Business
Chaos in House Of Representatives over stepping down of South-East development commission bill
The House of Representatives was again thrown into a rowdy session on Thursday, forcing a hasty adjournment of proceedings.
The cause of the rowdiness was the rejection of a bill seeking to establish a South-East Development Commission.
The bill failed at the session, which was presided over by the Speaker, Mr. Yakubu Dogara, after it had been debated.
A similar bill to establish the North-East Development Commission had since been passed by the National Assembly, awaiting the assent of President Muhammadu Buhari.
However, South-East lawmakers immediately protested the decision on the grounds that the House could have, at least, allowed the bill to pass the second reading for more views to be collated from Nigerians at a public hearing.
Tension had built up in the House since Wednesday when the bill was billed to be moved for second reading.
However, it was stepped down on Wednesday because the lead sponsor and Deputy Minority Leader of the House, Mr. Chukwuka Onyeama, was unavailable in the chambers.
He returned soon after the bill was stood down.
The bill was re-listed for Thursday (yesterday), but again, Onyeama was unavailable just as the bill was to be taken and it had to be stood down a second time in line with the rules of proceedings.
But South-East lawmakers began a loud protest, insisting that the bill must be taken.
In the midst of the rowdiness, Onyeama reappeared in the chambers, just like he did on Wednesday after the bill had been stood down.
Dogara had to bend backwards to approve a motion for the rescission of the earlier ruling stepping down the bill.
The speaker said, “Let me clarify that it was not as if the bill was stopped. The sponsor of the bill was not around and we followed the rules to step it down.
“Now that he is here, we will take it. Nobody will shut out anybody because we don’t have the right to do that.”
Dogara calmed frayed nerves and opened debate on the bill.
Onyeama, while leading the debate, said the South-East geopolitical zone needed the commission to develop collapsed infrastructure and the damage suffered by the zone as a result of the Nigerian Civil War.
“The war led to massive destruction of critical infrastructure in the region, including roads, houses and environmental degradation,” he said.
Onyeama added that the region was worst-hit by erosion and other ecological problems.
The lawmaker stated that the commission would be funded from seven sources.
The first is through “15 per cent” of the total monthly statutory allocations due to member states of the commission from the Federation Account.
The second source, he explained, would be from “three per cent” of the total budget of any oil-producing company operating onshore and offshore in the South-East states, including gas processing companies.
The third source is from “three per cent” of the total annual budget of any solid mineral extracting or mining company operating in the South-East.
The fourth source will come through “50 per cent” of money due to member states of the commission from the Ecological Fund.
Five to seven of the funding sources are ”Such monies as may, from time to time, be granted or lent to or be deposited with the commission by the Federal Government or a state government, any other body or institution, whether local or foreign.
“All monies raised for the purpose of the commission by way of gifts, loans, grants-in-aid, testamentary disposition or otherwise.
“Proceeds from all other assets that may, from time to time, accrue to the commission.”
All South-East members, who spoke, including Mr. Uzoma Nkem-Abonta, Mr. Henry Nwawuba and Mr. Toby Okechukwu, said they gave “100 per cent” backing to the bill.
For instance, Nkem-Abonta argued that he believed the bill was the solution to the renewed agitation for the Republic of Biafra.
“We have to stop the crisis that is building up in the South-East before it turns into something else,” he said.
Members from the South-South, led by the Minority Leader, Mr. Leo Ogor, also supported the bill.
“Every zone deserves a commission because this country needs to be restructured. We cannot continue this way,” Ogor told the House.
Mr. Kehinde Agboola, who spoke for the South-West, said, “History will not forgive us if today we fail to support this bill.”
However, trouble started when all the lawmakers from the North spoke against the bill.
Members from North-West, North-East and North-Central, all opposed the bill.
For example, Mr. Mohammed Sani-Abdu opposed the bill on the grounds that it was a move to “divide Nigeria in piecemeal.”
He observed that coming soon after the government was trying to address the devastation caused by Boko Haram in the North-East, the timing of the bill was wrong.
Sani-Abdu recalled that after the civil war ended in 1970, government made concerted efforts to rebuild the South-East and re-integrate the people into the rest of Nigeria.
He argued that funding of the commission, using “three per cent” of the annual budget of oil companies operating in the South-East was indirect funding by the Federal Government.
Another member from the North, Mr. Karimi Sunday, said some South-East states were already benefiting from the funding of the Niger Delta Development Commission by the oil companies.
“Are we going to ask the same oil companies to fund the South-East Development Commission again?
“Are we saying that every zone should come up with its own development commission?” he asked.
When Dogara put the bill to a voice vote, he ruled in favour of those rejecting the commission. For clarity purpose, he called the votes twice before bringing down his gavel.
But South-East lawmakers began another round of protests as Dogara handed over proceedings to the Deputy Speaker, Mr. Yussuff Lasun, and left the chambers.
Lasun quickly adjourned the House as the rowdiness worsened.
Outside the chambers, South-East lawmakers continued the protest.
Onyeama threatened that he would resign his position as a leader of the House.
“I am a leader in this House; you can’t just kill my bill like that. I will resign,” he fumed.
Another member from Abia State, Mrs. Nkiruka Onyejeocha, said her colleagues were not happy that the bill was rejected.
“At least, they could have passed it for second reading.
“At the committee stage, more work could have been done on it to remove the grey areas,” she said.
One member from Rivers State, Boma Goodhead, joined in the protest, saying the North was not fair to the South-East.
“They are using our oil money to address the issue of Boko Haram. Now, they are against this bill. It is not fair,” she shouted and walked away angrily.
South-East, victim of orchestrated political, economic marginalisation –Ohanaeze
In its reaction, the apex socio-political body of the Igbo, Ohanaeze Ndigbo, said the South-East was the victim of an “orchestrated” political and economic marginalisation.
The Deputy Publicity Secretary of Ohanaeze Ndigbo, Mr. Chuks Ibegbu, who spoke with one of our correspondents on Thursday, said the rejection of the bill was “tragic, unfair and ‘unfortunate.”
Ibegbu said the bill, if passed into law, would have helped to address the longstanding marginalisation of the South-East.
He added that the development highlighted the flaws in the country’s federalism.
“The South-East is the victim of a well orchestrated political and economic marginalisation; these things do not happen by accident, they are planned and the plan is being carried out.
“The development highlights the tragedy of our federalism, a federalism that is filled with injustice, a federalism that emasculates the will of the people.
“At this stage in Nigeria’s history, nobody should be in doubt that the South-East needs federal attention.”
Ibegbu added, “The South-East has five states and 95 local governments but the North-East has seven states and about 200 local government councils. How fair is that?
“As we speak, the Federal Government has deployed national resources to attend to self-inflicted problems the North-East brought on itself through the Boko Haram insurgency. Before now an amnesty programme was initiated for the Niger Delta, and South-East youths, who were supposed to be captured in the programme, were not included.
“It is tragic that the House rejected the bill; it is unfortunate and very unfair on the people of the South-East.”
Business
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.
Bank
Alpha Morgan to Host 19th Economic Review Webinar
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.
Business
GTBank Launches Quick Airtime Loan at 2.95%
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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