Business
Air passengers stranded nationwide as Labour shuts Arik air down over 7-Months salary debt
Air passengers were stranded at airports across the country yesterday, following crippling of Arik Air’s operations by protesting unions. The National Union of Air Transport Employees, NUATE, the Air Transport Senior Staff Services Association of Nigeria, ATSSSAN, and the National Association of Aircraft Pilots and Engineers, NAAPE, had embarked on the protest due to the airline’s inability to pay its workers seven months salaries and other anti-labour practices.
Arik reaches truce with unions, resumes operations
Meantime, the unions that grounded the operations of the airline were yesterday said to have agreed to shelve the strike following the intervention of Nigeria Civil Aviation Authority, NCAA. The regulatory authority brokered a meeting between the unions and Arik Air top management. A communiqué issued after the meeting was signed for Arik Air by Deputy Managing Director, Capt. Ado Sanusi, Associated Vice President, Treasury, Arik Air, Mr. Garuba Akeem, while Comrade Ocheme Aba, Comrade Francis Akinjole and Olayinka Abioye of NAAPE, ATSSSAN and NUATE respectively signed for the unions. Also, Capt Abdullahi Sidi, Director, Operations and Training who represented the Director-General of NCAA, signed for the authority.
The communiqué said Arik Air has undertaken to pay the outstanding salaries, including October and November, 2016 salaries before the end of the year Passengers’ experience Before the truce, passengers who had bought tickets online and were billed to travel yesterday couldn’t as a result of the protest. Many of the visibly angry passengers swore never to patronise the airline again because of its penchant for moving from one crisis to another. A passenger in Lagos who simply identified himself as Ikechukwu, said Arik Air had forced him to spend about N70, 000 on tickets to fly to the east, lamenting that the flight was cancelled on Monday, only for him to report to the airport yesterday to meet a disheartening situation. “I have no choice; I will have to go by road because I do not have any more money. I will never patronize Arik Air again. Why all these crises? ‘’Last week, it was London passengers; today, domestic passengers, and no consideration for passengers and their business that suffer,” Ikechukwu fumed.
Another female passenger who angrily told Vanguard to call her any name, said Arik Air had ruined her day as she had serious business to transact in Abuja. “I have gone to the other airlines’ counters but they are full. I cannot stand such crowd; I have resolved to go by road,’’ she lamented. The airline’s international flights were also affected. An elderly passenger who told Vanguard to advise Arik Air owner to always take the interest of passengers to heart before fighting workers who make the airline survive, said until passengers started instituting legal actions against airline owners, they would not learn. “How can this man ruin my business today, I will not buy their tickets again ,” he swore.
Reports from Abuja, Benin, Port Harcourt and all other routes flown by the airline indicated a similar situation. Another passenger, Tomisin Olukare, said she bought a one-way ticket from Lagos to Abuja for N42, 000 three days ago. “I came this morning and there is nobody to attend to me and my flight was supposed to leave by 10:00 a.m., so I am really confused,” she said. Chika Emmanuel, yet another passenger, said an agent assisted her to buy an Air Peace ticket for Abuja immediately she sensed that there was going to be a disruption in Arik Air operations.
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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