Business
GROUP TASK PRESIDENT BUHARI TO INVESTIGATE LAGOS CP EDGAL OVER ALAKA CRIMINAL ALLEGATIONS
By Osho Oluwatosin,Lagos
President Muhammadu Buhari and the National Assembly have been urged to thoroughly investigate the ongoing allegations against the renowned oil marketer, Alhaji Abayomi Kamal Alaka over his alleged connection with Baddo cult group in Ikorodu/Epe axis of Lagos State.
Rising from its annual general meeting, the Ogbomoso Young Professionals Forum on Monday in Ogbomoso described the criminal allegation leveled against Alhaji Alaka by the Lagos Police Commissioner, Edgal Imohimi without a proper legal procedure has palatable and uncalled for.
Speaking through its President, Comrade Demola Alao, the group accused the Lagos CP for playing politics and conniving with some business rivals of Alhaji Alaka to bring down the Ogbomoso-born oil merchant.
Comrade Alao while addressing journalists argued that, the Lagos Police boss should not have been quick to declared Alhaji Abayomi Alaka wanted without inviting him for questioning and give him fair-hearing to clear his name from the allegations.
The group therefore, enjoined President Muhammadu Buhari and National Assembly to wade into the matter by properly investigate the matter and call on Lagos Police Commissioner to order before the issue degenerated into another political crisis.
According to the group, “It has been brought to our notice, the recent wanted notice declared by the Lagos Commissioner of Police, CP Edgal Imohimi on Alhaji Abayomi Alaka for allegedly sponsoring the dreaded Baddo cult group in Ikorodu and Epe axis of Lagos State.
“Nothing could be farther from the truth. Alhaji Abayomi Alaka Kamal is a respected son of Ogbomoso and a renowned petroleum marketer and owner of Alaka Petroleum who also has huge investment in estate management.
“Alhaji Alaka, who is an employer of labour and profound ambassador of Ogbomoso town, someone who has taken many jobless Nigerian youths off the street with gainful employment cannot be associated with evil act especially with his reputation as a known Muslim cleric and oil marketer.
“Our position at Ogbomoso Professionals Forum is not to be the judge, but urging the Nigerian police and federal government to allow the will of justice to prevail by allowing Alhaji Abayomi Alaka to be fully investigated in a public court and give him fair hearing before declaring him wanted without a legal procedure.”
The group wondered why the Lagos Police boss persistently connected the oil marketer to Baddo operation in the area, despite searching Alaka’s house without finding anything incriminating.
The group said, “in the wake of this unprecedented event, as professional indigenes of Ogbomoso, we viewed the action of the Lagos Police Commissioner, CP Edgal Imohimi as being politically motivated by some business competitors of Alhaji Alaka to get rid of him from the oil business.
“As professionals, we have firm believe in President Buhari’s anti-corruption crusade and zero tolerance to crimes and criminality, hence; urging the President to use his goodwill and office to constitute a panel of unblemished character to properly investigate the matter from the bottom to allow justice to prevail.
“We strongly believe in rule of law and preach against any form of criminality in its entirety, thus, calling on the Lagos CP to toe the line of Justice and withdraw the wanted threat against Alhaji Abayomi Alaka Kamal and give him a level playing ground to clear his name in the court of law”.
The group however, emphasized that, if Alhaji Alaka is found guilty of all allegations, it would not hesitate to disown him and blacklist him from the good book of the God chosen land, Ogbomoso town.
“It is against this background, we hereby call on President Muhammadu Buhari, Vice-President Yemi Osinbajo and the National Assembly to wade into this matter and call on the Lagos Police Commissioner to order before this issue degenerated into another political crisis.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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