Business
6 Lagos Assembly PDP Lawmakers Defect To APC
Six out of eight PDP lawmakers at the Lagos State House of Assembly on Thursday officially announced their defection to the ruling All Progressives Congress (APC) citing outstanding performance of Gov. Akinwunmi Ambode among others.
The defection was announced through a letter addressed to the Speaker of the House, Rt. Hon. Mudashiru Obasa titled; “Letter of Defection from PDP To APC” and dated 16th February, 2017 and signed by the defectors excluding the Minority Leader, who announced his defection on the floor of the House.
It had been reported in some sections of the media on February 7 that six out of the eight PDP lawmakers in the assembly were set to defect to the ruling APC.
The lawmakers, who defected are the Minority Leader, Hon. Akeem Bello (Amuwo Odofin the Minority II), The Minority Whip, Hon. Mosunmola Sangodara (Surulere II), and Hon. Olusola Sokunle (Oshodi/Isolo I).
Others are: Hon. Jude Idimogu (Oshodi/Isolo II), Hon. Dayo Famakinwa (Ajeromi Ifelodun II) and Hon. Oluwa Fatai (Ajeromi/Ifelodun I).
The two lawmakers left in the opposition Hon. Victor Akande( Ojo I) and Hon. Oladipo Olorunrinu (Amuwo-Odofin I).
Blazing the trail, Famakinwa said: “My reason to jettison the PDP was borne out of the monumental achievements of Governor Akinwunmi Ambode of the state.”
Also anuouncing his defection, Oluwa said: “My reason for joining APC is due to the fracas between Senator Ali-Modu Sheriff faction and Alhaji Ahmed Makarfi faction of the PDP.
“I admire the leadership style of the Speaker of the House, Rt. Hon. Mudashiru Obasa and Governor Ambode.”
Idimogu said: “I appreciate the kind of relationship that we have here. I must confess that I am in love with Governor Ambode. The Governor has been kind to me and my constituents despite the fact that I was formally in the opposition.
“APC is better. I don’t know how to appreciate him (Ambode) than to join his party to move the state forward.”
According to Sokunle, the decision to align with the ruling party was borne out of the desire to move the state, especially his constituency forward.
The only female lawmaker among the defectors, Hon. Sangodara, said that she took the step so as to serve her constituents better, saying ‘we are all aware of what is happening in PDP.’
While welcoming the defectors, Obasa said: “For the fact that these people have joined us, let us welcome the defectors. There is a pleasure in dumping PDP.”
The other lawmakers took turn to welcome the defectors into the APC and exchanged pleasantries with them.
The Majority Leader of the House, Hon. Sanai Agunbiade said in his contributions that “No reasonable man will continue to live in a house that has given signs of collapse. The defection is a welcome development.
“As the majority of leader of the House, I welcome you. This has increased the strength of the ruling party and deflated the strength of minority.”
According to Hon. Olanrewaju Ogunyemi, the Chairman, House Committee on Education, the defecting lawmakers deserve commendation for their courage to stand up for what is right.
Hon. Yinka Ogundimu said: “The decision is noble and historic and it is a welcome development. It shows that the head of the assembly has led well. It means there is a good manager at the helms of affairs.”
The Chairman, House Committee on Information, Strategy and Security, Hon. Tunde Braimoh, said that the speaker’s dutifulness, responsibility, solidarity and fraternity made the defection possible.
The two lawmakers left in the opposition, Hon. Akande and Hon. Olorunrinu also commended the performance of Governor Ambode and leadership style of Obasa, while wishing the defectors well in their new party.
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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