by Ethical Boardroom.

The Bank’s commitment to excellence has also earned it recognition as the Most Valuable Banking Brand in Nigeria in The Banker‘s Top 500 Banking Brands rankings for 2020 and 2021.

Zenith Bank was also named Bank of the Year at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards for 2023, 2024, and 2025, and Retail Bank of the Year for 2020–2022 and 2024–2025.

Additional honours include Best Commercial Bank, Nigeria, and Best Innovation in Retail Banking, Nigeria, at the International Banker 2022 Banking Awards; Bank of the Year 2024 by THISDAY Newspaper; Bank of the Year 2024 by New Telegraph; Best in MSME Trade Finance 2023 by Nairametrics; and Rights Issue/Public Offer of the Year for the Bank’s Hybrid Offer at the Nairametrics Capital Market Choice Awards 2025.

Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting, and Best Company in Gender Equality and Women’s Empowerment.

Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.

The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.

Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.

As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.

The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.

Until he was appointed Chairman, Engr. Mustafa Bello was a non-executive director in the bank.

PROFILE:

Engr. Mustafa Bello graduated with B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria, in 1978 with Second Class Upper Division, and won the Shell prize for best project and thesis for Faculty of Engineering in 1978.

He served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979. He later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.

He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.

He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.

He has been involved in several projects in Nigeria, including the CAC online project in 2002, developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria, etc.

He has attended several conferences, missions, and meetings and represented the Federal Government of Nigeria.