Business
Alheri denies owing FG N27.2bn over fibre optic agreement
Management of Alheri Engineering Company Limited has vehemently denied owing Federal Government the sum of $75,500,000.00 million (about N27.18billion at N360 to $1) over fibre optic agreement.
In a statement released by the company on Monday, the company described the accusation as wrong and fallacious and assured its customers that the story is “…not only untrue but a distortion of facts and events twisted to achieve a predetermined goal. The story is as bizarre as it is deceptive, calculated only to sensationalize and to smear the good corporate reputation and image of Alheri”
The company stated that after a very extensive and competitive bid selection process, it was shortlisted with Phase3 as preferred bidders for the award of the concession for the fiber optic deployment project under a Public Private Partnership (PPP) arrangement
“The Concession Agreement required the Concessionaires to take over the operations of TCN’s fiber optic network, Design, Build, Finance and Operate (DBFO) the infrastructure with unhindered access to existing and future fiber optic infrastructure on the network. For the purpose of execution of the Project, the entire country was divided into two. The Easter half of the country awarded to Alheri and the Western half to Phase3. It is worth to note that the Concession area granted to Alheri covers less economic viable cities.” It stated.
Despite the deployment challenges as evidenced by TCN’s refusal to meet its obligations under the agreement for example by providing lines upon which Alheri is to build upon, the company revealed that it has expended huge capital outlay to carry out extensive expansion and upgrades on TCN’s telecommunications infrastructure but could not deploy fiber to the North which constitutes a significant market as “there is no line between Makurdi and Jos, which constitutes the bridge between the South and North”
Revealing that a request by Alheri for timelines within which TCN intends to provide the requisite lines between Makurdi and Jos since 2011 has not been provided by TCN till date, the company stated that despite Alheri’s serious challenges, and inheriting next to nothing on the infrastructure concessioned to it, it was still able to deploy a total of 1000km and installed state-of-art transmission equipment along these lines. …” Alheri inherited no lines from TCN. The concessioners have therefore thus far expended more than $100m as capital and operating expenditure on the project.” It affirmed.
Alheri’s management expressed surprise at the publication of TCN online and in some Newspapers as Infrastructure Concession Regulatory Commission (ICRC) has already intervened to resolve the impasse, being the moderator in the resolution process and posited that the “unfounded allegation is the attempt by TCN to resist the restructuring of the concession fee due to the changes in the regulatory and market environment as suggested and recommended by SIAO the Auditors appointed to audit the Concession Agreement with specific terms of reference which included financial audit, technical audit, audit observation and recommendation, with the understanding that Parties will be guided by the outcome of the Auditors’ report. The audit confirmed that prices on capacities for sale of transmission services on fiber per km dropped by about 89 per cent by 2015. The report submitted by SIAO confirmed the need for a review of the Concession Agreement, especially the Right of Way (RoW) charges for the deployment of fibre optics on power lines to be at par with other RoW charges available in the telecom industry.”
Noting that Alheri has always honoured the terms of the Concession Agreement with TCN in line with kilometer of fiber available as well as market realities, it stated that it has never been and would never be part of any diversion or misappropriation of funds accruable to TCN as wrongly claimed by the news media.
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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