Business
Chaos as cultists kill student, two other in Lagos
Gunmen suspected to be cult members have invaded Abule Nla Road in the Iponri area of Lagos State, shooting at youths in a restaurant.
During the shootout, three persons were reportedly killed.
The victims comprised a student of a polytechnic in Ogun State, Damilola Adegoke, and two of his friends, identified only as Kehinde and Junior, aka Hypo.
It was learnt that another friend, who sustained gunshot injuries on both legs, was recuperating in a private hospital in the area.
PUNCH Metro was told that the attackers, who reportedly came in a car, stormed the restaurant – Iya Illa Mini Mart – on Abule Nla Road by Vaughan Street at about 8pm on Sunday and opened fire on the drinkers.
It was learnt that 20-year-old Damilola died on the spot, while Kehinde and Junior, an auto mechanic, were rushed to a hospital where they were also confirmed dead.
It was gathered that policemen from the Iponri division came to the area to remove Damilola’s corpse and to examine the restaurant which had chairs smeared with blood.
The policemen, assisted by members of the Vigilantes Group of Nigeria, reportedly arrested two of the gunmen on Ilaje and Otumara streets in the area.
When our correspondent got to the area on Tuesday, a crowd of sympathisers gathered at the restaurant and Damilola’s house.
A member of the vigilance group, who identified himself only as Musibau, said the attack looked like a reprisal.
Musibau, who was an eyewitness, said, “There were five friends at the restaurant on that evening. The polytechnic student brought four of his friends to catch fun at the junction. Around 8pm, the gunmen came in a car and started shooting. The poly student and three other friends were hit.
“The policemen later came to remove Damilola’s corpse. But the families of the two other victims had earlier removed their corpses from the scene. I saw blood all over the place. One of the deceased was taken to his father’s place on Moore Street before the police arrived.
“The two other boys killed were said to belong to a gang called Kogbagidi boys. But Damilola, the poly student, was said to be easy-going. The attack looked like a cult reprisal. That restaurant is usually where the youths stay to drink and have fun. The vigilantes, together with the police, were able to arrest two suspects with guns in the Otumara area.”
Damilola’s father, Folorunsho Adegoke, said his son had come home from school to collect pocket money before he met untimely death.
He said, “Damilola came back on Friday. He came home to collect some pocket money. He was a student of the Moshood Abiola Polytehcnic, Ogun State. He and his friends were having fun at the restaurant when they shot him.
“The policemen were here on that evening. They said the attack was cult-related. I have put my comfort in God.”
A resident, who spoke on condition of anonymity, said Kehinde and Junior died at the Federal Medical Centre, Ebute -Meta, on Monday.
She said, “We thought violence had stopped in our area; we did not know those gangs were only regrouping. The other families did not release the corpses of their boys to the police. The families were afraid that the burial would be delayed. Three persons died in the attack.”
The Lagos State Police Public Relations Officer, SP Dolapo Badmos, confirmed the attack.
She said, “The police recorded one death. Preliminary investigation reveals that it is a cult reprisal. Investigation is ongoing, while effort is on to arrest the fleeing suspects.”
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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